BONUS call: PMI and Brokerage Account
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 1 May 2018
⏱️ 13 minutes
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Summary
You were required to buy private mortgage insurance (PMI) but are now in a position to get rid of it. Should you? And is it okay to deplete the brokerage account for a kitchen renovation? Just a couple of the questions from Melanie in New Jersey on the latest BONUS call. Have a money question? Email me here. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating or review in Apple Podcasts. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. |
| 0:06.0 | We're sponsored by Betterment, the largest independent online financial advisor. |
| 0:11.0 | Well, you know, I love this. I love that we get to do an extra episode every |
| 0:14.8 | single week and I love that it's all about you and your financial issues that |
| 0:19.1 | matter the most. So if you've got a question that's on your mind or you want to just talk through a question that's been burning for a while or maybe you've got some marital spat over a money issue |
| 0:31.7 | We might be able to help you out. The way you can contact us is to email |
| 0:36.8 | ask Jill at better off podcast.com. Ask Jill at better off podcast.com and if you don't get on for the bonus call you might get the |
| 0:45.3 | listener question of the week we drop that at the end of our interview show on Thursdays. |
| 0:50.5 | So right now let's go and chat with somebody. It's Melanie on the line from |
| 0:54.7 | New Jersey. Welcome to Better Off Melanie. How can I help you out? |
| 0:58.2 | Hey good morning Jill, thanks for having me. Sure. So my husband and I bought a house about three years ago down here at The Early Shore, primary residence, and we got in when the rates were really low, I think our |
| 1:10.1 | current rate on our mortgage is like 3.625. But fabulously the value of our home has increased |
| 1:19.3 | something like 12 or 15 percent in the last couple of years and when we first took out the mortgage |
| 1:24.8 | we only put down I think 13 percent so we've been paying PMI. |
| 1:28.9 | The value has increased enough now that you know if we had refinance then we would be totally out of the PMI we'd |
| 1:36.6 | have like 25% of the equity in the home. But rates are really high now so we don't |
| 1:42.3 | really know. Oh well whoa wait a minute really high now, so we don't really know. |
| 1:42.6 | Oh, whoa, whoa, wait a minute, really high. |
| 1:45.3 | Hold on. |
| 1:46.7 | Higher. |
| 1:47.7 | Don't we say, like, let's say higher. |
| 1:49.6 | Let's say that you had to, you've obviously obviously already looked into this so let's do the |
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