Quote:
Originally Posted by Amnorix
DaFace's post says it all in terms of the priority list. Get that CC paid off asap.
Once you pay off the CC and have started the matching 401(k), etc. what you would REALLY like to do is refinance the house and NOT pay PMI. This requires that you have paid down 20% of the house based on valuation. PMI is money out of your pocket solely for the benefit of the bank and is COMPLETELY BAD.
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He may, and I emphasize may, be eligible to refinance and not pay PMI, depending upon his credit score and the lender. My wife and I were pretty satisfied with our current rate and lender (Arvest- 30 year fixed at 4.2%). I looked into refinancing through Quicken Loans, they dropped our rate to 3.4% and waived the PMI based on my credit score. It was nice to tell Arvest to **** right on off and not waste 120$ per month.