re; Refinancing and Mortgage Insurance
I was wondering what happens to the mortgage insurance you paid when you refinance a property ? Can it ever be recovered ? for example If you buy a property and then 5 years later refinance with another lender and the property is worth much more that when you purchased it, can you get this mortgage refunded ? as the LVR has significantly improved over the years. i.e. its worth $100K more today than when it was first purchased about 5 years ago.
Thanks,
007
I was wondering what happens to the mortgage insurance you paid when you refinance a property ? Can it ever be recovered ? for example If you buy a property and then 5 years later refinance with another lender and the property is worth much more that when you purchased it, can you get this mortgage refunded ? as the LVR has significantly improved over the years. i.e. its worth $100K more today than when it was first purchased about 5 years ago.
Thanks,
007