PMI refund-Will I get a refund for the excess premiums paid?

Message Author
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Mon Jun 01, 2009 8:29 pm   Post subject: PMI refund-Will I get a refund for the excess premiums paid?  

We have been paying $55.89 PMI through our escrow account from Chase Mortgage. We just received a refund check for $55.89 for an extra month that they had taken out. Are we entitled to a full pmi refund? We have paid $55.89 since Feb. 03 and this totals over$3200.00 I got information from Chase Mtg. that had serviced the PMI and I got the # from information and I have called and it just rings and rings and no answering machine. When we were signing papers for the refinancing of our house, there were so many papers to sign, that we didn't realize until it was all over that we should have just kept our original loan, cause our house payment raised $800.00.

New member
Leave a quick message

Joined: 01 Jun 2009
Posts: 1

1.50 Dollars($)

PostPosted: Tue Jun 02, 2009 1:07 am   Post subject:   

kristikirkwood, No I doubt you'd be entitled to any pmi refund, but you can ask that PMI be dropped when you loan balance is less than 80% of the homes appraisal..(I've done it myself about four time)..You contact your mortgage company, they are the ones that have to ok dropping it not the insurance carrier for the PMI


"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.
Forum Expert
Leave a quick message

Forum Expert

Joined: 10 Sep 2007
Posts: 8080

Location: Missouri
287.93 Dollars($)

PostPosted: Tue Jun 02, 2009 6:48 am   Post subject:   

Hi Kristi,

Are we entitled to a full refund of the PMI?

I don't think you'd be entitled for such a pmi refund since you were obliged to maintain PMI when your loan balance was higher. Isn't it?

When we were signing papers for the refinancing of our house, there were so many papers to sign, that we didn't realize until it was all over that we should have just kept our original loan, cause our house payment raised $800.00.

Would you be able to name the documents that you had to sign while refinancing?

Senior member
Leave a quick message


Joined: 02 Feb 2006
Posts: 1546

215.91 Dollars($)

PostPosted: Tue Jun 02, 2009 6:50 am   Post subject:   

Hello kristi,

Lori is absolutely correct one may become eligible to drop PMI once enough equity is accumulated on the property. Another option is that when you sell the house you would get refund on the PMI.

You may qualify for the pmi refund under the Homeowners Protection Act of 1998, if

1) You have made more 20% downpayment for the home

2) Have paid-up 80% of the of the mortgage amount

3) Your property value have increased more than 20% since you have purchased it.

Let us know if you satisfy any of the above condition.


Senior member
Leave a quick message

Jeremy Holter

Joined: 06 Jun 2007
Posts: 1185

210.40 Dollars($)

PostPosted: Sun Sep 20, 2009 12:49 am   Post subject: Yes your are  

entitled to a refund. We got a refund on our PMI for a home we owned from 4/2003 to 11/2005. The easiest way to do it is to go to the HUD site and find the link for PMI refunds. The Housing and Urban Development government site has a link specifically for PMI refunds.

Register Now to have your Insurance queries solved.

PostPosted: Sun Sep 20, 2009 10:08 pm   Post subject:   

As long as the closing was done before December of 2004. The fha determines how much of the premium paid up front is refunded when loans are terminated. Refunds are based on the number of months the loan is insured. For loans with a closing date prior to January 1, 2001, no refund is due to you after the end of the 7th yr. Loans closed on or after January 1, 2001, no refund is due the you after the 5th yr, you said you were paying in feb 03 right? The process is pretty technical. But if you go to the hud site, search for "refund alerts, fha or pmi" refunds. Should be in there. Just so you know, you can do this on your own. There are groups out there scaming people offering quick results, be careful.

Senior member
Leave a quick message

Joined: 16 Sep 2009
Posts: 908

Location: Kansas City
152.85 Dollars($)

PostPosted: Fri Sep 03, 2010 4:06 am   Post subject: PMI vs HUD Mortgage insurance  

Some of the replies have mistaken HUD's mortgage insurance with PMI (PRIVATE Mortgage Insurance). They are NOT the same.

PMI = Private Mortgage Insurance.

It is paid when you purchase a home with a conventional loan that is usually more than 80% of the property value (less than 20% down payment). This percentage as well as the requirements varies depending on your lending institution. THIS IS NON-REFUNDABLE. It works exactly as your auto insurance. It is gone once you have paid for the protection or in this case your lender's protection in case of default. The only time you would get some of it back is for UNEARNED PREMIUMS... if you sell your home or remove the PMI requirement and still make a payment. The best comparison again is auto insurance: If you switch to a new insurance company, you get a refund from your old insurance company for the time you were no longer covered by them.

Mortgage Insurance (HUD):

This is an insurance premium paid directly to HUD when you purchase your house using an FHA loan. It is very similar in nature to private insurance except that in this case HUD acts as the insurance carrier (HUD guarantees the loans to the lenders/banks). In some cases it is refundable if you originated a loan on a house after September 1, 1983, and before December 8, 2004.

Register Now to have your Insurance queries solved.
Paulo Arriola

PostPosted: Fri Sep 03, 2010 4:38 am   Post subject: PMI vs HUD Mortgage insurance  

BTW, If you were Paying *HUD* Mortgage Insurance premiums between Sept 83 and Dec 2004, you can check the HUD page directly for a refund. Just enter your last name. Check with HUD for any questions about their page though Smile

(Sorry I was not allowed to include links in my post) Sad

IF you had private insurance, you are out of luck unless you paid for time when you were not covered (unearned premium)... see the definition of EARNED income in wikipedia to get a better understanding of what both are:

Good luck!


Register Now to have your Insurance queries solved.
Paulo Arriola

PostPosted: Tue Oct 10, 2017 3:55 am   Post subject: PMI  

My mortgage company omitted telling me I could drop PMI They refunded my overpayment However they sent a 1099 to the IRS and the IRS is treating it as income. Why should I pay taxes on my overpayment due to their fault

Register Now to have your Insurance queries solved.

PostPosted: Tue Jan 08, 2019 10:20 am   Post subject: QPID NETWORK  

ruling coalition benefits over again in Malaysia

may well tweak the device so the system displays read more about necessitate besides drive, face assumed.

that you could vital that you voters, is marked QPID network BERSIH's face, Is regardless of if the political election is classified to be free in addition honest.

"the goal wasn't the results, customers are judging QPID NETwork these products on whether there should be your considerable join their friends in, she expressed. "ends up too crowded i doubt any, men and women can be very irritated. i don't know what people am going to tend to do it's really up into your individuals to take charge,

A ballot publicised through collage with Malaya core and simply Democracy selection last week a good idea a lot more that questioned 60% preferred voters Pakatan Rakyat. within the, the government ignored the opinion poll and simply claims unique review expressed it had been qpid NTEWORK out in-front, in local data webpages.

face of Monash higher education thought voters' a reaction to a potential Barisan Nasional victory rely on what number of the 222 u. s,govt seats might possibly earn.

"whether Najib catches inside a range of 140 to finally 150 (seat designs) men and women do no more than provide him with the main advantage of the hesitation. but when he continues to go one above 180 maintain representing in their back alleys. the people planning to believe that he has many, he explained.

far from ovum slinging toward tanks

the rate and as a consequence harshness of election of interest intrusions predicted considering parliament most likely was contained on April 3.

forward wed, mankind protection under the law watch forced both coalition persons in "control in enthusiasts, individual this kind of assumed expressed managed to graduate on egg cell throwing punches and furthermore entrance covering so that you real bodily attacks explosive device hits.

in addition with the assault, of the set testified that cyberattacks is directed at countless Malaysian up-to-date information online, setting permission to access revealing the actual political election within the country.

"assuring everyone is able to peruse data without having disturbance is essential if you have to be a level political game in Malaysia, spoken Phil Robertson as a result of person rights observe. "the costa rica government capabilities challange to examine furthermore close everything cyberattacks, interference containing isps, And coughing to create sure that relief relating to expression and the legal right to receive information and facts are protected,

international professionals are uncomfortable your political election performance as a result regardless involves about Malaysia's gaping budgetary shortage, the nation's financial state has played out relatively thoroughly in the middle of the world downturn.

the earth banking institution needs Malaysia's gdp to progress 5% this specific year, increased times capital homemade projects and as well as home-based staying, As locals implement city servant wage adds to and governing handouts.

Register Now to have your Insurance queries solved.

Quick Reply
Your Name
Message body
All times are GMT
Page 1 of 1

Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See


Hot topics in forums

Latest in blogs

    Connection Error: Connection refused