?? for people who just refinanced.

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

  1. SCQ86

    SCQ86 Mouseketeer

    Joined:
    Mar 6, 2007
    Messages:
    410
    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!

    Joined:
    Aug 16, 2005
    Messages:
    886
    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.
     

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