Mortgage Refinance

Interest rates are insanely low right now! I just started the ball rolling at Union Planters to get our mortgage refinanced. They are offering 5.375% on a 30 year mortgage. We've only been paying on ours for a little over a year, and we originally financed at 7.125%. This will save us over $200 a month! We're thinking of putting that savings against the principle so we can knock off our PMI. PMI (Private Mortgage Insurance) is such a ripoff! It will do me absolutely no good, yet I have to pay for the bank's ass to be covered if I default on my loan. I thought that was the reason I was paying interest! To cover the bank's risk, provide profit, and allow for inflation. We've got quite a ways to go before we'll have the PMI payed down if we just pay the regular payment. I think we are paying $60 for it a month right now. :-(

[Listening to: Aphex Twin - Selected Ambient Works - Vol. 2 (Disc 1) - Radiator]