Mortgage Loan

The 30 Year Loan Is A Scam





The 30 Year Loan Is A Scam

We feel that paying for a house for 30 years isn’t a great idea for many reasons. In this video out CEO Steven Harrell breaks down some of those reasons.

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41 comments

  1. scam i’m only 21 living at home but excited to get my own tiny house in the woods one day

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  2. NAVIGATING OUT OF THE ANTI-HUMAN MATRIX: Godless greed is the motivating factor as the prices for everything within the anti-humanity matrix continues to skyrocket and become unaffordable for most people, who continue to be systematically and very aggressively brainwashed by companies owned by the vast minority as they relentlessly tell us how we should think and act – for their financial benefit and so they can maintain power and control – to the detriment of everyone else. Our liberation (as much as is possible in modern times) is found in thinking independently and in living simply, in imitation of and in union with Christ and His Holy Family. +

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  3. Hi I posted this comment on one of your older videos figured I put it on your newest one.
    Do you have to have the trailer (I'm buying a 4×8) registered before you can sell it to someone else?And if you bought it from someone used do you have to prove a bill of sell?

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  4. And let's not forget about the "Truth in lending" part of the contract that shows what you are REALLY paying these thieves at the end of 30 years! It's criminal and meant to fool the people. You are buying a DEBT, not a home. We are 12 years deep, trying to double up to pay off house quicker in order to get out debt. Fortunately for us, our mortgage is our only large bill. We have gotten rid of all other debt so this helps tremendously, but yes i agree that the 30 year mortgage is legal THEFT.

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  5. Think about it like this… Would it take you 30 years to educate yourself and build the house yourself? Most likely not. You could probably learn the foundation of many things in 1 year..then you could spend the other 1-3 years (depending on the size) to build yourself a decent house. Just saying. Yes..it's time consuming..but so is 30 years of work hours in an office box.

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  6. 🎄🎄🎄🎄🎄🎄🌎🌍🌏

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  7. I’ve watched both videos here on mortgages and two important things have not been mentioned. First, financing a tiny house you will not have access to the same financing options you would if purchasing a conventional home. There far fewer financing companies, and the interest rates will be MUCH higher (although your payoff will be faster). Second, tiny houses, especially THOW, depreciate in value faster than conventional (stationary) homes. More like an RV. So rather than your children inheriting a property that has and will increase in value over time, your investment will depreciate. That is not to say people should not invest in tiny homes, but rather, be careful of these two major “gotchas.” I do agree with the main point of the video, that it is better to live below your means and not buy a house just because the bank says you can afford it.

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  8. The 30 year mortgage and the 401k are the 2 biggest scams ever. Rich people have neither one of these.💲💲💲💲💲💲💲💲💲

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  9. Freedom is an asset, rich people get it. If you purchase a house and you miss a monthly payment your are screwed and your house will be the bank's property. It is more profitable to own a business than to invest in a house cause at the end of your mortgage (20-30 years) you are not sure to make a benefit, you do not choose the selling price, the Financial market does it, the futur is unpredicatble.

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  10. I agree with you man, I have a 3.75% rate, my house cost me 105K. 30 year mortgage is 360 payments, my payments are almost $600 a month. Now my payment does include my taxes and insurance but 360×600 is 216k. Ours was a VA loan, no PMI and we didn't have to put any money down. I'll sell it for more than I paid for it but I'll never live to sell the house for what I have paid the bank for it. My daughter might but she has already said she doesn't want it. We've been in the house for nearly 20 years and the going price in our neighborhood for "like" houses is 125-130K. So I've lived here for that long, done improvements to it, replaced key appliances like hot water heater and heating and air and the best I'm going to do is make about 20k off it when the dust settles. How is that an investment? I would have saved so much more than that living tiny/smaller/simpler.

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  11. I would love to buy I tiny house, but in Norway you aren't allowed to build or live in one. New laws just made It legal to live in a tiny house on wheels only, but you aren't allowed to build It yourself, so when hireing carpentors and electritions, you have to spend as much as you would on a semicheap normal house on the countryside, around 1 million Norwegian kroner… things arn't as easy as It is in the USA, our houses are strictly regulated, and they get torn down if thei're not up to standard. Also, we really wanted to buy and live in a yurt, but that is not ok either, we would be evicted, and our kid would probably be taken away.. here your options are to save up for a normal house, or take on a morgage. It sucks, but that's the reality here.

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  12. I built a tiny house, that's I follow you. didn't mean to get off topic, but thirty years, yeah, that's not happening. anyway, thanks for inspiring me to build a tiny. it's all tempered glass, 12 x 12, with a 4 x8 outdoor bathhouse. I'd send pictures, but a lady saw it and immediately begged to live in it, as it's in a forest and surrounded by trees, deer and solitude. now it looks like a crazy old Chihuahua lady hoarder hut, sort of, she has a lot of stuff. when she gets organized I'll get a pic with sharing. thanks again for leading in the movement forward self sufficiency and financial independence. you and Deek are at the top of my list for tiny house info and inspiration. now…gutted I'll build another one, it's fun and keeps the mind and body occupied, a good lifestyle for everyone to get into. have a good one, thanks again.

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  13. It can work for people but a 30 year loan to me reminds me of the concept of indentured servitude. In Colorado, a lot of land is owned by HOAs and they aren't off grid/ tiny house friendly

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  14. 我喜欢这款的迷你房,自然原料,但以我的条件买不起,而且南洋不安全,包你被偷个清光。。

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  15. Unless regulations and fees drop, a tiny house is impossible for most. I own land, but to put one on it I have to pay out huge fees and modifications. So I pay extra on my mortgage, and will probably sell the land.

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  16. I could say SO much about all of this.. but it would just be too long to read lol! I'll try to make it short lol:

    Eh, mortgages aren't really "scams". It would be similar to saying 5-6 year car loans are scams as well, which obviously isn't the case. Most people don't have thousands of dollars just sitting around (obviously lol). So it's nice that banks even allow people to get loans. What most people don't even realize is that if they just get 1 full mortgage payment ahead (and keep it that way), it shaves off many of those 30 years of payments. Honestly, every personal situation is different & it's also a matter of each individual perspective really. Even a lot of new furniture has to be financed b/c most people don't have $3,000 or more to buy an entire bedroom, living room, dinette area, etc so they have no choice but to wait . Every situation is just different ♥️

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  17. radioactive cloud covers Europe. and what, people are on here arguing the supposed virtues of nuclear fission? poeple here are just fine with the powers that be hosing their kids with fallout? amazing what a lifetime of government propaganda can make a man believe.

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  18. one man filmed California tide pools every year since Fukushima. you all owe yourselves a look at his videos at low tide, searching for star fish, urchins, etc. spoiler alert, year to year they disappear. all since the nuclear meltdowns.

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  19. DYING DEAD TIDE POOLS the GREAT Pacific GENOCIDE;; California, Oregon, Coast DEAD TIDE POOLS, POST FUKUSHIMA MARCH 11 2011, and no one CARES:

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  20. The idea is to give your children a fully built home/property even if it took you 30 years to earn it. You're buying access & time, those things are more valuable. Your children will then not need to go into debt because they can live there or can have passive income to rent it out.

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  21. Yes, but now the tiny home industry has become a scam too. So much so that I don’t want one anymore. These “tiny” homes cost 80k+ and that’s ridiculous because I live in PA and you can get a great house for 100-120k. Why would someone pay 80k or more for 200 square feet?!?! The tiny house movement has been hijacked by opportunists and greed.

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  22. $500×12months =$6,000×30years=$180,000

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  23. PMI insurance only has to be paid on the loan until 20% of the principle is paid. Many homeowners don't know this and the bank that has their loan won't tell them. The homeowner keeps paying the cost of the PMI after it is no longer needed.
    Also, Veterans eligible for a VA loan do not have to pay any PMI insurance at any point since the VA backs their loan, even with no money down. Some banks will add it in automatically anyway.
    I do agree that a 15 year loan on the size and location of a home you can afford is way better than a 30 year loan in order to buy a larger, newer, or nicer home though.
    Better yet, build a home out of shipping containers and do as much of the work yourself as physically possible. If you need a specific tool that you don't already have, you can either rent one, or better yet, buy it used while you need it and sell it once you no longer need it.

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  24. It is really more than just a scam. It's total garbage to own ANY mortgage, UNLESS, you have property owned as an asset with it that CASHFLOWS positive. That is the only exception. Even then, its still a huge liability, its just not your liability! Another fun fact is that none of us here in the United States owns any real estate. If someone doesn't believe that, then, pay off your mortgage, and never pay the taxes on your Realestate. You'll see in short order how much real estate you actually own when the government forecloses on your property. Sucks right?

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  25. Hell I think the whole housing market is a scam to. Just for the main fact that if you can't pay for your taxes on your property the state takes it away. So essentially nothing belongs to you.

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  26. I took out a 30 for $80000 and if I go full term I'll end up paying around $160000.
    Banker wellfare

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  27. Yes totally agree. This may be a little off topic but I believe America is on the chopping block for the sake of the so-called greater good NWO. I believe unimaginable hard times are store for this country. I believe only the discreet, off-grid, self-sufficient preppers will survive. I know that sounds pretty intense but I've done some long thorough research I'm convinced to the core. Nevertheless good information perhaps more relevant than we realize. Be lead by the Spirit of Christ.

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  28. I don’t agree the 30 year loan is a scam. It worked fine when we still had families that stayed together for life. Today relationships are shallow or non existent so long term contracts don’t make sense like this.
    We need to stay mobile and go where the work is.
    Don’t get locked down in debt.
    Perhaps for rental property it still has some place. The property gains value over time. So, as a retirement supplement the 30 year loan may work

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  29. Thank you steve for this truth. It's so much craziness to these loans and even homeownership i am bewildered. I thought a landlord renting property was bad…..I don't who's the worst and these laws and policies is unreal. That's why they try to keep tuny house from be developed. This is nothing but old history

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  30. But is it that much cheaper to live in a tiny house? I'm a student and I've tried to puzzle it together so that I would be able to own a tiny house but it gets more expensive than just renting a apartment in the end. The cost of electricity, water, Internet, insurance, land rental and so on racks up the bill to being 20-50% more expensive than a small apartment.

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  31. 100% true!!

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  32. It’s simple. 15, 30 or 10000 year mortgage loans aren’t not the problem nor are they “scams”. That individual has agreed to the terms of buying the house. So there’s no “scam” going on, they know or should know fulling what they are getting into…… Now in this video your comparing apples to oranges and by this I mean “normal house buying mentality” vs “tiny house buying mentality”. That’s the main concern here the mentality of the buyer not that home loans are scams. And honestly just like “regular” homes are over priced for what they are tiny homes can be just as over priced especially if you don’t DIY it. Buying any home wether it’s a tiny home or not you WILL 1000% over pay if you don’t build it your self. Labor and convenience are what drives prices up and thats something most people forget

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  33. My mom paid off her loan off in 5 years

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  34. Learn to appreciate having less. That's the first step to decreasing one's debt and financial freedom. For most people, at least some debt is just a reality of the modern world. We all need a roof over our head and most of us need a vehicle to get to work. But minimize those costs, within reason, is a big first step House and car are usually the 2 biggest expenditures. Minimize those within reason and you'll be doing yourself a world of good.

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  35. Tiny houses are a fad people are spending 50 $60,000 on these things without land you're investing all of that money into a tiny house and they have no equity there going to be worth a fraction of what you paid for them….. Let me give you an example a 20 year old guy spent $50,000 building a tiny house put it on his family's property somewhere meets a girl she moves in next thing you know they're having a baby they decide to live in the tiny house anyway now they're 25 she gets pregnant with baby number 2 they decide maybe they should move but the tiny house on the market find out they can't even sell that thing for 15 grand……..

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  36. 30 year loan pretty much guarantees that you will never be debt free. I knew people who live in the LACA area they got where they could pay it off but no no no they get a loan redo the kitchen drop in a pool. Then the housing bubble popped and they were thrown into the street.

    My strategy was buy my land first $12K got me this place. Kitchen and bathroom are destroyed. I cook outside most of the time it's hot here and adding heat to the inside while you are PAYING TO REMOVE HEAT !! is just stupid X².

    Summer dryer exhaust points away from the house winter I aim it under the home . Dryer in the house has got to be the stupidest thing to do in your home when you are using AC to remove heat . A dryer takes in air cool air you paid to remove the heat from, heats the air and the room it's in and most pump it under the house or our the side. It's like beating holes in the bottom of the boat hoping to remove water, works on drydock but not so well at sea.

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  37. Good thoughts, but here in the UK, the market is stacked against tiny homers because land is at such a premium. Property laws here dictate that only a small percentage of UK land is available for development, which keeps vacant lots rare and therefore highly priced. For example, a 0.15 acre parcel of potential land (i.e. a lot near existing development but not yet eligible for planning permission) in the SE or SW can expect to fetch 125k to 250k GBP (around 150k to 295k USD). That's before even thinking of the cost of building permit applications, installation of utilities, and the dwelling itself. My wife and I bought a two storey semidetached 2bed 1 bath (80sq m living space) on 0.15 acre for 240k, which our 25 year mortgage will cost us 400k. But the lots to develop our own place are sold under the counter to developers who hoard them til planning permissions are reviewed every 4 years. There's a half acre lot at the end of our road that's been untouched and overgrown for over a decade because the owners are sitting on it, waiting for the year planning permission eligibility is granted to it and for the sake of a form to the council they can get an application through and triple the value to sell up. Land is just isn't available here for tiny homers.

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  38. I took out a 30 year loan. First of all I bought what I could afford not what I wanted even though the bank offered me an extra $40,000 to be able to afford what I wanted. I paid the amount they required to remove the PMI monthly payment. Afterwards each month I paid every $ I got hold of on the principle. I was able to pay it off in 5 years.

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  39. The problem is that unless you have cash, you can not buy a house in your price range. Every single bank that will give you a loan for a house is going to also require you to get that loan with a building loan rolled into it. Banks will not allow you to just live in a fixer upper and deal with inconveniences. Nope, they make you fix it up. That's why our parents could buy a house for 11k that wasn't in great shape but they could afford to make the payments and improve it over time.

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