“A Refinance Needs to Make Sense for the Client”

      “A Refinance Needs to Make Sense for the Client”





So once the $92 MI goes away in 18 months we would have a payment of $1553, which means the net savings at that time is about $160. It also means that you would be losing 7 years of principal pay down just to start over again for 30 years.

We also have the risk of the appraisal. I would not refinance.



Ok Joe, thanks for your honesty, just another reason why you will always have my business my friend and anyone else that will ever need a mortgage.



Being in the mortgage business I always have to ask, “What is best for the client?” and in this case refinancing is not in my client’s best interest. Sure I could have recommended he refinance and made a nice fee, but being the math guy I am I know it would not have been the right decision.


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 6 commentsJoe Petrowsky • December 07 2017 08:41PM


Retiring the loan early, being debt free or ready to finance another investment because the last one is paid for free and clear. You guide the flock Joe Petrowsky and do it best.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 1 year ago

Good morning Joe. Sometimes it makes sense and sometimes it does not! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 1 year ago

Great share!!!

Being in the mortgage business you always have to ask, “What is best for the client?” and in this case refinancing is not in my client’s best interest. 

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) over 1 year ago

Exactly what I'd have done also!  Thanks for sharing Joe.

Posted by Linda Piper (Planatek Financial, Inc.) over 1 year ago

Sometimes it is a good thing but losing the 7 years is a lot. I lost 5 on one that Chase did for me when they took voer the loan but going from a 7.5% to 4.45% with no fees was a blessing on an investment property.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) over 1 year ago

Wishing you the best for the New Years and always. I always looked up to you and appreciated hearing from you.

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) over 1 year ago