?? for people who just refinanced.

[SCQ86]

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?

 

[jezebella]

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.