The credit union didn't tell home flood zone

[Ronda Botts]

We bought our home two years ago. TTCU the credit union is whom we have our loan with. Appraisal was 96.000. We narrowed 67.000. Mind you we also put down 17.000. We bought it after renting it over 20 years. We got it for 85.000. We wanted to remortgage at a lower rate 2.9% now its 5.0. Quicken Loans are now telling us. It'd in a flood zone. 

[Kyle J.]

@Ronda Botts  You're only required to get flood insurance if the property is located in a Special Flood Hazard Area (SFHA), AND you have a mortgage loan on the property that is federally-insured (or your lender requires it).  

You can lookup for yourself if your property is in a SFHA here: https://msc.fema.gov/portal/home

(All flood zones beginning with the letter “A” or “V” are considered SFHAs.)

If your lender didn't require it before, it's likely that your property wasn't in a SFHA at that time, or your previously mortgage wasn't federally-insured.  Now that you're refinancing, either the flood maps have changed and your property is now in a SFHA, or you're refinancing into a federally-insured mortgage.  Either way, you'll need to factor that into the cost of the refi and decide if the refi is still worth it.