Quote:
Originally Posted by Red Beans
He may, and I emphasize may, be eligible to refinance and not pay PMI, depending upon his credit score and the lender. My wife and I were pretty satisfied with our current rate and lender (Arvest- 30 year fixed at 4.2%). I looked into refinancing through Quicken Loans, they dropped our rate to 3.4% and waived the PMI based on my credit score. It was nice to tell Arvest to **** right on off and not waste 120$ per month.
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PMI is a federal thing IIRC. Your house probably appreciated since you bought it and got you over the threshold. Credit score might have something to do with it but I'd bet the appraisal was what triggered it.