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.
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