We are purchasing our first home through Citibank Mortgage Co. They stated we needed no down payment and that we would have to carry PMI insurance. Our monthly payment is over $1200 including PMI, which is $480 a month. That is an extremely high amount 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 payment through Arbor Mortgage, we were told by Citibank that 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 years. We can't get out from under this PMI insurance, and they are not willing to drop it even though we over-qualified to have it dropped a long time ago.
We do not know what to do or where to turn, but we are sure we are being severely taken advantage of by this company. Any help would be greatly appreciated.
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