Private Mortgage Insurance (PMI) and Refinancing
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 14 June 2018
⏱️ 44 minutes
🔗️ Recording | iTunes | RSS
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Summary
Rising home prices has helped many homeowners get richer on paper...they have also prompted a big influx of questions about private mortgage insurance (PMI) and refinancing, so we figured it was time to bring on an expert. Nicole Hamilton, a tech executive-turned-mortgage and homeownership expert, founded Tactile Finance, the first digital tools that let people visualize their homeownership outcomes over time, putting consumers on a level playing field with the professionals who serve them. Nicole is also the author of the book Avoid the Money Pit, Turn Your Home into a Financial Powerhouse, and the founder of Homeownering.com, a company that provides unbiased, independent information for homeowners to get the best financial outcome possible. We touched on a variety of topics and questions facing the average consumer as they try to navigate the murky waters of homeownership:What if I don’t have 20% for a downpayment?What is PMI?How do I know if I need PMI?Should PMI be a dealbreaker?Will PMI eventually go away?Will PMI go away on its own or is it my responsibility?Is refinancing always a good idea?Pros and cons of an adjustable rate mortgage (ARM)Should I prepay my mortgage?All those topics and more! And based on what we’ve been seeing in the inbox, I think we did a pretty good job covering all your burning questions! So when you’re checking out those open houses this summer, or considering a refi before rates go even higher, playback this episode and you’ll be well armed with loads of information. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. 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://apple.co/2pmVi50
Transcript
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| 0:00.0 | Hi, it's Jill Schlesinger, host of the Better Off Podcast. On this episode, we're talking about |
| 0:08.0 | how to buy a home with less than 20% down. |
| 0:12.0 | So if you're in a situation where you can't put 20% down, |
| 0:16.3 | typically what happens is that you're going to pay some form of mortgage |
| 0:20.3 | insurance. |
| 0:21.0 | And that hedges the risk for a bank when they make a loan to you. And what |
| 0:26.3 | they do is on top of your mortgage payment, you will pay 0.3 to 1% of the loan amount. |
| 0:35.0 | Welcome to the Better Off Podcast. |
| 0:37.0 | We're sponsored by Betterment, the largest online financial advisor. |
| 0:41.0 | I think that one of the most frequently asked questions that we |
| 0:46.8 | field is around buying a home, especially for first-time homebuyers. And I know a |
| 0:52.2 | lot of you listening, you really would like to buy a home but |
| 0:55.2 | you don't have that 20% down that is often associated with the best interest rates or |
| 1:02.1 | we'll get you out of the whole world of PMI private |
| 1:06.4 | mortgage insurance. |
| 1:07.4 | Well we thought we might bring an expert around to help us untangle all of this. |
| 1:12.1 | Nicole Hamilton is a to help us untangle all of this. |
| 1:12.5 | Nicole Hamilton is a tech executive turned mortgage and home ownership |
| 1:18.4 | expert. |
| 1:19.3 | She founded a company called tactile finance and develop the first digital tools that let people visualize |
| 1:26.7 | their home ownership outcomes over time without losing any details. |
| 1:31.9 | And by the way, her real hope is that she wants to put consumers |
... |
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