Before You Pay Down Your Mortgage - Watch This
Published: 2023-11-15
Status:
Available
|
Analyzed
Published: 2023-11-15
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
High-interest savings accounts are expected to yield 4-5% interest, with some banks offering as high as 5%.
"there are highin savings accounts these are regular Banks where they will pay you 4 to 5% in interest at the time we recording this video yes there are banks that are paying 5% in interest on your savings"
Pending
The historical average stock market return is projected to be between 7% and 10%.
"the historical Average stock market return is something between 7 to 10%"
Pending
The stock market may offer a 7% return, but paying down a mortgage with a 6-7% interest rate provides a guaranteed return.
"so now if you can maybe get a 7% return on the stock market but you can pay down your mortgage and get a guaranteed six or 7% return"
Pending
The stock market can fluctuate, with potential for 7% returns, but also risks of losing value, especially when compared to a 6-8% mortgage.
"other years the stock market will lose value and so now if you have an additional $10,000 and you're trying to decide if you should pay down your mortgage at 6 7 or 8% or put this money into the stock market and just put it into the market and maybe get another 7% return"
Pending
Investing in individual companies like Amazon could potentially double stock value, leading to significant returns.
"you can make more money if you invest your money into Amazon and Amazon takes over the world their stock might double and now you can see a big return on your money"
Pending
Homeownership involves significant costs beyond the mortgage, including insurance, property taxes, and monthly maintenance.
"you got to pay for the mortgage you got to pay for the insurance you got to pay for the property taxes you got to pay for the monthly maintenance cost and everything in between"
Pending
For a 30-year fixed-rate mortgage, the majority of payments in the first 14 years go towards interest.
"that means for the first half of your mortgage if you get a 30-year fix rate mortgage the first 14 years of your mortgage the majority of your payment is going directly into your Banker's Pockets with interest"
Pending
When making extra mortgage payments, ensure they are applied directly to the principal balance, not towards future monthly payments.
"make sure the additional money you're sending in is going directly to your principal balance rather than paying in next month's balance"
Pending
The US housing market is at one of its least affordable points in history, requiring a 55% income increase for home buying to become affordable.
"the US housing market has gotten so expensive that incomes would have to jump 55% to make buying a home affordable America is currently experiencing one of the least affordable housing markets of all time"
Pending
If mortgage rates decrease, homeowners can refinance to secure a lower interest rate.
"if mortgage rates were to fall tomorrow and you owned a home today you can always refinance your mortgage and go into a lower interest rate mortgage"
Pending
High-yield savings accounts are expected to offer 4-5% interest, with some banks potentially reaching 5%.
"there are highin savings accounts these are regular Banks where they will pay you 4 to 5% in interest at the time we recording this video yes there are banks that are paying 5% in interest on your savings"
Pending
The historical average stock market return is projected to be between 7% and 10%.
"the historical Average stock market return is something between 7 to 10%"
Pending
Mortgage rates below 5% are considered lucky, and individuals with such rates are advised against adjustable-rate mortgages.
"if you have a sub 5% mortgage rate right now well you got lucky you locked in that mortgage rate and I hope you locked it in I hope you did not get an adjustable rate mortgage but mortgage rates 3% that made me want to pull my hair out when I saw people getting adjustable rate mortgages so they can get the first couple of years at 2.5% as opposed to 3%"
Pending
The US housing market is currently one of the least affordable, requiring a 55% income jump to make home buying affordable.
"the US housing market has gotten so expensive that incomes would have to jump 55% to make buying a home affordable America is currently experiencing one of the least affordable housing markets of all time"
Pending
Investing in individual companies carries the risk of bankruptcy and total loss of investment.
"when you go out and you invest in an individual company well that company could go bankrupt you can lose everything"
Pending
The home an individual lives in should be treated as a liability, not an asset.
"don't treat your home like an asset treat the home that you live in like a liability"
Pending
For a 30-year fixed-rate mortgage, the majority of payments in the first 14 years go towards interest, not principal.
"the interest is front loaded that means for the first half of your mortgage if you get a 30-year fix rate mortgage the first 14 years of your mortgage the majority of your payment is going directly into your Banker's Pockets with interest"
Pending
High-yield savings accounts are expected to offer 4-5% interest, with some banks paying up to 5%.
"there are highin savings accounts these are regular Banks where they will pay you 4 to 5% in interest at the time we recording this video yes there are banks that are paying 5% in interest on your savings"
Pending
High mortgage rates (7-8%) are causing a slowdown in home sales as buyers are unwilling to take on such high interest.
"which is why you've been seeing home sales slow down so now if you own a home especially here between 3 4 and 5% and you're trying to decide should I pay pay down my mortgage or should I be investing my money"
Pending
The historical average return for the stock market is between 7% and 10%.
"the historical Average stock market return is something between 7 to 10% same with their housing market the real estate market"
Pending
The US housing market is currently one of the least affordable, requiring incomes to jump 55% to make buying a home affordable.
"the US housing market has gotten so expensive that incomes would have to jump 55% to make buying a home affordable America is currently experiencing one of the least affordable housing markets of all time"
Pending
If high-yield savings account interest (5%) exceeds mortgage interest (4%), it's more beneficial to use the interest to pay down the mortgage faster.
"now if you have a 5% interest on your high interest savings your mortgage is 4% well now you can take the 4% extra that you're getting interest pay down this and have a little bit of extra every single month and you can use that money to pay down your mortgage even faster as opposed to taking that money and just paying down your mortgage"
Pending
Investing in individual companies like Amazon offers the potential for significant returns (e.g., doubling stock value) but also carries the risk of complete loss if the company fails.
"now you can make more money if you invest your money into Amazon and Amazon takes over the world their stock might double and now you can see a big return on your money but Amazon could also go bankrupt and in that case it would lose all of your money"
Pending
Building a business can yield significantly higher returns than traditional investments (potentially exceeding 20%), but it involves greater risk, work, and time investment.
"now again if you want to do that you can give much higher returns than 6 7 8 9 10 even 20 % returns if you build your own business but it comes with more risk it comes with more work it comes with more time"
Pending
A home should be treated as a liability rather than an asset, especially when purchasing a 'dream home'.
"don't treat your home like an asset treat the home that you live in like a liability because what ends up happening to a lot of people is you go out and you want to buy this dream home this dream investment"
Pending
For a 30-year fixed-rate mortgage, the majority of payments in the first 14 years go towards interest, not principal.
"that means for the first half of your mortgage if you get a 30-year fix rate mortgage the first 14 years of your mortgage the majority of your payment is going directly into your Banker's Pockets with interest"
Pending
The primary reason for buying a home should be to create memories, not to generate profit.
"you're buying a home not to make money you're buying a home to make memories"
Pending
When paying down a mortgage early, ensure additional payments are applied directly to the principal balance, not to the next month's payment.
"if you are sending additional money to your lender to pay down your mortgage faster make sure the additional money you're sending in is going directly to your principal balance rather than paying in next month's balance"
Pending
When budgeting for a home purchase, factor in not only the down payment and monthly payments but also the move-in costs.
"when you're budgeting to buy a home I don't want you to just budget for the down payment and the monthly payment I though I do want you to budget for those two things also budget for the move in costs because that's something you have to factor in as well"
Pending