Citibank Financial Mortgage Company over charging grossly for PMI insurance, cannot finance thru different co. without paying $4,000 to citibank for pmi payoff St. Louis Missouri
We are purchasing a 1st home thru Citibank Mortgage co. They stated we needed no dwn pymt, and that we would have to carryPMI insurance. Our monthly payment is over $1200 incl.PMI wich is $480 a month.That is an extremely high amt for this insurance. The purchase price for our home was $104,000 and after much remodeling our new appraisal came in at $127,000.
When we tried to refinance to get a lower paymt thru Arbor Mortgage, we were told by citibank we would have to pay them $4000 for our PMI to be able to do this. We have never been late or missed a payment in over 2 yrs. We cant get from under this PMI ins. And they are not will to drop it even tho we over qualify to have done this a long time ago..We do not know what to do or where to turn, but are sure we are beingseverely taken by this company.Any help would be greatly appreciated.
James
Wyoming, Michigan
U.S.A.