Decrease PMI fees

UPDATED: Oct 1, 2022

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Decrease PMI fees

We have been in our new house for about
three years. At the time of purchase, our
credit was marginal which led to our PMI
being assessed at top rate. We have a
conventional loan and put 5 down at
closing. We’ve paid extra toward
principal almost every month. Since
closing, with diligent effort, we’ve
increased our credit score by about 100
points. Now that our credit is 720, can
we get a better PMI rate without
refinancing? APR on our 30 yr. fixed is
4.75, PMI is 265/mo. Outstanding
principal balance is 260,000 on 275k
loan. Thanks

Asked on January 7, 2019 under Real Estate Law, West Virginia


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Unfortunately, you have to refinance to get a better PMI rate. Your PMI rate is part of your original loan terms and agreement; they will not take it off the current loan. Rather, you would have to replace your current loans with a new one.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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