Posted on: 21st Feb, 2010 07:53 am
are the methods of calcualting PMI different for purchases versus refinances?
I don't think there are different methods to calculate pmi in terms of purchase mortgage or refinance. However, your lender and your pmi agent will be able to guide you in a better way in this regard.
there's a slight difference, depending on whether your refinance is a cash out transaction, for example. keep in mind that mi companies don't all have the same rates, as they did back in the 90s. this is a whole new mortgage world we live in now.
