Usually, you can get a complete refund of the flood insurance premium when the LOMA or LOMR-F is approved. Following a map revision, the flood insurance policy can be canceled provided that the mortgage lender confirms in writing that: (1) the flood insurance was initially required as part of the mortgage; and, (2) because the LOMA or LOMR-F was issued, the requirement for flood insurance no longer applies. Provided no flood insurance claim has been paid or is pending, the full premium will be refunded for the current policy year. If a claim has been paid or is pending, no refund is allowed. For instance, when a low mortgage interest rate has been locked in for a limited period of time, it may be beneficial to purchase the flood insurance and close the loan at a good interest rate. Then, when the LOMA or LOMR-F is issued, a refund of the premium can be requested. The other alternative is to apply for the LOMA or LOMR-F and wait until it is approved to close the mortgage loan without purchasing flood insurance. The choice is up to you.