“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.
Joe
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.
Jeremy
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.
