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Am I entitled to a refund of my PMI?
Posted on 6/27/13 at 10:53 am
Posted on 6/27/13 at 10:53 am
Backstory - I purchased a home last September and have now accepted a new job that requires me to relocate and put my recently purchased home up for sale. We have a conventional loan and our PMI was financed over the life of the loan rather than being front-loaded.
I'm going to end up taking a bloodbath selling the house regardless, but I'm trying to figure out how much of my $18K down payment that I can salvage when I sell.
Purchase price - $220K
Down Payment - $18K
PMI (financed over 360 payments) - $4343 total
Loan at origination - $206343
Current loan balance - $203100
Since I'm selling my house only 10 months after purchasing and essentially paying off the entire mortgage, am I entitled to a refund of any of the PMI?
I'm going to end up taking a bloodbath selling the house regardless, but I'm trying to figure out how much of my $18K down payment that I can salvage when I sell.
Purchase price - $220K
Down Payment - $18K
PMI (financed over 360 payments) - $4343 total
Loan at origination - $206343
Current loan balance - $203100
Since I'm selling my house only 10 months after purchasing and essentially paying off the entire mortgage, am I entitled to a refund of any of the PMI?
Posted on 6/27/13 at 11:22 am to Shenanigans
That PMI was probably for the first year while the year 2 premium would be escrowed. Therefore, you should get back the unused 2 months of year 1 and any escrowed amount for year 2. The same goes for you other insurance.
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