Hi All,
I recently refinanced my mortgage away form Bank of America to my local credit union. Since I was paying PMI for the BofA mortgage and the BofA rate was above 5%, this turned out to be a big win for me.
Today, I received a check from BofA in the roughly amount of 12 months of PMI payments. The check stub menentioned "ESCROW BALANCE REFUND"
While the mortgage was with BofA, the only item that was included in the escrow account was the PMI; no real estate taxes, no insurance.
The BofA statements always included the PMI as a monthly expense and not a once a year expense, and the escrow balance varied between 0 and $220, depending on timing of mortgage payment and application to balances.
Needless to say, I was not expecting this. My only question is this a typical situation in a PMI to non-PMI refinance?
alank
