216 - PMI Is Still A Privilege And Still Not The Devil
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 28 February 2024
⏱️ 32 minutes
🧾️ Download transcript
Summary
Private mortgage insurance or PMI has been drawing flak for a long time, especially from old-timers in the real estate world. Despite the negative thinking about it at this time when homes are more expensive than ever, David Sidoni is here to put an end to this grave misconception. In this episode, he explains how to actually use PMI and put real numbers into consideration to make your first-time home buying much more affordable. Tune in as he breaks down how you are probably a lot closer to making this purchase than you think.
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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 | This is a follow-up episode to episode 198. |
| 0:03.5 | Housing affordability is getting a lot of negative press right now, and it is true. |
| 0:08.5 | Homes are more expensive than ever, but that's not going anywhere anytime soon, and I'm hearing |
| 0:13.5 | from lots of people that they are never going to be able to do it now because they can't save |
| 0:19.3 | 20% down. And the reason for that is |
| 0:22.4 | they're thinking that they have to avoid PMI. Well, you're probably right. It's going to be |
| 0:27.9 | tough to save 20% down and get into the market at these prices. So let's get on the |
| 0:33.5 | solution side of this. It's a new era and you need to know that there is new math that |
| 0:39.5 | utilizes leverage so you can stop renting and buy a home sooner. You don't need 20% down |
| 0:46.8 | and that's not only okay. For many of you out there, it might be the only way to do it. |
| 0:54.1 | And if PMIs what's holding you back, I'm here to bust the myth. |
| 0:58.4 | PMI is not the devil. |
| 1:00.5 | It's not expensive. |
| 1:02.2 | It's not a dumb move. |
| 1:04.5 | PMI is actually a privilege. |
| 1:07.3 | Okay. |
| 1:08.3 | Let me explain. |
| 1:09.7 | Play the music. |
| 1:25.3 | Music Okay, let me explain. Play the music. Hey, homies, a quick interruption before I start the episode because I have some majorly exciting news. |
| 1:31.0 | The How to Buy a Home podcast and me, your host, David Sedone, we're going on the road. |
| 1:36.3 | Come and get your questions about home buying answered from me directly, live and in person. |
| 1:42.6 | And our first stop is Dallas, Texas. Yeah, baby, it only took me |
... |
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