?? for people who just refinanced.

Discussion in 'Budget Board' started by SCQ86, Dec 15, 2008.

  1. SCQ86

    SCQ86 Mouseketeer

    Mar 6, 2007
    I'm helping someone here at the office answer some mtg questions....so if you can help, I would greatly appreciate it.

    Anyway, he is refinancing his home....bought it 5 months ago....it would be a huge 1.25% decrease.....anyway...my question...he paid like $2K in MIP at closing and they are adding $2K MIP at this closing...does that sound right?

    And I see that some banks are refinancing without any fees, is that the norm with this whole bailout?
  2. jezebella

    jezebella MK fireworks in my backyard every night!

    Aug 16, 2005
    Yes. If the new loan also has MI, then he will have to pay another initial upfront MI payment at the closing for the refi.

Share This Page