Quote:
Originally Posted by JARblue
I will say that 15yr note and interest rate looked very appealing ... instead we're earn$pending a $40K 2nd lien for renovations after the refi goes through 
New 30 yr note is only 25 pts higher than our current interest rate, so not terrible. Mortgage has been going up lately since we escrow taxes and the property is increasing in value, but we drop over $100 per month just by getting rid of the stupid mortgage insurance required by the FHA loan structure. |
Avoid PMI always. Money down the drain!
If possible, I always suggest not to escrow taxes either. I much prefer to set up my own tax "escrow" into an investment account. It's not for everyone as it takes strict discipline to ensure you have the funds, but in my opinion, I'd rather have control of my money and having it earn more money for me and not the bank