Do you want pmi insurance when refinacing if you did not hold until that time?
If your new mortgage is more than 80% of the property plus, then most likely the exotic company will REQUIRE it, so it won't be an option. PMI is something required by the lenders to insure they get the loan salaried if you go belly up early within the game. It's nothing you individually need for any reason if they aren't MAKING you purchase it.
It depends when you bought and whether you still have the required equity surrounded by your home (how much more it is worth than you owe). If you bought at the peak of the bubble when prices were inflated, and property values own gone down in your area, it is possible that your equity might temporarily shrink too much. But consequently the peak of the bubble was also when interest rates be lowest, so unless you fell for a variable rate loan, there might be no logical intention to refi.
Of course if you do a cash out refi, there would be more of a coincidence of possibly getting hit with PMI.
Ask the untried lender.
No. PMI does not benefit you. However, you may not bring the loan if you don't accept it. Some companies do not require it, you just settle a 1 - 2% more in interest. Either way, the downfall payment is usually the same.
Answers: If the refi is for more than 80% of the appraised value of the house, yes.