Welcome back. It's Finance Friday, another special edition of Money Girl where I answer your

burning money questions. Today's topic comes from a meal who says, I purchased a home several years

ago and my payment includes private mortgage insurance or PMI. I also have other debts,

including student loans and a small credit card balance. My income increased this year, so I have

extra money to pay off my debt. Should I focus first on balances with the highest interest rates

or pay my mortgage down so I can get rid of

PMI. Thank you so much for your question, Amil. It's a great one. Knowing the best way to use your

extra money is critical for taking control of your finances and getting out of debt. This podcast

will explain what PMI is and how to know if getting rid of it

should be your top financial priority. Thanks, everyone, for downloading episode 915 of the

Money Girl podcast. I'm Laura Adams, an award-winning author, speaker, on-camera spokesperson,

and the founder of The Money

Stack. That's my sub-stack newsletter. You can subscribe for free or support the show and become a

paid member and get access to live educational events. You can learn more and connect with me

and sign it for the Money Stack when you visit laura d adams.com.

That's also where you can email your money question and you can learn more about my books and

courses. You can also record a brief question or comment if you prefer to send it in that way.

Just call our voicemail at 302-364-0308.

I look forward to hearing your question and featuring it on the show.

So let's talk about private mortgage insurance.

This is something that is required when you get a conventional mortgage to buy a home or refinance an existing home loan, and you need to borrow

over a certain threshold. That's when lenders require you to purchase PMI. So the amount you

...