Mortgage Loan

DO NOT Get a 15 Year Mortgage: Here's Why

Time to critique Dave Ramsey and his belief that home buyers should only get a 15 year mortgage. Every time the Subscribe and Like button gets smashed, I’ll put more time into making these videos.

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DO NOT Get a 15 Year Mortgage: Here’s Why

Is getting a 15 year or 30 year mortgage better? Is it riskier to have a 15 year mortgage or a 30 year mortgage?

I answer these questions in today’s video.

Dave Ramsey preaches that home buyers should only buy a home if they can afford a 15 year mortgage and the payments are less than one quarter of their take home pay.

I disagree completely…

Dave Ramsey tries to fit everyone into his box of extreme qualifications. Not only does this criteria not apply to most home buyers, but he also doesn’t consider all of the people buying a home that make a lot of money through their purchase and don’t follow his criteria.

Here are a couple scenarios where people purchase a property and make money:
Buying a multi family 2-4 unit apartment and living in one of the units
House hacking by buying a house with extra bedrooms and renting the rooms out
Buying a house that needs rehab work which leads to a lot of equity


★ From $0 to $4,500 a Month in Income ★

★ From $4,500 to $7,000 a Month in Income ★

★ From $7,000 to $10,000 a Month in Income ★

★ How I Went From $0 to $100k Net Worth in Under 3 Years ★

Multi-Family Millions:
The Book on Rental Property Investing (Bigger Pockets):
Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple:
The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits:
The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties:
The Book on Estimating Rehab Costs: The Investor’s Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (Bigger Pockets):
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties:

Choose Yourself!:
Traction: How Any Startup Can Achieve Explosive Customer Growth:
Tools of Titans:
The 4 Hour Workweek:
Shoe Dog: A Memoir by the Creator of Nike:
Hatching Twitter: A True Story of Money, Power, Friendship, and Betrayal:
Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley:
The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal:
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future:

The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph:
The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results:
Deep Work: Rules for Focused Success in a Distracted World:
Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto):
Talent is Overrated: What Really Separates World-Class Performers from Everybody Else:



  1. When you see big price cuts on houses for sale, "MAKE OFFER!", etc., then you know deflation is here.

    You will have a short window to buy income properties on sale, low cash price or *creative financing.
    I suggest avoiding multifamily apartment buildings, condos, townhouses, mobile homes; stay with single family houses.

    Then rapid price inflation will make you look like a genius.

    If you bought enough discounted rental properties, then you can sell some of them to pay off the others and own them free and clear, even after paying capital gains tax.

  2. Get a 30-year mortgage loan, fixed rate, interest-only with no prepayment penalty, due in 30 years.

    Then calculate the monthly amortizing payment for 10-year, 15-year, and 30-year, and choose the monthly payment depending on your current expenses.

    As your income grows, you can increase your monthly payment as affordable., and that increased amount is all principal.
    Aim for 10-year amortizing; you can drop down to 15-year, 30-year, or interest-only payments when necessary.

  3. Agreed! 30yr mortgage is better. Just pay as if it's a 15yr. Simple


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