Refinancing a mortgage where LTV > 70%?

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  1. #1

    Join Date
    May 2007
    Posts
    599

    Refinancing a mortgage where LTV > 70%?

    I currently have a mortgage with SCB and am looking to change to Citibank as they can offer me a better HIBOR based loan.

    My LTV is going to be greater than 70%. When I started the SCB loan I had to pay an insurance premium to get a higher LTV. When I refinance with another bank, am I going to have to pay another premium, even though I'm just refinancing the same loan?


  2. #2

    Join Date
    May 2007
    Posts
    599

    FYI - yes you do have to pay another insurance premium when changing banks...