Hindsight & Private Mortgage Insurance: Avoid Costly Mistakes | EP 51

Aired on September 20, 2025

Welcome to Episode 51 of The Reality of Real Estate Podcast! Host Cynthia Hash is joined by Andy Zemon, Branch Manager at Novus Home Mortgage, to discuss how one missed mortgage payment can derail your home purchase—and what every buyer needs to know about Private Mortgage Insurance (PMI).

💡 Real-Life Story: When Hindsight Is 20/20
A couple moved across the country and assumed their final mortgage payment wasn’t needed before closing. A short delay caused them to miss the payment, damaging their credit and disqualifying them from their dream home.

🚫 Lesson Learned: Never skip a mortgage payment, even if your home is under contract. A missed payment can drop your credit score and prevent new mortgage approvals for up to 12 months.

💭 Shadow Debt:
Andy explains “shadow debt”—recurring payments not always counted as loans but that impact your debt-to-income ratio, including:
➡️Amazon subscriptions
➡️Buy-now-pay-later programs
➡️Ongoing personal loans or memberships

🏠 Private Mortgage Insurance (PMI) Guide:
➡️Required if down payment is under 20%
➡️Costs between 0.3%–1.5% of the loan per year
➡️Can be removed at 80% LTV (or automatically at 78%)
➡️PMI protects the lender, but it can help buyers become homeowners sooner.

🗣️ Guest Expert:
Andy Zemon – Branch Manager, Novus Home Mortgage
📧 [email protected]

🌐 www.MortgageByAndy.com

📞 Office: 434-401-4119 | Mobile: 434-906-2570
NMLS #208916 | Novus Home Mortgage NMLS #423065

💬 Final Takeaway: Always communicate with your lender and Realtor® before making financial decisions. A quick call could save your deal, dream home, and credit score!

#PrivateMortgageInsurance #PMI #HomeBuyingTips #MortgageAdvice #RealEstatePodcast #FindHomesRealty #TheRealityOfRealEstate #AvoidMortgageMistakes #HomeLoans #RealtorTips

🔗FindHomesUSA.com
📞434-337-3216 (Text or Call)
📖 Check out our Blog @ FindHomesUSA.com/blog.php
👉 Follow us on Facebook "Find Homes Realty"
👉 Follow us on Instagram @findhomesrealty
👉 Listen to our Weekly Podcast "The Reality of Real Estate" http://www.findhomesrealty.com/podcast
👉 Subscribe to our YouTube Channel @FindHomesRealty

#FindHomesRealty #RealEstate