1149: The Pros and Cons Of Paying PMI by Vekevia Tillman-Jones with Financial Finesse on Home Mortgage Insurance

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🗓️ 2 May 2020

⏱️ 9 minutes

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Summary

Vekevia Tillman-Jones with Financial Finesse shares the pros and cons of paying PMI. Episode 1149: The Pros and Cons Of Paying PMI by Vekevia Tillman-Jones with Financial Finesse on Home Mortgage Insurance After years in the financial services industry, Liz Davidson became disgusted with how many people were being sold financial products and services that were not in their best interest. She decided there had to be a better way to provide people from all walks of life with truly unbiased financial guidance--designed to line their pockets, not their financial advisor’s. This is the story of Financial Finesse and how they give employees and employers unbiased financial wellness as an employee benefit. They help your employees maximize their compensation and benefits by making better financial decisions. You become a partner in their financial security and reap the benefits of a financially healthy workforce. They’ve helped hundreds of thousands of employees change their lives. The original post is located here: https://www.financialfinesse.com/2018/07/18/the-pros-and-cons-of-paying-pmi/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily.
0:02.0	Episode 1149, the pros and cons of paying PMI.
0:06.6	By Vakeevia Tillman Jones with Financial Finess.
0:09.8	Com.
0:11.0	And hey again everybody, I am Dan, I'm your host here on optimal finance daily and this is where I read to you from some of the best personal finance blogs on the planet
0:18.8	Today I'm going to keep this intro nice and short for you so let's get right to our post and start optimizing your life.
0:27.0	The pros and cons of paying PMI by Vakivia Tillman Jones with Financial
0:34.6	Finess.com. When I first graduated from college my plan was to rent for one
0:40.2	year and then purchase my own home.
0:42.7	When I look back at my financial situation at that time, I didn't fall into the perfect financial
0:47.4	scenario of home ownership.
0:49.0	I didn't have a 20% down payment save that would have helped me avoid having to pay private mortgage
0:53.7	insurance PMI and I was still establishing a credit history so my credit score wasn't
0:58.7	very high. I still purchased a home. I've found that there are many others in that same boat.
1:04.0	For various reasons they don't have 20% saved and or their credit score isn't what they would consider stellar,
1:10.0	but they aren't interested in renting for very long and still want to achieve their dream of home ownership sooner rather than later.
1:16.0	This is where PMI often comes into play.
1:19.0	PMI is there to protect the lender in case you default on your mortgage, what it means to you is that your mortgage
1:25.2	payment will basically be higher than it would be without PMI. Having a higher credit
1:29.6	score and at least some form of a down payment, 10% down could make your PMI less expensive.
1:36.0	Should you wait to buy a home until you can avoid PMI?
1:39.0	Some people prefer to do so, but others go ahead and buy the home. Here are the pros and
	...

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