198 - PMI Is a Privilege
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 3 July 2023
⏱️ 43 minutes
🧾️ Download transcript
Summary
If you’ve talked to a Boomer about buying a house, it’s likely that they’ve given you some bogus advice: “Don’t pay for private mortgage insurance! It’s a scam!” Well, David is here to tell you that they’re just WRONG. You should definitely not avoid PMI because, as a Gen Zer or Millennial in this economy, it could save your bacon.
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David Sidoni, the "How to Buy a Home Guy", is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home, offering expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | People say that paying for PMI is stupid. People say that you should avoid PMI. PMI is private mortgage insurance, |
| 0:13.2 | and they tell you to avoid it at all costs. Most of these people who say that are old-timers and have no |
| 0:18.6 | clue what a millennial or a Gen Z first-time buyer has to go |
| 0:22.2 | through in the current rental and home buying market. I completely disagree with these old-timers |
| 0:29.9 | and their ancient, fearful philosophies. Remember, I'm telling you this, and I am 53 years old. This boomer advice, |
| 0:46.5 | given to you by people almost my same age, it's as outdated as my high school parachute pants, |
| 0:52.1 | my full neon gigantic T-shirt collection, and me watching |
| 0:58.0 | MTV when there were actually music videos on the channel. Discouraging people to buy with |
| 1:04.7 | PMI is like telling people that instead they should be using a landline because those cell phones |
| 1:10.3 | are too damn expensive. |
| 1:12.4 | Fibing boomers. |
| 1:13.7 | Play the music. |
| 1:32.4 | What is up my homies? |
| 1:35.8 | Homies, I'm so excited to be here with you right now. |
| 1:37.1 | We're going to old school. |
| 1:40.1 | It's 1237 a.m. |
| 1:41.6 | And I'm in the office. |
| 1:47.3 | And I'm ranting into a microphone just for you. I'm so excited about this. |
| 1:54.2 | I had such a bummer of a day. I had a great day and then at the end of the day, I took my key and I went to the bathroom and suddenly my office didn't open up. My phone, my car key, my laptop. |
| 2:04.5 | Everything I had in the whole world was inside my locked office. |
| 2:08.7 | And of course, the receptionist and everyone have gone home. |
| 2:11.5 | So I had to sit in a lobby by myself for about three or four hours waiting for the cleaning crew to get here, my |
... |
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