2870: How Can I Avoid Paying PMI (Private Mortgage Insurance)? by Laurie Sepulveda of Women Who Money

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🗓️ 18 September 2024

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2870: When saving for a home, it's often challenging to reach that 20% down payment needed to avoid PMI (Private Mortgage Insurance). Laurie Sepulveda explores alternatives like "single premium PMI" or using a second mortgage, while also weighing the risks and benefits of these options. Whether it's finding a fixer-upper or rethinking your budget, she emphasizes the importance of personalizing your financial decisions to fit your situation. Read along with the original article(s) here: https://womenwhomoney.com/avoid-paying-pmi/ Quotes to ponder: “Just be honest with yourself about what you can genuinely afford before you sign on for a mortgage that will be with you for many years to come.” “PMI is insurance the homeowner pays in exchange for a smaller down payment. This insurance protects the lender - in case you stop making mortgage payments.” “Buying a house with less than 20% down means you’ll have a higher mortgage payment and you'll pay more in total interest.” Episode references: The Power of Now: https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:25.2	This is a high-risk investment, and you should not expect to be protected if something goes wrong.
0:31.8	This is optimal finance daily. How can I avoid paying PMI, private mortgage insurance, by
0:39.0	Lori's Sepulveda of Women Who Money.com.
0:42.6	And I'm your host and personal finance enthusiast,
0:45.8	Diana Merriam.
0:47.0	Thanks so much for joining once again.
0:49.8	I'm here narrating for you every single day from some of the best articles on the web when it comes to money and finance.
0:57.0	So without further ado, let's get right to today's post and continue optimizing your life.
1:05.0	How can I avoid paying PMI private mortgage insurance by Lori Sepulveda of Women Who Money.com.
1:16.8	You've been saving for months or years but you're still far short of the amount you need for the traditionally advised 20% down payment on a new house to avoid paying private mortgage insurance.
1:31.0	When saving up for a new home, especially your first, it can
1:35.6	feel like forever before you're able to save the tens of thousands of dollars you'll
1:40.7	need. For most homebuyers, that amount will take a while to save. Are there
1:46.6	other options besides putting 20% down? Many lenders will allow a smaller down payment of 10% or even 5%, but they require homebuyers to take out private mortgage insurance or PMI.
	...

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