"Why Get Rid of Mortgage Insurance, when You can Refinance and Save Thousands?”

This appraiser was really on the ball, never missing an opportunity to refer business to her favorite mortgage broker. She asked if they had considered refinancing and lowering their interest rate and number of years on the mortgage.

The monthly mortgage insurance they were attempting to eliminate was $157 per month and presently had a mortgage payment of $2019. They presently had 19 years left and were paying 5.75% for a rate.

We were able to get them a new mortgage with a payment of $1791 and save themselves $49,600 in interest, a much better idea than saving $157 in monthly mortgage insurance. I asked them if that money isn’t better off in their pocket?

There are so many folks that can refinance and save themselves tens of thousands of dollars and just have not done it.