“Sure, I could have done the Refinance”

  “Sure, I could have done the Refinance”

 

 

 

 

Hey Joe,

I wondered if you could share your opinion with me on the PMI I’m paying on my loan. When I refinanced my credit was so-so but now my credit score is much higher. Would it be worth it to refinance again to get rid of the PMI? We’re not looking at selling anytime soon but may add-on. Nothing is on any definitive timeline. Not sure if the cost to refinance is worth it. I pay $106/month and only owe 152K on the house.

Stefanie

 

Stefanie

I absolutely would not refinance now as the current rate is higher than what you have now. Also, if you are planning an addition in 2-3 years, you would not recoup the closing costs in that time period.

I would recommend that once you have decided on the addition then that would be the time to refinance and get enough to do the renovations.

Joe

 

I can’t thank you enough. Always appreciate your advice. See you in a couple of years.

Will be sending my younger brother to you in a couple of months, once he has finished his schooling and starts his job.

Stefanie

 

Image courtesy of StuartMiles/freedigitalphotos.net

 

Interest rates have moved up over the last couple of months and most likely will continue the trend for a while, so spending money to refinance to avoid the monthly mortgage insurance isn’t a good idea in most cases. In this case it makes no sense as they are planning to put on an addition and will need to get the loan redone again. Now is not the right time.

 

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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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 3 commentsJoe Petrowsky • March 28 2018 05:52PM

Comments

Great dvice!!!

I absolutely would not refinance now as the current rate is higher than what you have now. Also, if you are planning an addition in 2-3 years, you would not recoup the closing costs in that time period

Posted by Sham Reddy, CRS (H E R Realty, Dayton, OH) 3 months ago

Good morning Joe. Honesty trumps earning a fee. Many happy returns. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 3 months ago

Good morning, Joe Petrowsky honesty at its best....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 3 months ago

Participate