Joe bought his townhome a year ago. He barely squeaked in with his 10% down and was bummed to have to pay PMI but bit the bullet. He said at age 55 it was finally time to own a home even though he didn’t have the 20% down he had hoped to have.  He had a 700 credit score but that gave him a pretty high PMI factor. $250 per month. 

If you remember interest rates were going up almost non-stop last year and in May 2018 he got a 4.75% 30 years fixed. 

Now rates are 1% lower at 3.75% for this kind of loan, lower if you have a smaller balance. 

So we looked up the new value of his home and even though he doesn’t have 20% equity yet, it is still worth refinancing to 1 loan with new PMI and save $400 per month or do 2 loans and save $500 per month. 

He is thrilled! 

If you know anyone who bought last year or in the last 2 years and thinks it’s too soon to refi have them call me. This might be the sweet spot in rates to move quickly on a refi. 

If you know anyone who got turned down or is afraid of being turned down for a loan but that you know could benefit hugely from a refinance of their home, please introduce us. It’s a free call and it might just change their lives and help them stay in their home. 

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