Guidance for 2nd Wife Whose Husband Never Saved

[eridanus]

http://www.ftc.gov/bcp/conline/pubs/alerts/pmialrt.shtm

"Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current."

 

[Marquette]

TiredinTX,

At this point, if I were in your shoes, I would think about putting extra money on that mortgage at least to the point of being able to cancel your PMI. Paying for PMI doesn't benefit you at all. You should run the numbers for a refi... it may or may not be worth pulling some money out of savings to get to an 80% ltv if you do refinance.

After that, while I'm not a huge fan of financial advisors (I take that back.. I don't mind fee-only or independents.. my Ameriprise experience scarred me for life), I think one might be appropriate in your situation. Plan on some good heart-to-hearts about goals and objectives with your husband beforehand and then come up with a strategy with your advisor.

 

[TiredinTX]

Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of Dollars Each Year

"Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current."

Thank You! Printed. Indicates I have to be provided a # to speak to somebody via phone.

 

[TiredinTX]

TiredinTX,

At this point, if I were in your shoes, I would think about putting extra money on that mortgage at least to the point of being able to cancel your PMI. Paying for PMI doesn't benefit you at all. You should run the numbers for a refi... it may or may not be worth pulling some money out of savings to get to an 80% ltv if you do refinance.

After that, while I'm not a huge fan of financial advisors (I take that back.. I don't mind fee-only or independents.. my Ameriprise experience scarred me for life), I think one might be appropriate in your situation. Plan on some good heart-to-hearts about goals and objectives with your husband beforehand and then come up with a strategy with your advisor.

Did some reading on the other threads and noticed there was a hot deal with Penfed recently on refinancing. Also found a link to a calculator so I can run the numbers.

 

[vinnieg24]

welcome to the forum. there are lot of educated people on this forum and I am learning a lot! good luck!