“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
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