Home Mortgage (The Biggest Scam?)
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- Опубликовано: 8 июн 2024
- Can't buy a home without a mortgage? Choose a lender carefully! "Date the rate, marry the home" may be a scam!
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Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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Everyone is fixated on the interest rate the interest rate is about normal it is the house prices that are to high, in 1995 I bought my house for $116,000 at 8% interest on a 30 year mortgage which is now valued at $525,000, with my house at $525,000 and interest at 7%, I can't afford to buy my house that I own out right now because the price is to high I'm ok with the interest it's normal, houses are not suppose to be 6/8/10 times annual earnings house prices need to come down by 60/70%
They start to offer 75 year mortgages soon.
Artificial appreciation. Your home is only worth what someone is willing to pay for it. Homes should be viewed as shelter not investment property.
I totally agree
@@marieschulenberg9166 Sheeple have been told that homes are wonderful investments by the real estate agents! So they always want more for the house.
Marry the price....gag me but it's true
I have owned 3 houses and lost my 2nd house in the GFC. How? VA loan through Countrywide and ended up getting a HELOC through BECU. Tried to sell house in 2009 and couldn't. Lost that house in 2011. I couldn't do a short sale due to having a secondary mortgage obligation and negative equity. I remember, back then, people saying house prices can't go down. That's a lie.
Ditto...same thing here ...
I owned a bunch during the GFC. I had good tenants because I wasn't greedy. But I struggled every day.. made every payment on time. while I watched others give back to the bank cut their loses and them.7 years later buy again at a lower cost.. crazy 10:05
The fed will eventually realize that they can’t fight inflation anymore because everybody is insolvent based upon the amount of debt they have; mostly due to how low interest rates were for as long as they were low. Consumption and Spending has become far too much the focus; we think that’s the economy and it’s not. The economy is what we produce not what we consume. The reason we can consume so much more than we produce; is because we are going into debt; and this is not sustainable because the debt is too large. "Powell's current optimism on the state of the U.S. economy is even more misguided than was Bernanke's optimism on the economy during the months leading up to the 2008 financial crisis. We are now on the verge of a far more devastating financial and economic outcome. Got gold?" - Peter Schiff
Hey I love a little gold but the buy now imo is so called junk or constitutional silver. The 1964 Kennedy halves and roosevelt dimes are good choices.
Only way our standard of living improves is from increase in the efficiency in production of goods and services( which gives more discretionary income increasing the chance you can buy a house)You are correct. Gov trying to” help” is typical political BS that does more damage than good in long run. Basic laws of economics are immutable. Artificially low interest rates incentivized recklessness all around including the banks as well as buyers) There is a guy on another popular realestate channel that wants a law that says you can only buy or have one house ! I know Nuts right. And he complains when people call him a commie. Sounds bonkers, but true that’s what that guy proposes. Hopefully Sachs will remain connected to reality of economics and free market principles. And ultimately we are all responsible for our purchasing decisions and financial management in the prevailing economic conditions.
They already know everyone is insolvent. They aren't dumb, they're evil.
I disagreed with you low interest rates for so long was a big problem but printing money out of thin air and Illegal immigration giving them $4000 money we don’t have is a Bigger Catalyst for the problem he will never get off. Digital currency is coming dollar be worth three cents.
Yeah but there is a massive problem- inflation and interest rates are ***correlated***.... Because of this fact the FED has to fight inflation. They have no choice. If the FED were to give up on inflation and let it run much hotter who will buy debt? What investor is going to buy the 10 year UST paying 3% if inflation is 6%? That is a negative real yield and a guaranteed loss. The investor would simply buy the asset inflating at 6% instead. The only entity on earth willing to engage in negative real yield is the FED thought their QE program... so yes its technically possible for the FED to buy every dollar of debt the US government issues but that would very quickly lead to hyperinflation because FED buying bonds increases M2 money supply and that is unavoidable.
The RE industry has replaced manufacturing that used to be the backbone of the economy. Now it's hyped up new houses. What could go wrong? 😢😮😂
My favorite way to start a saturday morning, coffee with Todd!
Super kind 🙏
How big countries like USA, Canada and Australia, vast land countries, buying small land becoming impossible for hard working peoples? Which creates destruction of family life, without housing not marriage, without marriage , not baby’s, this is real thing behind low birth rates in western countries.
I can speak for Canada in that 89% of Canada is Crown land. Only private land would be for sale. Also, private land in small towns is still fairly cheap but the majority of people want to live in cities like Toronto and Vancouver. If they move to smaller places most people can afford to buy a home and for sure a piece of land.
@@dalesutherland5384 But can they find work there? People live in large cities in part because that's where the jobs are.
Just a little over a million square kilometres is public land in Canada.
4 million is USA. Go figure.
@@JohnClark-tt2bl That was not what was being asked? It was that Canada is huge and land is expensive and why. I explained why.
There's a huge unspoken issue in the jobs market, maybe I've just had bad luck with this but every company I've ever worked for doesn't want to train it's people. So many jobs now expect you to know what you're doing out of the box and it seems like no one has the patience to train anyone. Picking up a side job with no resume I can barely wrap my head around it but I mean really that should be the default not the exception. Companies should be looking for people willing and able to learn and mold them to fit the companies needs, but nobody does it anymore because the minute you make an employee component another company could snatch them up. Offer them a slightly higher paycheck and boom you just lost X years of training, honestly I see the issue from both side and there's a ton of other issues that intersect with this one but the younger generation is getting hung out to dry. Thank God there's so much quality info online that people can start to mold themselves but everything just feels so broken now.
Around '03 I was looking to buy, but didn't have enough for a down payment. No problem, we'll just give you another 50k loan for that, said the bank. What?
I passed on that "opportunity".
Then in '09 when I was ready with plenty saved for a down payment and the prices were reasonable, the banks wanted to crawl up my A$$ with a microscope asking where I got the money. As if I couldn't have saved it.
I ended up with a home for 1/3 of what it sold for just a few years prior. The seller couldn't make the payment on the creative financing when payments went up. Paid it off in 12 years.
* buy = rent from the bank
@@the_gilded_age_phoenix8717The more your house is worth, the better of a tax payer you are. No tax deductions for a mortgage or interest and if you can itemize it is capped at $10,000. Right after the federal standard deduction was double, many sold their larger homes and down sized their tax obligations. Here in Texas, some of the new buyers will have to pay triple tax, since the property values have tripled. They will not be notified until their next years tax bill. Wow.🤩 what a surprise on how cheap it is to buy a house in Texas, don’t mention the property tax.
What first comment meant, time is bad the bank will try their best to rope you in.
Unfortunately it is often not a doctor that gets sold a 3-2-1 ; but rather a desperate middle age couple or single person.
Never treat your house like a piggy bank.
Did that..borrowed bought more property and it works until it doesnt
Don’t let the bank treat YOU like a piggy bank.
Loan officers have their team of Appraisers and property inspectors, too. Guaranteed to get the desired sale price. Cheaters, in other words. 😢😮😮
False, since 2009 lenders can no longer select the appraiser.
AMC (appraisal management company) does the dirty work for their client, the lender. AMC's answer to no-one.
Yep, the real rate is crazy.
Yes, I’m guilty of the payment. I almost refuse to sign off on the mortgage in 2011 because the payment was to high. They reduced rate for fixed 30 yrs 4.75%. The wanted 5%, .25% dropped my house payment by over $250. It was still $100 more than I wanted to pay. But they made it happen. They wanted me to close. I did. It was the best decision as a single parent, I was able to have a home for my children. The rent today is way more than me mortgage. I can’t find no apartment for what I pay today. Me and my kids would be homeless.
Creative financing like Lair Loans started around 1982 which led to the crash in 1989. 1989 -1994 was a major recession.
How do you shop around. If you have to get a credit report it dings your credit every time. ?
17:30 my FIL offered us a lot of money, over a years salary for us, to buy the house behind his in a nice neighborhood. We still couldn’t afford it.
This same garbage is starting again! We’ve learned absolutely nothing from 2006.
True and buying high prices today expecting increased income or lower rates in the future deja vu when the economy retracts like it is now 🥺
As a realtor I recommend 2-3 local lenders. I also tell my clients to feel free to shop around and try to find what will work best for them.
Happy Saturday from the west coast!
Interesting. Thank you.
Great show very informative 👍stew was very knowledgeable
I love these interviews!
Great info.
Always insightful 👌
Thanks guys!
I liked the points angle discussion and the buydown explanations. As a seller with no realtor in my last deal I did a fair amount back and forth with the buyer lender who tbh were a bit of a pain. However the deal was a bit complex and having a realtor involved would not have helped.
Integrity matters.
I would never use any mortgage broker recommended by a real estate agent. Ever.
Now I understand the points buy down better ❤❤.
Are the lenders going to add the buyers agent commission on the end of the loan starting in July? Since sellers no longer want to pay the buyer’s agent
Always informative ....
Thanks
USDA Rural Direct Mortgage is 4.5% now. Zero down with no Private Mortgage Insurance, (PMI). Closing costs are very low. Depending on the area you're interested in, though, the process can take several months.
How do you access that loan? Do you get a mortgage broker or apply directly to the USDA? This sounds as good, or better, than a VA loan, which also has no PMI requirement.
@@faithsrvtrip8768 you apply directly from rd.usda.gov page. I believe there are some certain requirements as well.
Good segment. The Loan Officer seemed like a real professional. I have been in the mortgage industry for 30 years. It’s been a wild ride to say the least! I started out auditing mortgage files after closing. Now I am a Mortgage Broker. The title of your video, though, is very misleading. This was more a nuts and bolts conversation about the real estate and mortgage industry than anything else. And, no, a home mortgage is not the biggest scam. Other than cash buyers, it’s the only mechanism people have for buying a home. My advice: hire an attorney to review your paperwork! Do not let a realtor con you into thinking you don’t need one!
I wonder how many people unsubscribed due to the clickbait title? I didn't, but I was very tempted to do so.
This is great information!🥰👍
I'm curious about this. Does the market pricing in Fed rate cuts make current mortgage rates artificially low? If rates are at 7% now, and the Fed doesn't cut, would they potentially go even higher? Would love to hear other people's thoughts.
Yes
Thanks Todd ❤ Always great to know there are still a few honest agents not out to destroy desperate buyers. Yes, housing demand is human and will never stop because the health, education, and welfare is the best investment.
Thank you todd❤
new homes are down 20% and the big builders are offering 321 5% loans
As lenders, we can't always just decline. We have to stipulate for the solution. If the solution does not exist, then that is on the LO or the client to confirm /explain
How about when the real estate agent recommends the home inspector.
Nope! Angi's list is a great resource when searching for an inspector. You need that separation which guarantees someone without an invested interest...Someone who will provide you with an honest report that you are paying for! ❤
Now in usa, big business, where a lot employee, like Wal-Mart must have boarding housing. While you worķing for Wal-Mart you can rent boarding housing boarding apartment.
4/1/2024 Bloomberg news: "US Home Insurance Premiums May Hit a Record This Year, Report Warns
The average premium for US homeowners insurance is expected to hit $2,522 this year, up 6% from the end of 2023. Premiums in Florida will approach $12,000."
The loans your talking about are option arms and they were the fall of our economy.
You fix it this way, stop using the ssn number get ein number for banking purposes, then put in a contract with the united states treasury using your American bank note as a commercial lien , for what amount you want, because the birthcertificate, is a American Bank note put in your contract with the united states treasury you will let them take 35% " cut ...then acquire the property using the 1099a form have the bank do this because it says in the 1099a booklet banking institutions are suppose to file these forms, have them put the lender as the united states treasury, then have the bank use the form 1040 to get the payment with form 1096, with the remittance 1041v, no need for a mortgage, when banks run your credit they are now appointed as Trustees, to do the exchange for the house, HJR 192 public law 73-10 chapter 48,48 112 is why you can do this folks..
I imagine housing will go down as soon as 3d housing takes off.
The Dr. makes 6 figures ,BUT, ultimately ends up in the 40 % tax bracket.. Not to forget to end up adding over-head expenses and insurance cost..
Word salad…🤦♂️
HelloTodd, I'm new to your channel. Great information. You should interview the gentleman from the "Reventure Consulting" channel. He has a lot of real data that drills down into the housing market downturn.
The issue is for folks like small biz owners for example pizza 🍕 joint restaurant owners. buydowns are gimmicky. scary how many folks have fallen for this tactic… 🤦♀️
🏡 Mortgage refi. 15-year 2.69% and I left my original 2010 monthly much higher 4.5% 30-year payments the same . A ruff savings of interest payments $160,000. Will have it paid-off 2027 NLT instead of 2040.. That doesn’t include the extra extra payments I make throughout the year. $80 here $150 there is crushing it on the fiat/debt 💸 based system
$$$ Get ready NJ buyers & sellers. As the norm after every real estate boom it turns out there was quite a bit of mortgage title insurance fraud perpetrated. (mostly to do with excessive fees) Get ready and prepare to get your deserved settlement money from class action suits and nj dept of banking investigation settlements (yes they are taking place).
If The borrower doesn't have to know and it belongs to the bank and they got to lean on it and they're supposed to pay taxes by law this is wrong that they're making us pay property taxes totally wrong. Also we know where they get that money for the mortgage we know we have a federal reserve without and we have third ledger septic way social security isn't it's still at sea we got to clean it. Why do you have to why can't you claim it wire citizen why do you have to renounce your citizen to get your mind? That's my question
Great video! Question for one of your experts. Is it better to buy a second house or payoff an existing mortgage. The rule of 72 is something that everyone should be well aware of.
No sympathy for people buying a house WAYYY beyond what they can afford. And by afford, I mean interest rate changes, loan terms, potential job loss, etc, etc.
I became a loan originator in 2020 and have finally left. I really enjoy helping people but people shop for mortgages like they shop for gas. Quality doesn't matter as long as it's the cheapest. They don't care if their loan is sold to loancare or Mr Cooper. People can't qualify with home prices being where they are and where their income is. Without a 50k gift most people can't buy and it seems like those that can buy already have. What a mess
1989 Huh Todd?
An open collection was a good thing. I lol.
Is there a case against the realtors association. For doing some of the stuff you guys were talking about?
Businesses that don’t help society do well in the beginning. The only way to be successful in the long run is a business that serves people.
I believe repurposing commercial property is a great idea. It may keep out drug addicts squatters and vandalism of those properties. Some people don't want a dog or children. Maybe they are over child bearing age but not old enough for senior care.
I agree. People who spend 6 months a year vacationing can sell their home, buy a condo, then be able to lock the door and take off. The baby boomers are now over 60 and want more freedom. Houses can tie them down.
How does one find a good inspector? I'm beginning to believe almost all realtors work for themselves, so how can you trust a buyer's agent to bring in an honest and competent inspector?
Most realtors don't want to recommend home inspectors. I only recommend if a buyer asks me. I will give them the names of three inspectors I had experience working with and will tell the buyer to do their own due diligence. Home inspectors have general knowledge. They are not experts and do make mistakes. They can also raise concerns when there was no need for concern.
No one should ever take on more risk (rate buy-downs) expecting more money in the future. Doctor or not. Use money from the past, not the future. This mindset is why we are all in this disaster. We have sold our future prosperity for instant gratification.
HFH loan.. Home for my Homies. They send a professional squander.They squad your dream home and then hand over the keys. No credit nor job is needed. Just need 3 percent down payment of the value of the home and HFH will do the rest.
I love ❤️ your voice ❤️
A horse reality is the debt cycle has come due. We don't have a checkbook anymore.
I guess loan officers do work Todd! 😂
Helping the agents again 😂 #loanofficer ❤
Is that Jack`s brother ?
Taking out a mortgage should be a very calculated decision. Depends on a lot of factors, and your personal situation. I'm in contract right now for a property and taking out a loan on it, at today's rates. It's high, but it's a calculated decision. I was able to use the higher rate in my negotiations on final selling price, among other things. Still, at the end of the day it will be a less than $1,000 payment. I can rent my current home for $1,500 and I can also pay off the note with the sale of my current property. No contingencies on sale of current property because I still have to finish it. I'm not thrilled about going into a 7.375% loan, as anything less than 7 is a bought down rate, but I plan to pay it off in a few years, max.
Come at me, commenters, with the hate!
Property Taxes will eventually skew your numbers. They will always be increasing. Also, your Bridge Loan could put you in a tight spot. I sincerely wish that all goes as planned. ❤
Congrats on your new home. Never trust 98% of Realtors. 😢
@@bellakrinkle9381 I deliberately did not take out a bridge loan. I do not have a mortgage on my current house.
No hate, just check back in a couple years, hopefully your plan is golden
no hate here I took a 10% loan back in the day rolled all closing costs into the rate, knowing I was only holding the note 1-2 years at most The intererst was Peanuts is the grand scene of things. Now, if I thought I was going to hold that 30 years.. that's different.
Ok I’m going to say what nobody else says. In this country nobody has the courage to talk about what they make. Hourly and yearly. Prove me wrong.😎
These guys are complaining about an industry out one side of their mouth, while also actively and aggressively pushing these unethical transactions out the other side of their mouth. He describes his work ethic but fails to ask himself what the work is that is the focus of his work ethic. That being said his insights into this business are very valuable and def worth listening to. Maybe just drop the morale routine/ tone of the intro part of this video. Something there triggered me.
I think he does too much Cook. I don’t know. I’m just guessing, but he talks crazy most of the times and this should be watched only as entertainment not as a factual fact of the state of the economy and that goes for everybody on RUclips. 😂😂😂
good info .... mahalo / tfs
Payed the mortgage off last year, this year working on having enough in the bank earning 3-5% interest, interest to pay cg taxes, prop taxes, insurance, that’s my base, that will put me at a level of f you😂?
When you get it all figured out then it changes read the book beneath sheep’s clothing by Julie behling
Dave Ramsey preached date the rate all the time
This old b is funny looking 😂
Yes, all you drs out there… no problem!
I do like what you do. But, his head is shiny? Did you guy's oil him up?
Wait sweating from the heat of your light?
Very good content from this site.
I really would like to know how I get sachs realty videos after almost every video I watch. 😮💨 They aren't bad videos but they are usually off topic. I was watching house renovation and investing and then sachs right afterwards. 乁| ･ 〰 ･ |ㄏwhy!?
Interest on loans is condemned by God in the Bible Exodus 22…………read it
What a waste of time,!, that invitee of yours seems very hypocritical! You were in the same path TOO! Liars.
Trump2024
❤ of course… read this years ago 💸 is you can’t afford a 15-year mortgage 💸 well you can’t afford the house 🏡
Title search 🔦 How Much Does a 1% Interest Rate Drop Save on a 15-Year Fixed Mortgage?
By Philippe Lanctot