Cheryl Knowlton: Hi, everybody. Cheryl Knowlton, Dynamite Productions, coming at you for episode three with Clay Johnson.
Clay Johnson: Hello.
Cheryl Knowlton: Today we’re going to be talking about mortgage insurance and refinancing to get rid of it forever and ever. So, that sounds like a great, great program.
Clay Johnson: People love mortgage insurance, right?
Cheryl Knowlton: Not!
Clay Johnson: Not! They don’t. So, then we talked about the interest rate, when does it make sense from an interest rate perspective? We alluded to it in our last one. Because in a lot of cases, folks are at good interest rates, four and a quarter, four and eight, four percent. So, one of the things that we’ve seen as the values have gone up is how much can we save and can we drop that mortgage insurance? I’ll tell you what, in so many cases, if it was more than two years, we’ve almost always been able to do that.
Cheryl Knowlton: That’s amazing.
Clay Johnson: Where we dropped the mortgage insurance.
Cheryl Knowlton: How much does someone save by doing that?
Clay Johnson: Oh, my goodness. So, anywhere from a hundred, we’ve seen as high as $400.
Cheryl Knowlton: A month?
Clay Johnson: A month, that’s per month.
Cheryl Knowlton: I could totally live on that for my purse fund, that’d be great.
Clay Johnson: That’s just in the mortgage insurance.
Cheryl Knowlton: I love it.
Clay Johnson: And so-
Cheryl Knowlton: That’s like a purse and shoes!
Clay Johnson: Yeah, exactly. You have one color of each.
Cheryl Knowlton: Absolutely.
Clay Johnson: Yes.
Cheryl Knowlton: I love the way you think. He’s good.
Clay Johnson: So it is fun. We found that that is the stuff that people get more excited actually about getting rid of mortgage insurance than dropping their entrance rate. I can totally see why.
Cheryl Knowlton: Yeah.
Clay Johnson: You don’t have the same tax advantages associated with that.
Cheryl Knowlton: Yes.
Clay Johnson: You have huge tax advantages when it comes to your mortgage interest rate. So it’s a great thing, a great tool to have, and when you can drop that a little bit and then drop that mortgage insurance, total home run. We’ve been doing that with a lot of folks.
Cheryl Knowlton: That is so fantastic. So, the best thing to do is to sit down and find out if your situation is going to make it advantageous for you to refinance. Either to get a lower interest rate, to save money, or to pull some cash out to invest or to get rid of MI.
Clay Johnson: Yes.
Cheryl Knowlton: Yay.
Clay Johnson: If you have any questions, let us know. You guys know where to message us, and until next time…
Cheryl Knowlton: See you then.
Clay Johnson: Bye, bye.