Dear Sirs, I have had a mortgage loan with bank of America for several yearsI owed around XXXX dollars. I was paying interest only on the loan at XXXX percent. Finally when My home value went up they offered me an opportunity to refinance at t XXXX percent. this was in XXXX of 2013 There were no closing cost. 
My problem is the payment mortgage insurance. I was told that since I did not have 20 percent equity, ( I was at 18 percent ) based on a home value of XXXX dollars I had topay P.M.I. .There was no transparency. They claimed they did n't know how much the P.M.I insurance payments would be or how long or even the name of the company issuing it. I ended up paying XXXX dollars a month in pmi I was told I would have to pay for XXXX year. After one year my my Home value went up to XXXX dollars I called the bank ( since I still did n't have the name of the P.M.I. company ) .I was told I would have to pay P.M.I. for two years even if i did now have twenty percent equity. I feel like there has been no transparency and that the wool is being pulled over my eyes. 
