MochaG
Springfield,#2Consumer Comment
Wed, April 11, 2012
I learned about the increment of PMI from a person whom I asked about refinancing because I thought about refinance my home. He told me that the interest rate is lower right now but the PMI is double. As a result, I declined to refinance because my payment per month would not go down.
I agree that WFM should have told those who do the refinance up front about PMI issue even though there are advantages for PMI (1.use as deduction in tax return and 2.can be removed after the home owner owns 20% equity to the property). If you have to pay other expenses/fees for refinancing, this is a rip off.