2496: Can You Remove PMI From Your Mortgage? by Michelle Schroeder-Gardner of Making Sense of Cents

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🗓️ 27 October 2023

⏱️ 8 minutes

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Summary

Michelle Schroeder-Gardner of Making Sense of Cents shares how to remove PMI from home buying. Episode 2496: Can You Remove PMI From Your Mortgage? by Michelle Schroeder-Gardner of Making Sense of Cents Michelle Schroeder-Gardner created Making Sense of Cents in order to help improve her own finances. With diligence, she was able to pay off $38,000 in student debt in 7 months, kept track of progress, and helped readers along the way. She's currently touring North America and living out of an RV. You can learn more about her and see her monthly income reports at MakingSenseOfCents.com. The original post is located here: https://www.makingsenseofcents.com/2016/03/can-remove-pmi-mortgage.html Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you've been feeling overwhelmed with anxiety lately, try listening to a guided meditation
0:06.8	on the Meditation for Anxiety Podcast. Meditation is a proven natural way to help you calm
0:13.6	down and dissolve stress so you can feel lighter and happier.
0:18.6	So subscribe for free today to the Meditation for Anxiety Podcast by searching for Meditation
0:24.9	for Anxiety on your favorite podcast player.
0:30.2	This is Optimal Finance Daily, Episode 2496.
0:34.2	Can you remove PMI from your mortgage by Michelle Schroeder-Gartner of MakingSenseofSense.com
0:40.8	and on your host and personal finance enthusiast, Diana Mariam?
0:45.0	We're going to get right to today's post as we optimize your life.
0:52.6	Can you remove PMI from your mortgage by Michelle Schroeder-Gartner of MakingSenseofSense.com?
1:00.4	Are you looking to remove PMI from your mortgage?
1:03.8	According to the National Association of Realtors, the median list price for homes is $232,000.
1:11.6	If you have PMI of 1%, that means you would have an annual private mortgage insurance cost of $2,320 or $193 per month.
1:23.0	That's a lot of money.
1:24.6	More people should think about removing PMI
1:27.6	as this money could be put towards a retirement account, funding an emergency fund, paying off debt and more.
1:34.0	If only I could rewind the last seven years and listen to my own advice.
1:39.2	In 2009, PMI husband bought a house but didn't have 20% down.
1:44.2	We were taking advantage of the low housing prices and the first time home buyer's tax credit.
1:49.8	One thing we didn't think much about was mortgage insurance and how it would affect us.
1:55.2	Yes, we're human and we made a mistake.
1:58.0	While we no longer own that home or full-time RVers now, we do wish we would have found a way to not pay mortgage insurance.
	...

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