2006-08-24 13:27:49 · 8 answers · asked by kuku 2 in Home & Garden ➔ Other - Home & Garden
No, PMI is never recouped. It is Private Mortgage Insurance and like any insurance, premium money is never returned to you.
2006-08-24 13:34:01 · answer #1 · answered by JuJitsu_Fan 4 · 2⤊ 0⤋
Nope. It's a big waste of money. I did a 80/15 loan, where I put 5% down, and then had 2 loans, the 15% loan being at a higher rate, but it still saved me money plus it's tax deductible. That's how you get out of PMI
2006-08-24 20:32:34 · answer #2 · answered by Melissa 7 · 2⤊ 0⤋
No - it's a waste of money. You can have your house appraised to see if your equity is > 20%; or you can structure your mortgage so that you have a 10 or 20% 2nd loan.
2006-08-24 20:34:10 · answer #3 · answered by Irish Eyes 4 · 1⤊ 0⤋
No. Insurance is never given back. Only if you have a claim.
2006-08-24 20:32:58 · answer #4 · answered by 2007_Shelby_GT500 7 · 0⤊ 0⤋
No. Basically you are paying insurance to them that says you won't renig on your house payment. It's bullcrap. Try to get out of paying it ASAP. I had to get my house reevaluated to stop paying that extra money every month. It's such a scam.
2006-08-24 20:30:42 · answer #5 · answered by Elizabeth 4 · 1⤊ 0⤋
No but if you have more than 20% equity in your home, you can stop paying it.
2006-08-24 20:34:54 · answer #6 · answered by escapegrl1 3 · 1⤊ 0⤋
Nope.
2006-08-24 20:30:00 · answer #7 · answered by Stuart 7 · 0⤊ 0⤋
No, it's a fee for insurance.
2006-08-24 20:34:50 · answer #8 · answered by chante 6 · 0⤊ 0⤋