PMI premiums are non-refundable. Think of it like your car insurance: You pay premiums, and the insurer only pays out only if something bad happens. The one exception to this rule is for FHA streamline refinances. If a homeowner refinances an existing FHA loan into a new FHA loan within three years, they can get a partial refund of the original loan’s upfront MIP payment. Qualifying for this loan is usually easy if you have a good payment history for the past three consecutive months.