Mortgage Blog

I quoted a rate for my client about one months ago. And The rate was 4.25% for the lender's covering all the closing cost. And his current rate is 4.125%(both 30 yr fixed. And I asked him to refinance, and he did not. I know he was trying to get a lower rate.

The main reason was that for my rate of 4.25%, for the LTV 95% loan without PMI, it will still save the borrower paid about $200 for the PMI. I told him that his main savings is from the PMI. But it seems like he did not understand about it.