Hi,
I understand it is possible to obtain a partial refund of LMI if a refinance is down within a relatively short timeframe.I purchased a house in Jan 2007 and am about to refinance – what are my chances of obtaining an LMI partial refund?
thanks
RLHi Redleaves. Sad to say – I think you will find none.
6mths is a different story, but you are talking nearly two years. Hope the refi goes ok
CheersHi
Settled between 1 to 2 years ago you maybe entitled to a 20% LMI refund if your loan is mortgage insured with Genworth.However if you are mortgage insured with PMI you will not obtain a LMI refund as your loan settled more than 1 year ago.
I'm with Joseph.
I have had several refunds from Genworth when I have sold before two years.
Cheers
K
Genworth <12mths – 40% refund
12mths to <24mths – 20%QBE (PMI) <12mths – 40%.
MGIC <12 months – 40%
You must submit a written request to the funder or mortgage manager within one month from the discharge of the insured oan. Processing can take 4-8 weeks.
Good luck.
MortgagePlus wrote:Genworth <12mths – 40% refund
12mths to <24mths – 20%QBE (PMI) <12mths – 40%.
MGIC <12 months – 40%
You must submit a written request to the funder or mortgage manager within one month from the discharge of the insured oan. Processing can take 4-8 weeks.
Good luck.
Hi Tim,
Thanks for that info.
How do I know who the mortgage insurer was?
My loan was with RAMS, then RHG.
thanks again,
RLIf you still have a copy of your loan documents, there should be mention of the Insurer, by specific name, in the funds disburesment schedule. The bank would have advanced part of the settlement funds to the insurer, and it will be noted in there somewhere. Look for the form with all the cheques etc, and payments that were made, and the total at the bottom which will be the same figure as your loan limit/amount.
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