These Mortgage Mistakes Could Cost You Thousands

How many people in the comments followed daves advice and saved cash over the past 3 years to pay 20% down? Do you regret not simply paying 5% down in 2020?

@LucasWeber1, “at all time highest was bar in the 80s. It was as high as 15% , that’s what I paid for my very first house. We are almost there.

Saw multiple homes burn down? Arsonist or volunteer firefighter?

Stop scaring people away from 5/1, 7/1 and 10/1 arm loans.

Nothing in the banking industry exists to help the people. Same goes for the insurance industry
They are scumbag industries

The adjustable mortgage the homebuyers are getting now are more of the 5 year arm, fixed 5 yrs and adjust in 5 yrs

you can't build a driveway with 300k, you can build a missive house for 300k just would need the land which I'm assuming isn't destroyed. I do agree with there point as a whole though with different values it makes perfect sense.

Suzanne is nuts to be buying a $550k home with 0 down bringing home $100k/yr. I would find a different place to live and at least put down 10% on a $250-350k home & do a 15 - 20 yr mtg

I like your content but you got a few things wrong. First off you don't pay PMI on a VA loan. Secondly the insurance information is a little off. Most carriers use replacement cost or actual cash value depending on the age of the building. This is up to your agent to provide the cost to rebuild your house, not its market value. What it costs a builder to build your house is not the same. Also if your agent gets this wrong it is on their errors and omissions policy. There is something called a value policy state where you can't insure for over 125% of the rebuild cost or the company has to write a check for the total on the policy not the replacement cost so companies will not let you over insure in those states. Also state farm is a captive agent and can not shop but nationwide agents have access to the wholesale market if nationwide won't write it. Im only advising because I know you mean well and want to provide correct info to your followers.

Living in the Pacific Northwest, it's painful to see today's housing market!

I'm glad I got in when I did, but I see social workers have to buy half a million dolllar homes, or rent from companies I don't want to discuss!

It's stupid. My home was way over valued last year. I know I couldn't sell it for what it's taxed at!

Why does everyone think you should pay for kids college shouldn't they learn how to pay for something themselves,

DAVE" Hurricane ANDREW YOU ARE REFERRING TO.

This guy with Dave Ramsey is either full of sh!t, or is a banker. Nobody should ever get a 15 year mortgage. Now let's say you have a 30 year fixed, and you can afford to pay at the 15 year rate that's a different story. Then you're paying off the house faster, because all that extra is able to be applied to the principle not the interest

I’m calling my insurance company now.Never even crossed my mind.👍🏾

Dude trying to refinance his 2.5% rate is wild. Ride that thing for the full term.

Dave saying anything is 100% is just not correct. The young man is correct in that ARMs are a gamble that can adjust for good or bad.

AmericanDestress lol😂

lol try to tell canadians that .... they don't offer 15 fixed rate here. Also the housing prices are insane with a housing crisis..... So do you rent and pay 30% of your take home pay or do you buy and spend 40% or your take home pay... In Canada in order to even get approved for a mortgage where you can buy something decent you need to have at least 150,000 gross income with zero or extremely low debt between you and your spouse. Americans have it good. 25% is not even an option in Canada unless you already own a house and are selling. Frist time home buyers are either stuck renting until they are in their 40's or more.

One thing about Experian and all of those credit scores I’ve found is that they will not raise your score if you pay your bills on time, or pay them off, but if you get in a spot where you become late, they reduce your score on a larger scale. There is less reward for good behavior, and more retraction for negative behavior as far as scores go. It has a kicking you when you’re down effect. It’s polarizing. It’s not fair, and it needs to be changed. It’s as if it takes years to raise your score, and just 30 days (late payments) to lower your score which you cannot recover from for another 7 years when that 30 day late payment drops off. It’s not accurate as to what kind of risk you are.

Get a time share instead 😅

Just the message I've been praying for 🙏 Thank you!

8 complained to my kids bank because they didn't increase the savings on their account when rates went up their response we have to make a profit somehow I went to financial ombudsman how many do not

You would have riots in the streets, for those who think home prices will decline or need to by 40%. That’s a pipe dream. Maybe 10% at most. Back in the 80’s 8-12% were the norm. Too many ppl want a 500k home as a starter home.

Thats why a VA loan is a great way to have.

Would you do an adjustable rate when rates are at a record low (2.75% rate) or at a 40 year high (7.75%)?

Interest rates are at a 40 year high. It’s quiet likely that rates will head lower sometime in the future.

You cannot create a solid defense for Yourself by manufacturing false instances of entrapment while also having seemingly No proof that gping out of your way(to say the very least) to assume and making such seriously accusatory claims that such an unusually large number of drug using civilians are somehow "members of law enforcement attempting to entrap, illegally conduct 24/7 surveillance as well as plant drugs or stolen property on you or somehow in your possesion in order to somehow implicate you in a crime. You say the cops came in your home and then for whatever reason spend hundreds if not thousands of hours to allegedly find ways to get you caught up/ entrap you so that they can "prove" that yoyr conspiring to to "expose" this very large task force soley out to get you, your girl and your dog by mesns of convicting you in a court of law... Im sorry to tell you this but your literally proving to the courts if they were to see this video that your very much harassing individuals on the street, metro transportation and areas that wre known to be some of the most heavily occupied by homeless people, individuals very much in poor mental/physical health and then using that dog to protect you in such ways that for all i kniw could be a crime in itself. I know what its like to both experience paranoia, steange drug induced psychological minstates that i can easilly cslk myself "crazy" for even considering it to be reality come time to sober up but you my friend may need to see a doctor before you, your girlfriend/friend and loyal companion very much suffer tge consequences of intifating and filming civilians that atleast where im from would very much look to physically harm you just for emplying that thry are somehow in any way shape or form working with or for the police. Please for everyones brst interest get to a proper doctor just incase yiu are possibly incorrect because it could very well save your life and rid you from such a state that can only really lead to death or if yoyr correct about all tgese encounters of undercover police attempting to somehow incriminate you for simething that is as easy as putting you in cuffs, tossing you in back of a swuad car and taking you down to the lical jail like everynother person that has rightfully or illegally been arrested for tge sale or possession of drugs. Think about what your claiming to expose for a moment please i mean you claim that some of these undercover cops /law enforcement of sorts ate undergoing many hours of top nitch false illnesses, seriously skilled make up and identify modifications only to walk around on streets wuth other countless people that are extremely likely to have comitted and be committing illegal acts that trump the 14 grams of fetty they say you sold (not possessed but sold) to either a C.I. or someone but never mentioned them entering your home without proper cause or means such as a warrant that tge execution of such raid is considered to be extremely high riskfor both the police and those inside the home
...im sorry man uts just bot adding up although i absolutely do believe that it most certainly feels and appears to be enough convincing acts, too many odd circumstances and just odd situations tgat in your mind and gut tell you that you must stay vigilant, edend your own personal safety fir you and yours...expose those attempting to do harm to you. Unfortunately that right there alone in an environment you are in on a daily basis leads me to believe that you may be a good person fighting some demons that have over time taken control of your state of mind andbif im being blunt it sounds very similar to amphetamine induced psychosis although im no doctor nor am i looking to label you or diagnose you but ive seen where this can/commonly does lead to and its nothing positive fir those suffering from similar isssues, experience and patterns that harm you and those around you. You cant possibly live a long or healthy life on tge streets thinking that every other very intoxicated, ill snd very much unpredictable drug user is a cop and i jyst dint want you to be the reason for someone else thinking its ok to harm you for sny reason but if you cintinue i promise you wont be exposing anything but your own demons and early dimise if not worse. Please see a doctor andget whatever help you can you sound like a pretty well dpoken man with intelligence wellabove most please get yourself in to atleast tell your story to a psychiatrist/psychologist trained to treat all walks of life even if you have to breeze through a phone boik at random to make sure that the probability of that dr being a cop is do low that even the feds would not be able to pull off some sort of mefical dr entrapment scenario so that you csn be sure that your state of mind is on point before things gonpast the point of return. Help yourself man l3ave all this "exposing" to someone else its not worth it whether you trust me or dont i kniw what im hearing seeing and whatvis avtually going on here only due to personal experience being in a someehat similar sstate of mind as you it seems. God bless and i wish you, your girl/friend and dog the absolute best(btw that dog is a great companion/friend/protector andbits dogs like yours that make me love mans best friend no doubt). Wish you the best.

False, Dave. My 3% adjustable mortgage protected my loan from going up more than 1% every 5 years. Granted, it would only go down as much as 0.5% bit at 3% that didn't matter materially.

I fear Dave be ill. His condescension continues to accelerate and the tone of his voice is evident of his level of anger. Could his lawsuits be affecting his behavior? He has to be under lots of stress.

Mortgage rates are currently at an all time high since 2000(23 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

Thank you Dave for being honest with us and explaining the bank agenda. Their agenda is to cover their own butts and make their business money, hand over fist. They’re big business money making machines.

Really, banks require more regulation. The entire idea of banking as "let's gamble" is terrifying. Because they discovered in 2008 that the government will always bail them out, there are no repercussions. These bank crisis are so worrisome. This whole financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative

Its fixed for three years then adjusts. The rates could go down by 2 points in 3 years. I'm going with the adjustable Dave sorry.

35 and 37...she sounds old like in her 50's maybe a smoker I would say. God bless her and good luck on making the correct house decision.

Great advice!

Omg ! I worked in a savings and loan and didn’t know why the bank administration closed! Now I know..

He has sat in the middle of the street watching other people’s houses burn down multiple times 🤨

Great advice! Mortgage rates have skyrocketed over the years, It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

Did this guy really just say, "You can't even build a driveway with $300K"? What a goof

Useless video, just told this is wrong this is bullcrap, nothing about what is good and how to make it right

Should I take out a H.A.R.M. ? “
Hey Alright Reverse Mortgages. “ I can then finally afford the things to make my life more comfortable .

I really don’t know why these guy are making such a big deal about a 30 year mortgage vers the 15 year mortgage. If you can afford a 15 year mortgage than just pay extra on the 30 yr mortgage

Stop giving people bad financial advice. You're doing a disservice to your callers.

Susan, walk away and lose earnest money. Seriously a house is not worth it

Bought a short sale, from day one was adding enough money to my house account to pay two additional payments a year. It’s been 7 years and I do not regret it.

TRUMP24 🇺🇸

Which one is it, interest are high or low?

banks are there to make money

American mortgages sucks long term interest you will end up paying triple that mortgage.