My lender stated we needed personal mortgage insurance to purchase our home due to low credit scoring. They would provide this we were told. They are charging us $355.19 per mo for this insurance(wich we have been told is an unheard of amt.) They will not work with or discuss this with us after numerous upgrades, new appraisal , and payiing on time for 5 years now. We found a company to refinance our home . Our lender now states they will not let us out of our contract without a $3000 PMI payoff. We have no pre-pay penalty, and a 30 year fixed rate mortgage. How can they do this ? PMI is an insurance guaranteeing we will pay. If we are paying off this mortgage, how can they tag a $3000 cost for this on top? Please give us some insight on this. Thank you for your tiime. Buddy Taylor