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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
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