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HARP Refi May Delay PMI Cancellation
The federal HARP mortgage refinance program can be a huge boon for underwater homeowners. But if you have PMI, there's a little hitch you should know about.
While refinancing a mortgage through HARP can cut your interest rate and save you money, it can also extend the length of time you need to carry private mortgage insurance (PMI), perhaps by many years. And that can significantly reduce the savings you get from refinancing.
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