What is a PMI refund?

Answer by  worker2746 (2434)

This is a refund for mortgage insurance. You must have overpaid the amount necessary to secure your loan which requires PMI from the mortgage company to ensure they get paid.

Answer by  tamarawilhite (17883)

PMI is private mortgage insurance. It is required until homeowners have 20% equity. If you have paid PMI after that point, you can be refunded the overpaid PMI.

Answer by  Craig61 (358)

PMI refunds are given once PMI is no longer needed. Typically this is when you have achieved greater than 10% equity in a property.

Answer by  Shankalot (484)

One may obtain Private Mortgage Insurance (PMI) when they purchased a house. PMI generally is required by lenders as protection in case the buyer puts up less than 20% of the down payment. When the person's equity in the home exceeds 20% of value a refund of PMI can be obtained.