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
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