Another Mortgage Trend That Scares Me

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About this episode:
In this episode, we’ll talk about what an assumable mortgage is, what it’s not, and why the likelihood of getting one is about as slim as Bill Gates using a Mac.
Next Steps:
📗 Order George Kamel’s new book, Breaking Free From Broke: ter.li/25thib
📝 Assumable Mortgage: What Is It and How Does It Works?: www.ramseysolu...
🎥 Watch my video “4.5 Million People Bought Homes Last Year (Here’s How)”: • Video
Connect With Our Sponsors:
This episode is sponsored by DeleteMe. 🔒 Remove your personal information from the web at joindeleteme.c... and use code GEORGE for 20% off. 🙌  
This episode is also sponsored by Laurel Road. 💸 Open a high-yield savings account and make your savings work harder for you. Check it out here: www.laurelroad....
P.S. Special shout out to my buddy David Kakish for help with research for this episode!
Listen to more from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/nrgexc
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🍸 Smart Money Happy Hour ⮕ ter.li/ruezqk
💸 The Ramsey Show Highlights ⮕ ter.li/yc3i4v
🧠 The Dr. John Delony Show ⮕ ter.li/sii4ha
💼 The Ken Coleman Show - Highlights ⮕ ter.li/nbekmn
📈EntreLeadership ⮕ ter.li/81tcjn
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[@DorathyJoy]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@SandraDave.]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@PaulKatrina.]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@BellamyGriffin19]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@PaulKatrina.]

I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Melissa Terri Swayne turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.

[@JohnSmith060]

I am on her website doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call. Thanks for sharing

[@Olivia-z5c]

Banks are selling mortgages. People always say it's a good option to buy at discount, but with the market turmoil and everything at stake in present economy, I'm thinking of buying stable coin to hedge against inflation, or is it all right saving over 350k ?

[@DhanaPayar]

There are options that spread across multiple banks. I use a non-beginner broker that protest up to 3 million dollars and provide 4.58% returns on cash, it's always a good idea to consider working with an advisor for financial planning

[@Michaelparker12]

Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before rona outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.

[@Jasonshelton-]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@Michaelparker12]

Jessica Lee Horst is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@Thompson-e7h]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@Riggsnic_co]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[@kevinmarten]

That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..

[@JacquelinePerrira]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@kevinmarten]

Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@JacquelinePerrira]

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

[@cheverechica]

We purchased our home a few months back with an assumable VA mortgage. We sold our old house for the equity money (contingent offer,) the old owner gave up his VA entitlement to us because we are not veterans. Closing took 60 days. We paid about $30,000 more than it was worth, but it will save us over $300,000 in the long run.

[@randomvideosn0where]

If you follow the Ramsey plan and pay your mortgage off aggressively, the interest rate is not as important. But if you plan to keep your mortgage then sure you save a ton!

[@kylemorgan3399]

​@@randomvideosn0whereif you pay off a 3% mortgage early you're losing 7% market gains you could otherwise be getting with that money. Even HYS accounts are offering 5%.

[@TommyChong677]

Do you think it's a good time to consider selling some stocks, or is it better to hold onto them for the long term? I’m considering rebalancing my $2M portfolios, So I'm curious about the best strategies to invest this year.

[@tinsleyLuna]

I guess it's important to reassess your investment strategies based on current market conditions. You should also consider a market expert to guide you.

[@mandyyonge]

Having the correct plan in place is crucial; my portfolio is well-suited to each season of the market and recently experienced a 100% increase from early last year. My CFP and I are working on a 7-figure target, albeit this could take until Q4 2024.

[@RolandWingo]

could you share more info please on the advisor that guides youcould you share more info please on the advisor that guides you

[@mandyyonge]

just research the name Lucia Alicia Cruz. You’d find necessary details to work with a correspondence to set up an appointment.

[@RolandWingo]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@alexsteven.m6414]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[@mariahudson9939]

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

[@Tanner-c2m]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@PremSteve-yg4de]

my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

[@Tanner-c2m]

She's known as “Rebecca Nassar Dunne”. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@antoniaribeiro8073]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@KimberlyinTN]

My ex has an assumable VA loan @2.5% and selling his home. He initially only put down 5% only 3.5 years ago. It was shocking how many Realtors didn't know about or didn't even want to discuss the assumable mortgage as an option for their buyers, which literally would have saved almost $1300/month for the new buyers just in interest. Unknowledgeable "professionals" in real estate and the mortgage industry can literally cost people thousands. Additionally, the lender was already on board, and no new appraisal or VA inspections would be required, also saving the buyer money on closing costs.

[@aboveitall8483]

I sold my home this way and saved the new owners hundreds of thousands of dollars. And the assumption portion only took me signing one paper and was done in less than a week. The buyers were able to secure a loan for the existing portion and we close in 30 days.

[@motley06]

Most realtors are a joke. They’re glorified door openers and fill out pdf documents for a massive commission

[@BadBad]

George: Assumed mortgages require a lot of cash on hand... Also George: make sure to save up a lot of money for a down payment 😯 George: Assumed mortgages make you wait 2-6 months for the approval process and you need to send documents in the mail... Also George: Make sure to choose manual underwriting for your home-buying process. This could be a good option for a very small percentage of the population. My best guess would be around 6,400 people a year.

[@joeyhenderson1624]

You didn’t watch g 😂😂

[@barnabusdoyle4930]

Assuming a mortgage loan is a great idea, it’s just really difficult. The best way to be able to assume a mortgage is to have sold another house and using the proceeds to buy a house with an assumption mortgage. One of the main reasons there are so few assumed mortgages is because people don’t know about the program at all, which is very disappointing. Also, paying a PMI while getting a mortgage at 2.75% is very much worth it. That PMI will be .5% of the balance so just think of it as having a 3.25% mortgage instead which is still half of what mortgage rates are now.

[@hornetguy9063]

I think it’s a great idea if you have the cash and like the house you’re buying. Like if a home was sold in 2020 and they’re trying to sell in 2024, it could be well worth ponying up $200k and assuming the last $300k of mortgage at 2.75%.

[@karinhart489]

When mortgage interest rates jumped to over 20% in the late 1970s & early 1980s assuming someone’s mortgage at a lower rate was popular, but only if the owner/seller carried the balance of the loan. That was very difficult to line up.

[@KevinCollins-kg5hl]

When I bought my first home in Miami in the early 1990s, mortgage rates ranged from 8-10%. It's essential to acknowledge that returning to 3% rates might be unlikely. If sellers need to sell, home prices will drop, leading to lower evaluations. I'm confident others share my concerns.

[@OliviaDawn32]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@donhug-q8k]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@KevinCollins-kg5hl]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@donhug-q8k]

The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Monica Mary Strigle‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@KevinCollins-kg5hl]

i googled her name and found her .She seems proficient. I wrote her an email and scheduled a phone call. Thanks for sharing

[@stwida91]

Item #1 is the biggest problem for me. I want to sell my house which I have locked in at 2.75%, and I was hoping to sweeten the deal and maybe get a bit more cash by having someone assume my mortgage. But, unfortunately (???), I have about $125k of equity in my home... so, not sure anyone is going to be able to just toss $125k at me.

[@formersimp-v9g]

which general area of the country do you live in?

[@bantizzle79]

Assumable loans can be a good selling point though. If your current rate is like 3% and you are trying to sell your home that low rate could be enticing to some home buyers.

[@rickyayy]

Exactly this is fear mongering

[@PatamaGomutbutra]

The economy driven by debt and owning what you cannot afford could not be sustained

[@lizzieb6311]

Very true…but small minded “keeping up with the Jones’s” Americans prefer to be drowning in debt and owning FAR MORE than they can actually afford.

[@JJ-zr6fu]

lol assuming a mortgage is opposite to your debt economy. By assuming a mortgage you’re getting a lower interest rate and the bank isn’t making money creating a new mortgage. Ramsey is great for debt addicts but falls on its face after that.

[@lizzieb6311]

@@JJ-zr6fu Because what could be better than having a mortgage with a low interest rate rather than NO MORTGAGE and ZERO INTEREST? Yeah….ill be a Ramsey NO DEBT ADDICT and continue the 1600.00 i ***used to*** pay to,Wells Fargo each month at the fantastic rate of 2.37% and INSTEAD put in my brokerage account each month and EARN 8-9% each month. How silly of me! 🤪😂😂😂

[@jasonleatherwood2172]

The difference between 2.75 and 6.75 is 1500$ a month wow

[@ProductBasement]

Talks about being an emo skater, then says "record low" instead of "All Time Low". Rare missed opportunity there

[@Michelle_Ellen87]

🤣

[@Krinbo]

But he did make a Joe mama joke, which is also era accurate 😂 B+

[@ryancraig4811]

Solid segment from George. Lots of news articles jumping on this in the last year, but feasibility is limited. Down payment is the major stumbling block. VA sellers usually aren’t willing to give up their entitlement to non VA buyers. Assumptions work best on VA to VA transfers.

[@tatianastarcic]

Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[@BridgetMiller-]

The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market

[@CraigLloyd-fz6ns]

True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

[@bernadofelix]

in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

[@HectorWhitney]

my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

[@bernadofelix]

Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@thomasforaker133]

George Kamal is the future of Ramsey

[@TMPS93]

Reminds me of a seller when I was looking at houses. He did a for sale by owner and tried to sell his house for $30,000-$40,000 over comps. Tried to justify it with an assumable mortgage and including cheap lawn furniture. Ended up buying a house with twice the square footage for way less, even with a higher interest rate.

[@eartis2013]

Wow! I was LITERALLY just looking into selling my home as an assumable mortgage. This video was right on time!

[@barnabusdoyle4930]

If you can find a buy that can assume the loan, a lot of VA buyers actually are set up to be able to do this, this could be a great thing. Also, as a seller, you can sell the house with the option to assume the loan but you aren’t stuck to only having assumption buyers.

[@3ofus135]

We are getting ready to sell our home. Bought it in 2020 with a VA loan. I reached out to our lender(Veterans United) to inquire about assuming mortgages. They said it can be done but it's not easy at all. Might not be worth it with all the hassle.

[@Jy-xq2ew]

It never occurred to you, that your phone .. all phones, are always listening . So naturally, it was suggested to ya

[@cheverechica]

You can potentially get more money for it if you sell it as an assumable. We just purchased a home that had an assumable mortgage, the guy had to give up his VA entitlement to us. But we paid about $30,000 over what it was worth. It will save us over $300,000 by the time the loan is finished. Also, we closed in 60 days.

[@cddagr]

That intro almost had me buying real estate from you. Then I heard the voice of Dave Ramsey in my head saying “ why on earth are you trying to but real estate? You haven’t finished paying off your debt yet!”

[@lonestarrk9308]

I think, some day soon, banks are just going to push mortgages to 40 or 50 years.

[@freedomring3022]

assumable mortgages were all the rave in the 60s to the 80s ... then they all stopped in the 90s ... banks stopped making them for the reasons George stated in this video. What also happened was banks had clauses that once the loan was assumed by someone else, they could call the balance due at anytime. Thus forcing the new owners to refi out of it anyway.

[@camilodaud6990]

We were about to snag one and it fell through! Appraisal showed the house was significantly smaller than advertised 😅

[@coreywilder1564]

I have a 15 year at 2.3%. Thanks.

[@lucysmith4242]

Baller!!!

[@coreywilder1564]

@@lucysmith4242 The house is old as shit though and not cute. lol. Pros and cons.

[@ColinSemple]

This would never work in Canada. While we do have amortization of 25 or 30 years mortgages renew on average every five years. Buying someone out just to get lower interest for a few years would be insane.

[@Schaffa]

Intro has Better Call George vibes.

[@Offroadreel]

I just bought a house for 295,000 with very little down (first time home buyer). Got a kid on the way, grocery’s are real expensive, I don’t have a ton of debt but shit is tight, gonna be real tight with a kid. But I know it’ll be worth it if I keep pushing through.

[@joshuaamoroso4809]

Imagine being a financial adviser and advising people to stay away from 3% mortgages lol. I have an assumption under contract for 415k; I have to put down 75k, and take over a 340k loan at 2.27%! Yes, 2.27%! Payment will be $1640. If I got this house with a new loan, the payment would be 2800!

[@lovethemflowers]

That intro was hilarious.

[@lovethemflowers]

And you would be wrong, pallie, when you said I probably haven't clicked the like button! I clicked the like button right after the intro.

[@derekschommer1465]

How is it a trend if less than .1% of mortgages in 2023 were assumed lol

[@ToastbackWhale]

Because it’s trending up in 2024? He explains this in the first 60 seconds.

[@Austin-fc5gs]

​@@ToastbackWhalethe rate of me picking my nose has been trending up in 2024, when will george make a video for me?

[@datownkidd]

I've seen more and more listing's saying they mortgages might be assumable.

[@paulzeee]

Ferda clicks

[@jacobkummer2067]

@@Austin-fc5gs If everyone makes a video saying they are picking their nose - even if only .01% of the population does - then I'm sure he would :)

[@teutonicc]

Financial Spam Bots are out in force on this one.

[@trevanwoodbury4076]

Wait... $100-200k is a lot for the folks at Ramsey to assume a loan? What happened to no more than 25% of your net income at a 15yr fixed-rate mortgage? $59,000 is the median US salary in 2024 when I'm watching this. $47,200 is the net annual salary, assuming 20% total in taxes (depending on your bracket for fed, ss, medicare, state, local) / 12 months = $3933 monthly net income / 4 (25%) of monthly net income is $983 If you take the same $350,000 home in the video at today's 7% interest rate and then the advice of 15yr fixed-rate mortgage with $983 monthly payment, this means you can take a loan out of about $109,000. $350,000 (home price) - $109,000 = $241,000 downpayment to make up the difference. $241,000 definitely exceeds the $100,000 to $200,000 mentioned in the video. I'm not tryna criticize the advice of "25% of net income at 15yr fixed-rate"--it clearly would put the individual in a great financial situation to do that. But I am saying...if you can assume the loan at 3% and not 7% that would save you thousands in interest not having to pay the banks and your downpayment is less in the hypothetical situation above. 60 days to close for that interest rate would be worth it to me. ---------------------------- Another way to think about this, is the $350,000 home (which buys a condo in my area) at 25% of net monthly income with 15yr fixed-rate--this would require a salary of about $201,000+ if you put 0% down (not that anybody is suggesting 0% down, but just for reference).

[@haplomage]

My country doesn't have 30 year fixed term mortgages

[@lovethemflowers]

I've gotten one of those texts "supposedly" from the postal service. I know when I'm expecting a package. Most of them would be from Amazon, which don't involve the post office. I wouldn't fall for that "incomplete address" bravo sierra anyway, so that text just gets deleted.

[@fairywingsonroses]

Honestly, I had no idea this type of mortgage even existed before watching this video, and where I live, even an assumable mortgage would be more affordable in many cases than getting a regular mortgage at a higher rate. Maybe if more people were educated on them, it would be a better process.

[@bovcrx]

I assumed a loan from a co-worker who was leaving town. He just wanted it out of his name so he didn’t want anything more than what was owed. I payed an attorney to draft a bill of sale on the home, had it filed with the county, and paid the bank 20.00 to change the loan to me. I know I’m the anomaly but it was not difficult. It did take two months though

[@carterwgtx]

So why is this so bad? Basically nobody does these and those do that so have typically fairly specific circumstances that makes these attractive. I think this video is trying to explain a problem that doesn’t really exist.

[@hornetguy9063]

I’ve actually considered looking into mortgage assumptions, since I’ve 2 low interest rate mortgages on 2 properties that both have significant appreciation. We want to move to a single family home to start a family in another state, but giving up 3.5% or so for 6.5% is a tough pill to swallow. Like I just saw one home that was sold in 2010 for $175k and is on the market for $600k. At that point, you may as well not get a mortgage.

[@derekscott3523]

I’m confused, aren’t you from the camp of minimizing loans paying cash and having as little debt as possible? This seems like a similar strategy sure you have to come in with more upfront but that’s what paying cash for a home would also mean and taking over the mortgage means less debt overall and fewer years you’re paying a bank which all seem to be thinks Dave would be behind or am I missing something

[@ADobbin1]

well mortgages are down to 6% where I live. They were 8% a year ago.

[@derangedone13]

Huh, I was surprised to see these are even a thing in Canada. Since we have to renegotiate our mortgages every 5 years (usually), seems like this wouldn't really be a thing here, but apparently it is. You learn something new every day! I'm sitting pretty on 2.24% and will have my mortgage paid off in full by the time this term ends. 😁

[@tracynorman4883]

Woah that seems strict!

[@SargentFraser]

Congratulations on maxing out your TFSA and fhsa. Your tax refund is going to be a nice early (or late) birthday present to yourself after contributing so much this year. I maxed out my FHSA last year and got 2.5k as a tax refund which I reinvested directly back into my FHSA. I personally go FHSA -> TFSA -> RRSP, because buying a house is really important for me. I've managed to max out my FHSA for the first two years and I'm tackling on maxing out my TFSA. I got around 20k left for lifetime contribution room. It's gonna be a while! It's

[@apoch2001]

Probably a useful tool for transferring property to your kids....

[@viewera8038]

George: First reason that assumable loans are bad...you need more down payment. (2:23) Also George: Instead, first way to help get a regular mortgage...you need more down payment. (7:29)

[@InfiniteWealthWisdom-k1c]

Thank you, it was a good result

[@Pendragon_afk]

Intro remind anyone else of Señor Cardgage Mortgage?

[@Steven-eg3ih]

What about subject to? Is that different I’ve heard you can get in to those with 0 money down

[@joshuawilliams6153]

Military uses these all the time and it's not a problem. I like this channel but this just seems like you needed something to talk about lol maybe to shout out your sponsors? there is nothing wrong with assumable mortgages. Most people only do this when they are selling their home and have a lot of equity in their current home and they use the cash received from the home sale so its not like people are just saving for these mortgages. Idk this is a weird video lol You stated that there is only 6400 of these loans per year which makes it unlikely but did you know that the amount of manual underwriting for a home mortgage is even less?

[@MaryLarsine]

!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated

[@HaholBarton]

You need an expert. I'm guided by Adviser Bruce Murdock a widely known consuitant.

[@DivaHarrison]

I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Bruce Murdock, for his expertise and exposure to different areas of the market.

[@HaholBarton]

My colleagues had a good laugh at me when I told them I started my journey with $50k capital and how I accumulated over 6 figures within a span of 7 months. They never believed me until I pulled out my P&L. I know that learning the ins and outs of the market isn't for everyone, that's why personally, Bruce Murdock oversees my investments.

[@DivaHarrison]

Without a doubt! Bruce Murdock is a trader who goes above and beyond. he has an exceptional skill for analyzing market movements and spotting profitable opportunities. His strategies are meticulously crafted based on thorough research and years of practical experience.

[@MaryLarsine]

nice! once you hit a big milestone, the next comes easier. How can i reach him, if you don't mind me asking?

[@JPOlmin3000]

When DO these work? I wonder if they're done in pairs (e.g. 2 friends assume eachother's mortgages if they like eachother's house, neighborhood, etc. better than their own)...? I know I didn't see any of these posted when I was looking to buy...

[@GMcDerm]

I prefer save the money and pay cash!

[@wagon9082]

Good Video

[@OhioPalmTrees]

Boy do I have a surprise for you🌴🤣

[@TCAPRecipes]

3% interest rate? Krusty kamel it is 😅

[@MarcoBonechi]

If you sell to buy, you have the cash

[@Judith-b3t]

The phrase pain in the ankle is family friendly. What were you thinking? ? ( So shocking. )

[@meangreen320]

The best assumption mortgage I saw was $180k closing cost on a house that needed 60k in necessary updates … I instead bought a house with a 6.5 rate last year, waiting this January to refinance

[@j12348006]

called the number and it didn't work?

[@thomasjpuleo8112]

Go to the library, check out a volume of poetry, I recommend Robert Burns, and spend several hours reading it. It won"t cost you a thing; it won't harm the environment or your health; and it will do you enormous good by putting all of this in perspective.

[@ojg386]

Laurel Road Turned me Down opening a High Yield Savings Account.

[@ninjagirl226]

Ok I’ve never bought a house but I thought you needed like $200-300+ K on hand to buy a home these days. I’ve been struggling and saving for a home for years.

[@robertlayton4624]

Bought mine 425k with all down payments (3.5%) and closing costs I only needed 35k

[@ourtube4266]

My home was 300k sticker price last November. Since I was on the VA loan, I needed $0 down, but commonly you need anywhere from 3-20% depending on your credit and goals.

[@IL_Bgentyl]

The reason financial KZbin struggles is because there’s no secret sauce and it’s not sexy. Average in over your lifetime and benefit.

[@JohnDoe-ev8fk]

Whaaaaattttt??? You’re telling me the crypto bro that promises 25% return monthly is lying??? Noooooooo

[@mattsohn1402]

This is the same guy who backpedaled like a coward on the "safe to withdraw 8% in retirement." Advice that could people into financial ruin. Same guy who intentionally spewed b.s. on why mutual funds are just as good as index funds. This is a man who cares about his own career at Ramsey, not about providing sound advice. With stakes as large as people's lifelong financial health, he should be ashamed of himself.

[@tressalewis7004]

George, you are very informative as well as entertaining!❤

[@debsmith3673]

Is it smart to buy points on a mortgage?

[@dawndylyon]

Up to a certain point no pun intended. Calculate it and remember that you can always refinance. You could also apply the capital towards principal instead of buying points. A good lender will show you a detailed table.

[@ourtube4266]

Not if you want to refinance in the future. Because points do not carry from 1 loan to the next. Points are used to make a low rate better, not to make a high rate less high because odds are you’ll refinance when rates drop.

[@crashtestdummy1972]

This is something that only works when it works situation! George, please do a video on bridge accounts for people who want to quit secular work early! Thanks!

[@pdxmusl1510]

I man really thats just a brokerage account that they talk about all the time. Theres other strategies. But most of them are kinda awful. If you only need it for a couple of years they might be ok. But if your doing fire and need it for a long time. These are usually bad options. You can do an annuity but they are pretty terrible. They don't typically increase. You can put money in high yield savings accounts. But thats not guaranteed to be a thing forever. You can put money in cds or bonds or some timmed investments so it matures in lock steps for when you need it. Im sure theres others im not aware of. But really just a brokerage account with index fund investments should get you through it. Especially if your planning on using less than Capitol gains 0% tax bracket. Which would be pretty easy to do if your house is piad for. Depending on the lifestyle you want.

[@pdxmusl1510]

Oh. Some people get into real-estate or owning corporate land. As a land lord. But these are typically jobs. Not passive. And obviously pretty expensive to get into. But i mean 3 homes that rend for 2k gives you almost 60k per year (removing taxes). Which is not bad especially if all these properties, including your own, do not have mortgages. But you also need to save for emergencies and theres other costs involved in this. Like one of your homes may go a long time unrented. You need to plan for all these things. Again. Its doable. Its risky. And it kinda sucks too.

[@crashtestdummy1972]

@pdxmusl1510 for us, we would like to stop working by our early 50s,have a paid for home, and enough to keep a simple lifestyle until full retirement. I just like to see those videos to see if there is something we can tweak and adjust along the way

[@crashtestdummy1972]

@pdxmusl1510 my wife is interested in rentals but like you mentioned there's alot of factors and risk. It's something we are considerin

[@tallmadgerichmond504]

Ramsey encourages a minimum 20% down on a home as long as it isn't the buyers first home. So, 25% as you calculated for the Millers in your first reason should exclude someone that's buying a home that isn't their first one... right? 25% being a "ton of cash" is exaggerated when you encourage everyone buying a home to have a minimum of 20%. Argument number 2 is weak if the home does fit in this category... cool. Reason number 3 is also strange. If it works out, it works out. None of these reasons seem "scary". I agree you should consider the potential for these negative impacts, but it feels fishy that you are so against this "trend". I normally agree with the principles of your videos, but this take is cold. The premise of the video could exclude some good options out there for certain people while also not adding a lot to the conversation that people don't already know.

[@rickyayy]

He's a Ramsey parrot. Any other way of gaining wealth than their formula is scary.

[@JJ-zr6fu]

They’re really starting to spin their wheels since better financial KZbinrs have started that take conservative approaches but are also financially smarter and can explain why they’re right.

[@LensdarlyDieujuste]

Love the old school ad in the beginning. Adds a nice touch of character.

[@ProductBasement]

I'm pretty sure banks don't charge higher interest rates just for funsies to get more monsies. Mortgage rates, even for private loans, are pegged so some formula based on the Federal Reserve Bank's interest rate. So the reason that assumption loans aren't common or take forever probably has to do with other factors

[@bobsacamano7653]

2008 all over again.

[@jacobkummer2067]

Except it's not

[@danieljohnson4418]

Why are you always scared, George?

[@Naturetherapyminute]

I like your content. Please remove less of the movie clips. Straight to the point message is good.

[@sigalunovo]

👍👍

[@getinthespace7715]

Just in from Fannie Mae and Freddie Mac. The infinite term mortgage. 🎉 We are bringing back indentured servitude with the infinite mortgage. Just sign on this dotted line and we'll tattoo this convenient barcode on your neck. All your friends will know you have a home. The best part is the debt will automatically be passed on to your kids. We'll take a DNA sample and all of your descendants will be able to contribute to the mortgage.

[@SamanthaRosalie-e2g]

I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.

[@masterotrunks]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@GertonTootle]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@bennettross1]

I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.

[@mikesnoek]

I'm new at this, please how can I reach her?

[@jadewashington7]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@ewoknayshun]

👏

[@karihosny9420]

We had an offer like this and I said absolutely no. They stated they wanted our mortgage in our name and I said I wasn’t going to have a stranger ruin my credit or a home in our name. I’m not sure who would who would take these loans.

[@SalviAkshay]

Kamel Kamel Kamel!!!

[@wbgookin]

Shame on you for missing the "pain in the ass...umable mortgage" joke!