Millions of Americans are in mortgages they can’t afford. Dave Ramsey always recommends a 15-year fixed rate mortgage. To get a loan or refinance, use his trusted experts:

In this video, Dave Ramsey answers Robert’s question, “If you live in a large metropolitan area like southern California, how can you afford a 15 year mortgage?”

Dave tells Robert that even though he has his 3-6 month emergency fund saved, he should only look for a home that’s no more than 25% of his take home pay. If he can’t afford the payment on a 15 year term then he needs to move. People who have a house payment that is more than 30% of their take home pay have a hard time prospering financially. Robert should consider living in a more affordable area nearby with a commute, or moving to a different area that will allow him the right payment so that he can save and invest. You shouldn’t let the house own you.

If you are curious about what you can afford, and what loan options are available to you, Dave has worked with the pros at Churchill Mortgage for over 20 years:

Other helpful resources to determine the housing portion of your budget:
Mortgage Calculator:
Mortgage Payoff Calculator:

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