My Bank Is Telling Me NOT To Pay Off My House!

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  • Опубліковано 30 вер 2024
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КОМЕНТАРІ • 610

  • @TheRamseyShow
    @TheRamseyShow  3 роки тому +18

    Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt

  • @lancevance2005
    @lancevance2005 3 роки тому +545

    When I paid off mine they acted like a bitter ex-girlfriend. Just gave me a sheet of paper that said loan paid and said bye

    • @krogdog
      @krogdog 3 роки тому +32

      That’s hilarious!

    • @racpatrice
      @racpatrice 3 роки тому +4

      🤣

    • @ellencox8415
      @ellencox8415 3 роки тому +22

      Lol hilarious description and so accurate.

    • @LittleMopeHead
      @LittleMopeHead 3 роки тому +21

      Happened to me too when I paid off an auto loan.

    • @vickiewilkins1579
      @vickiewilkins1579 3 роки тому +37

      Make sure you ask for release of lien on your home and register with your county treasure. They tried that with me just giving me a letter and said it was done.

  • @ZacharyBuhler
    @ZacharyBuhler 3 роки тому +509

    As soon as you start taking advice from a bank (who’s only interest is to keep you indebted to them) then you have already failed.

    • @MARINEJONFIT
      @MARINEJONFIT 3 роки тому +5

      Facts

    • @sterlingjarvis
      @sterlingjarvis 3 роки тому +1

      not always true, but yeah fee income is how we make $.... 'don't pay it off refi!' is the mantra .... don't cash out your home.

    • @karenhardie1132
      @karenhardie1132 3 роки тому +17

      The bank is not your friend.

    • @mastermike3940
      @mastermike3940 3 роки тому +2

      Well said 😉

    • @ifeanyiokwuchi1384
      @ifeanyiokwuchi1384 3 роки тому +12

      Who's only interest is to earn interest off you😅

  • @carlosgarcia-jz3dq
    @carlosgarcia-jz3dq 2 роки тому +173

    I always call my bank for their advise, then I do exactly the opposite of whatever they suggest, it always works out great!

  • @jma81
    @jma81 Рік тому

    My banker said, “I’ve got 150 friends in the financial sector and not one of them would recommend paying off your mortgage early.” I said, you need new friends, I’m paying off my house.

  • @captainblando
    @captainblando 2 роки тому

    You guys could start a new show called "Dave Ramsey's minions"

  • @Lilbit2215
    @Lilbit2215 3 роки тому +3

    I dare a bank to tell me what they told him. Sounds like this dude fall for anything someone tells him

  • @theelephant2887
    @theelephant2887 3 роки тому +425

    The first time I called the bank to ask about paying off my mortgage they said, "you know you are eligible for additional loan based on your home equity..." 🤣

    • @Don-hc4gk
      @Don-hc4gk 3 роки тому +16

      😂😂😂

    • @Mattius08
      @Mattius08 2 роки тому +19

      I refinanced my house and a month later the bank wants me to refinance again! Lol.

    • @Dan16673
      @Dan16673 2 роки тому +3

      I mean they are BANKERS

    • @ronniepemberton1942
      @ronniepemberton1942 2 роки тому

      They want to keep you in debt because they make money off your debt

    • @brettmajors69karaoke
      @brettmajors69karaoke 2 роки тому +11

      BankSTERS

  • @waterbottle4782
    @waterbottle4782 3 роки тому +326

    Of course a bank would say that, they want to make more money on the interest.

    • @stevenporter863
      @stevenporter863 3 роки тому +8

      What would the bank benefit if you pay it off? They want to keep you paying.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +1

      @@stevenporter863 You free up cash so they can lend to someone else.

    • @stevenporter863
      @stevenporter863 3 роки тому +11

      @@johnSmith-uz8nl Doesn't work that way. To banks money isn't like it is to us (limited) but they create the money right there on a computer screen when they make a loan. In reality the interest to them is interest on money that didn't exist before they loaned it out - multiplier effect.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +5

      @@stevenporter863 actually, most banks sell their mortgages and grab the profits right away and they hope you refinance so they can do it again and again and again, etc...

    • @webfreakz
      @webfreakz 3 роки тому +1

      @@stevenporter863 spot on sir! The bank isn't a "middle-man" who arbitrages between savers (savings accounts) and borrowers (mortgages).

  • @caseyporter499
    @caseyporter499 3 роки тому +428

    It’s like warren Buffett always says “don’t ask an insurance salesman if you need insurance”

    • @stellarocquie7957
      @stellarocquie7957 3 роки тому +5

      That's a good one.

    • @matthewgardner2144
      @matthewgardner2144 3 роки тому +2

      Or asking a real estate agent if it's a good time to buy and house. Or sell a house.

    • @45138449
      @45138449 3 роки тому +6

      "Never ask a barber if you need a haircut." (Warren Buffett).

    • @michael567jober
      @michael567jober 3 роки тому

      Who do u ask then?

    • @caseyporter499
      @caseyporter499 3 роки тому +2

      @@michael567jober someone With no self interest in the deal that has advice that makes sense

  • @j.m0ney133
    @j.m0ney133 3 роки тому +183

    Don’t ask your bank for financial advice 😂

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +1

      So we should ask you?

    • @peters.6343
      @peters.6343 3 роки тому +2

      @@johnSmith-uz8nl No, but not a bank!

    • @harryl7946
      @harryl7946 3 роки тому +4

      @@johnSmith-uz8nl you do what you want to do. As for me - debt free is the ONLY way to live and grow retirement accounts! I chose freedom.
      Now - what say you? 🤔

    • @saraphillips1038
      @saraphillips1038 2 роки тому

      Truth!

  • @ryanhansen7
    @ryanhansen7 2 роки тому +91

    When we paid off my wife’s student loans they fully said the same thing. They said it wouldn’t make any difference paying off that day or going there full term. I knew better and we saved all that interest by paying that day.

    • @shilarakesh
      @shilarakesh 2 роки тому +5

      If corse it makes a difference- the INTEREST!!!

  • @TheRealMEEDABEE
    @TheRealMEEDABEE 3 роки тому +217

    Caller: I want to pay off my house
    Bank: Nah, that's a bad idea
    Caller: Why
    Bank: We want to take your money I mean we want to steal your money sorry I mean we want you to overpay I mean we want your money I mean sorry I mean we want to take your money I mea

  • @ThePeterDislikeShow
    @ThePeterDislikeShow 3 роки тому +184

    Pretty sure the local burglars will tell you not to install a security system.

  • @izzyp8784
    @izzyp8784 3 роки тому +124

    Something tells me what he makes and what he reports are two very diff numbers.

    • @macummings7818
      @macummings7818 3 роки тому +14

      Dude hasnt filed in a while 😳😆

    • @bluelightguy1
      @bluelightguy1 5 місяців тому +1

      Who cares the wealthy do it all the time

  • @deborahblackvideoediting8697
    @deborahblackvideoediting8697 Рік тому +22

    Way back in 1977, my parents bought a modest home. We did not have a big income, but my mom was excellent at budgeting, and handled all the finances. One Christmas, after living there for a little over 5 years, my dad opened a package from my mom and inside was a paper stating that our mortgage had been paid in full. Boy was he shocked!! Mom had made double-payments every chance she could, as well as additional annual payments. It's a really good thing she did. In the early 80s, mortgage rates went berserk in Canada - to over 20%!! A lot of good people who had never missed a single payment on their mortgage were either foreclosed on, or forced to sell their homes for next to nothing. If my mother hadn't worked so hard to pay off the mortgage, we would have been in the same boat. Anyhow, it pays to pay-off your mortgage as soon as possible!!

    • @Candisa
      @Candisa 7 місяців тому +2

      Yup! Bought my house in 2010 on a 25yr adjustable, always had low rates until 2023...
      The bank called me to suggest stretching the mortgage to keep the monthly payment the same, I threw savings money at it to keep the monthly payment the same ánd shave 3 years off instead, now I'm throwing every cent I can spare at it. I wish I focussed on paying off the mortgage sooner, despite the low rates pre-2023.

    • @deborahblackvideoediting8697
      @deborahblackvideoediting8697 7 місяців тому +1

      @@Candisa- Good for you! Excellent decision. It's ok you didn't do it before, you're doing it now! :)

    • @christinajackson3104
      @christinajackson3104 3 місяці тому

      That's incredible

  • @seanbarnes9550
    @seanbarnes9550 3 роки тому +119

    Wow, this makes me realize how much banks must hate Dave Ramsey. Praying for him.

    • @nunyabidnes6010
      @nunyabidnes6010 3 роки тому +1

      Lol they don't care about him at all.

    • @wickedbird1538
      @wickedbird1538 2 роки тому +2

      Bankers probably call Dave some bad names.

    • @carlosgarcia-jz3dq
      @carlosgarcia-jz3dq 2 роки тому

      Dave is small potatoes to them, like a flea, the have plenty of victims left

  • @yoddy0
    @yoddy0 3 роки тому +45

    I dont buy that "I dont know what I bring home a year" excuse. He's got 140k in cash for a reason.

    • @patriciawarner9680
      @patriciawarner9680 3 роки тому +13

      He probably fudged on his taxes and doesn’t want to say a number.

    • @OutSkirtz
      @OutSkirtz 2 роки тому +4

      Some people just live below their means and don’t need to worry about an exact yearly amount of money. as long as he’s saving and living that’s what he cares about

    • @inviz1769
      @inviz1769 2 роки тому +1

      Probably a cash biz ;) ;)

  • @RichWomack
    @RichWomack 3 роки тому +124

    The difference between what that 140K is making and the 120K is costing should be motivation enough. Write that check and then keep paying that mortgage payment back to your savings account!

    • @aaront936
      @aaront936 3 роки тому +11

      140k making 10% vs 120k costing 2.5% investing that money is the smarter move.

    • @mikebingham9700
      @mikebingham9700 3 роки тому

      This gut: Dah, how I do that?

    • @RichWomack
      @RichWomack 3 роки тому +9

      Sure, IF he had it invested, but he said it was in savings. Savings accounts don't pay anything.

    • @aaront936
      @aaront936 3 роки тому +6

      @@RichWomack So if dave actually gave good advice he should have told him to get that money in a low cost index fund.

    • @BlakeBake
      @BlakeBake 2 роки тому +6

      @@aaront936 This line of thinking doesn't account for risk, increase in cash flow, and other intangibles. Imagine the money you have to invest when you don't have a mortgage payment. This guy also started a new business, so his risk profile is higher. Him not worrying about lodging expenses is huge.

  • @serena1785
    @serena1785 2 роки тому +62

    I walked into my bank and paid off my home loan 13 years early. Bank didn’t like it they wanted all that interest. But I wanted that interest money even more then they did👍🏻🤪 If you have even one payment left on your home and you do not pay it the bank can foreclosure on your home. A note of caution here please make sure if you do this your bank does not have a prepayment penalty on your loan. Never take out loans with a prepayment penalty on them.

    • @TheMusicscotty
      @TheMusicscotty 2 роки тому +4

      Even with a prepayment penalty probably still worth it.

    • @kimberlytrephon7260
      @kimberlytrephon7260 2 роки тому +8

      I always ask for loans without an early payoff penalty. Always always always.

    • @user_abcxyzz
      @user_abcxyzz Рік тому

      Its so competitive out there that I doubt there are many lenses that have that as a charge

  • @justinroelofs5057
    @justinroelofs5057 3 роки тому +30

    that is like asking the butcher if you should eat more vegetables. of course the butcher is going to tell you to eat more meat.

  • @jonathankahuna6806
    @jonathankahuna6806 Рік тому +2

    The guy should probably know how much he makes a year before he uses most of his savings to pay off the house. Even if paid 100K of the mortgage and then crunched his numbers before knocking out the last 20K I think it would make more sense.

  • @anthonys7534
    @anthonys7534 3 роки тому +25

    My Bank won’t even tell me the balance unless I pry it out of them! It pisses me off to the point of wanting to get rid of the mortgage ASAP!!

    • @LGnLA
      @LGnLA 3 роки тому +5

      That sucks yikes, change banks/new mortgage STAT!!

    • @carlosgarcia-jz3dq
      @carlosgarcia-jz3dq 2 роки тому +2

      that sounds like a pretty evil bank, you need to refinance to another company, they seem dangerous

    • @Hunters_Dawn
      @Hunters_Dawn 2 роки тому +2

      I would recommend refinancing and getting away from that lender

    • @carlosgarcia-jz3dq
      @carlosgarcia-jz3dq Рік тому +1

      by being that terrible, they are actually helping you get rid of that mortage. great

    • @jborrego2406
      @jborrego2406 Рік тому

      Sounds like my car loan u get one yr paper with the total rest just go to website an pay with payment history but not statement an nope don’t get paper bill either like wtf

  • @60Airflyte
    @60Airflyte 3 роки тому +30

    They know he has cash and want him to talk to their “financial advisor”. That way they have his mortgage and the interest he pays AND his extra cash.

    • @genxx2724
      @genxx2724 Рік тому

      Yeah, I don’t need financial advice from some person who’s wet behind the ears and isn’t financially independent.

  • @colincopeland8890
    @colincopeland8890 3 роки тому +90

    I was told this same bs two years ago. That this would be the stupidest decision I ever made. Paying it off on the 14th...

    • @umbreonix
      @umbreonix 3 роки тому +7

      Congrats!

    • @Daffodils2Daisies
      @Daffodils2Daisies 3 роки тому +20

      I paid my car off earlier this year and the bank teller was shocked and almost confused lol

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +7

      @@Daffodils2Daisies Please, never get a car loan again.

    • @Daffodils2Daisies
      @Daffodils2Daisies 3 роки тому +6

      @@johnSmith-uz8nl lol, not planning on it

    • @Daffodils2Daisies
      @Daffodils2Daisies 3 роки тому +1

      @Anthony Harris Excuse me?

  • @mathisnotforthefaintofheart
    @mathisnotforthefaintofheart 3 роки тому +14

    A bank only gives advice for their own benefit. It has always been like that. A bank is a business. And unfortunately nowadays they are less customer oriented than they were 20 years ago. And even then it wasn't that great I fear that in the future banks are going to control the population even more if cash is going to lose ground. I greatly support cash as legal tender.

  • @ilikeshroomgals
    @ilikeshroomgals 3 роки тому +14

    After i heard this its now my life mission to end the mortgage 💸

    • @alfredmalloy5124
      @alfredmalloy5124 3 роки тому +1

      The amount you save in not paying interest to the bank. And paying and investing that is amazing compound interest is key.

  • @JustAName-it5qp
    @JustAName-it5qp 3 роки тому +24

    It's like a thief having a say on what stuff you should buy so they can take it.

  • @rogerhoward1900
    @rogerhoward1900 3 роки тому +14

    Pay ur house off now

  • @mikebrownbassist802
    @mikebrownbassist802 3 роки тому +69

    This show is SO bad without Dave. None of the emotion. I want to hear, “Write a check today and pay that sucker off brother! Can you feel the weight on your shoulders lifted!?! Let’s BUST IT! Get after it man!!!”

    • @JohnThePA
      @JohnThePA 3 роки тому +8

      I wouldn’t say it was “bad” but with Dave it would’ve been better

    • @johndone8045
      @johndone8045 3 роки тому +2

      If u feel a weight on your shoulder on your mortgage u should NOT buy the house to begin with

    • @gregorysampson8759
      @gregorysampson8759 2 роки тому

      The younger generation doesn't have the passion

    • @accbooks22
      @accbooks22 2 роки тому

      It’s hard to beat Dave, but these guys are solid, too!

    • @ScottishJazzman
      @ScottishJazzman 2 роки тому

      Don’t make money an emotional issue. That’s most people’s problem as it is!

  • @969thewhip
    @969thewhip 3 роки тому +43

    It's funny how bad the bank tried to get me into a home equity loan once my house got paid off.

    • @Ria24Ria
      @Ria24Ria 3 роки тому +4

      Same here

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +5

      I have a HELOC and it allows me to keep a zero emergency fund. I keep my HELOC at zero.

    • @boopy123
      @boopy123 2 роки тому +1

      @@johnSmith-uz8nl are you investing the money you're NOT saving for an emergency fund??

    • @peartfaldo
      @peartfaldo Рік тому +1

      yep. i kept getting the "what if you want to remodel the kitchen and you can use it for a new car". AND "i feel like you're wasting that money. its just sitting in your house" UM no thanks. I'll stick with no payments.....

  • @johnSmith-uz8nl
    @johnSmith-uz8nl 3 роки тому +13

    So I got a haircut and then walked into a different hair dresser and asked them if I need a hair cut... what do you think they said?

    • @michaelb.8953
      @michaelb.8953 3 роки тому +1

      They asked you to learn how to spell haircut.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому

      @@michaelb.8953 haha. My spelling SUCKS.

    • @michaelb.8953
      @michaelb.8953 3 роки тому

      @Anthony Harris Yep!! Life of the party especially when I show up with a bad hair cut.

    • @michaelb.8953
      @michaelb.8953 3 роки тому

      @Anthony Harris Was never even close to being the class clown nor ever thrown into lockers and trash cans or ever bullied for that matter. Now I'm just starting to get bored.

  • @batman9512
    @batman9512 3 роки тому +19

    Ryan is Scooby-Doo'ing his way through his finances. I'd get on the financial education ASAP.

    • @bluelightguy1
      @bluelightguy1 5 місяців тому

      Seems like he is doing better then most

  • @michaelvan6675
    @michaelvan6675 3 роки тому +10

    Fake call I hope

  • @eckankar7756
    @eckankar7756 3 роки тому +70

    This caller's issue isn't financial it's fear and unwillingness to be involved in his own wellbeing. He's listened to these broadcasts for years yet has no idea how much he makes and hasn't started the baby steps once. The banks 'put me in debt' and listening to them about his mortgage. He's not involved, he's playing the role of being a victim.

    • @Musicienne-DAB1995
      @Musicienne-DAB1995 3 роки тому +7

      At least he called in for advice. So many are making the same or worse mistakes, and will not accept the possibility that they are wrong.

    • @accbooks22
      @accbooks22 2 роки тому

      And yet, HE is paying off his house. (Wish I was at that point.)

    • @dianecelento4974
      @dianecelento4974 2 роки тому

      I was guessing he lied on his taxes on how much he made like a lot of self employed people do. So maybe he hasn't kept track.

  • @DoctorSmartyPants
    @DoctorSmartyPants 3 роки тому +8

    Pretty simple. Pay off the house today. Leaves 20k for emergency fund. Then start investing in retirement acct tomorrow. Done. Caller has done a great job!

  • @rleonekc07
    @rleonekc07 3 роки тому +10

    Hang up the phone and pay it off. Simple

  • @nathanday8414
    @nathanday8414 3 роки тому +10

    "The people who will make thousands of dollars by me not paying off my house don't want me to pay off my house." Ha ha ha be aware people.

  • @untouchable360x
    @untouchable360x 3 роки тому +28

    My drug dealer is telling me not to stop taking drugs.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +1

      Yah, I need a drug dealer... are you local? MA charges an arm and a leg for drugs (M.J.)

  • @scmsean
    @scmsean 3 роки тому +36

    He knows what he makes he just didn't want to say. More then likely he didn't earn all that savings.

    • @DBS472
      @DBS472 3 роки тому +8

      He said it was from selling a business

    • @patryk2497
      @patryk2497 3 роки тому +4

      Lol wow you guys are all salty AF. Guy is doing great and you’re super jealous and it shows 😂

    • @CHSwildcats19
      @CHSwildcats19 3 роки тому +3

      @@patryk2497 Exactly! He is 35, not 25, he could have easily started, developed, and then sold his successful business by now. My neighbor is in his 40's and a (self-described, I'm not shaming) "high school dropout" and he makes a TON of money off of a business he started at 18. I have been SO impressed with his business savvy :-O

    • @matthewgardner2144
      @matthewgardner2144 3 роки тому +4

      @@patryk2497 He should be investing in retirement and long term savings. Not to say he isn't in a decent place, but his financial literacy is lacking.

  • @stevemcglamery5368
    @stevemcglamery5368 3 роки тому +15

    I called the bank and asked them how to pay off my house. They told me I need a certified check, bah bah bah. I just wrote them a personal check just like every month and I never heard from them again. Never got another bill, thank you letter or anything.

    • @tezh5897
      @tezh5897 2 роки тому

      😂

    • @thomasd5488
      @thomasd5488 2 роки тому +4

      I hope you got a receipt that said PAID IN FULL.
      You might want to double check if they still have a lien on your title.

    • @stevemcglamery5368
      @stevemcglamery5368 2 роки тому

      @@thomasd5488 Never got a thing from the bank. But, I've sold the house.

    • @Hunters_Dawn
      @Hunters_Dawn 2 роки тому +1

      They said the same thing to my dad then gave him an amount he needed to get it under to use a personal check. He made two payments instead of one

  • @om617yota8
    @om617yota8 3 роки тому +12

    My parents didn't refinance their house because their bank said no they couldn't. Lol of course the bank says you can't get a lower interest rate, that's why you don't ask them.

  • @nathanielcarreon5634
    @nathanielcarreon5634 2 роки тому +2

    Why ask the opinion of the bank. Their self interest is not definitely the same as yours. Paid mine off 20 years early.

  • @fef619
    @fef619 3 роки тому +11

    How do people not know what they make??? Especially if you own a business.

    • @mathisnotforthefaintofheart
      @mathisnotforthefaintofheart 3 роки тому

      It's kind of similar when you ask a business owner how his business is going. When he says" hhhm, business is a little slow", you can bet he is raking in money. I have seen this multiple times now. Just like farmers. Always a tad on the complaining side, which means everything is cool

    • @SilVia-hs2kb
      @SilVia-hs2kb Рік тому

      @@mathisnotforthefaintofheart I owned a business for 20 years. when someone asked "how's business?', I would reply" it's going". Most of the time it's a way of saying, mind your business. Most people aren't asking because they care but because they want to count your money. Especially if this question is coming from a customer or a family member. Usually other people in business ask more direct questions about the business itself, suppliers, accountants, etc especially when they are in the same field as you, in that case i never minded going more in depth because we are helping each other instead of just being nosy and counting someone else's money. I've never asked anyone' How's your salary and promotions going"?

  • @isaacgalicia7648
    @isaacgalicia7648 3 роки тому +8

    Like asking the cigarettes and alcohol industry’s if I should quit and live a healthier life

  • @CarnivoreStork
    @CarnivoreStork 3 роки тому +9

    You guys should have told him he’s giving the bank around $300 a month in interest
    On his mortgage. 👈🏼

    • @kevinfransen1255
      @kevinfransen1255 3 роки тому +3

      Without knowing what he started at, how long ago he started, and what his monthly payment is… there’s no way to accurately guess what he pays in interest each month

  • @joechang8696
    @joechang8696 3 роки тому +13

    I am wondering if the bank is evaluated on percentage of performing/non-performing loans? hence they want to keep a performing loan to keep their record in good standing?

  • @gmc9753
    @gmc9753 3 роки тому +16

    Did he also go down to the bar and ask if he should stop drinking?

  • @ClaxtonBay123
    @ClaxtonBay123 3 роки тому +29

    They didn't answer his why. Dave would dig into the Why. He was just looking for clarity

  • @losmalqueridos2009
    @losmalqueridos2009 3 роки тому +12

    This guy needs cash for his business. They never asked him why he needed such a large amount of money in the bank. He buys & sells equipment for a living. 🤔🤷🏽‍♂️

    • @laurengeorge8255
      @laurengeorge8255 3 роки тому +3

      Yes, I agree. I feel more information should have been gathered before jumping to a conclusion. If it were me, I would use a large chunk to bring the mortgage down, but he is going to need to start his investments, pay for other expenses, and then have a 3-6 month nest egg.

  • @kivabolton4448
    @kivabolton4448 3 роки тому +8

    Of course The Bank Wants You to KEEP paying them Interest .. That’s How they Make Money 💴… Pay off your House 🏠💪🏾

    • @aolvaar8792
      @aolvaar8792 3 роки тому +1

      The Bank sold the loan in the first 30 days and now collects an escrow fee.

  • @volleyballvideos6426
    @volleyballvideos6426 3 роки тому +9

    If his interest rate is around 3-4%, then isn’t it better to keep the debt and invest the cash and make 8-10% instead? Net would be earning 4-7% off the money.

    • @Gus_Chiggins
      @Gus_Chiggins 3 роки тому +4

      Dave and crew are never going to recommend that, but yes

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +3

      yes and no. Yes, you are right. BUT there is risk when you invest and there is much less risk if you pay off your investments. Dave has said it (and I agree... don't agree to often) for you to become rich it is a lifestyle it is not about making the most out of your investments... it is much more about LIVING BELOW YOUR MEANS.

    • @NoamMota
      @NoamMota 3 роки тому +1

      He can do what you suggested and he can pay off he’s home .one thing I know for sure though , keeping 140k in savings accounts while doing nothing is stupid

  • @kaitlync.2628
    @kaitlync.2628 3 роки тому +11

    Love George Camel! I missed him as the host of the show but he's so great as a personality. And this John & George combo is awesome!

    • @lynsolorzanoaguilar623
      @lynsolorzanoaguilar623 2 роки тому

      I dont know about him. He doesn't seem genuine to me. More like a wannabe mini Dave. I know that sounds harsh and Im not trying to be. Not sure how else to describe it.

  • @littlebritches8631
    @littlebritches8631 2 роки тому +5

    I can see where he’s coming from though, when your income isn’t set and he’s probably making 35k a year, it’s scary spending a big chunk of change like that

    • @peartfaldo
      @peartfaldo 2 роки тому

      yes. but NOT having that payment is a huge help.....when there isnt much outgo the income doesnt matter as much.....

  • @robertthomas7176
    @robertthomas7176 3 роки тому +6

    The bank want to keep him in a mortgage because as long as loan is live the bank can use the equity in home to backstop other loans.

  • @Eye_Witness
    @Eye_Witness 7 місяців тому +1

    My credit score has gone down twice since I have paid off each of my cars. I don't foresee borrowing any money or financing anything else in the future, so I don't really give a rip what my credit score is. The banks and other lending institutions are not your friend.

  • @ethanriley7763
    @ethanriley7763 3 роки тому +53

    The fact that he is 35 and still hasn’t started saving for retirement is more terrifying than a mortgage.

    • @machutson5493
      @machutson5493 3 роки тому

      Yep

    • @DustinOranchuk
      @DustinOranchuk 3 роки тому +30

      Not really. This guy could be mortgage-free tomorrow (for the rest of his life!). Then shift basically all of his excess income into retirement. He is so much better off than your typical 35 year old.

    • @spinergirlkristie
      @spinergirlkristie 3 роки тому +8

      Some people lose it in a divorce and have to start over older than him.

    • @kuryanthomas1438
      @kuryanthomas1438 3 роки тому +13

      i am just impressed at 35 hes able to fully pay off his house!!!

    • @michaelb.8953
      @michaelb.8953 3 роки тому +4

      After paying off his mortgage the guy has absolutely no debt and the fact that he did that by the time he was 35 is far better than average person and he has another 35 years to save for retirement with absolutely no debt payments anywhere, he should be able to bank the money away and have millions invested by the time retirement comes around. I wouldn't be worried at all just as long as he sets his next goal on funding retirement non stop ASAP.

  • @lyndaslocs
    @lyndaslocs 2 роки тому +4

    Most of your mortgage consists of interest in the beginning. Of course, they don't want you to pay it off early.

  • @gvanys
    @gvanys 3 роки тому +6

    Why would someone call a bank and tell them am about to pay off my house what do yall think. That dosen't make sense. You just pay off the mortgage once the balance is zero you just call the bank to close the loan out and start the process to get the paper work and the deed. Am in a process to pay off the mortgage, I had allot cash in the bank I just started making large payments towards the principal. My plan is get the loan to zero and call them to close the loan in April 2022.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +2

      Just make sure when you do close that it is filed properly at the City. I have seen to many times when you pay off your mortgage and when it is time to sell there are issues on the seller's end cause closing documents were never filed. You need to get your mortgage discharged at the City level.

    • @gvanys
      @gvanys 3 роки тому +2

      @@johnSmith-uz8nl Thanks, First thing I did was started googling what you need to do after you pay off your mortgage. People Just pay off the mortgage and they see zero balance and they think that's all your mortgage is paid off and you have no payments. I want to make sure I do everything right and I have the paper work done so I wont have any problems down the road.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +1

      @@gvanys Yah, my co worker who paid off her house about 10 years ago just sold it and she had to put off closing cause her mortgage was never discharged and the buyer demanded composition which I am sure he got but it is really about the headache. You get the title (I put mine in the safety deposit box) and either you or the bank needs to file discharge papers for any mortgage.

    • @And1one757
      @And1one757 3 роки тому +1

      Meet me back back here in april bro mine should be done around that time as well👍 keep grinding

  • @JackKing12.
    @JackKing12. 2 роки тому +3

    Question they should be asking is: what is the mortgage monthly payment? How many years left on the mortgage and what is the APR% on the mortgage. That way you give the perspective of how much you be saving with no mortgage. Not asking how much money you make and what tax you paid. Come on you two...

  • @rogueinvestor2375
    @rogueinvestor2375 2 роки тому +4

    If your bank tells you not to pay off your house, you pay off your house as fast as you can.

  • @allimarieRISING
    @allimarieRISING 3 роки тому +13

    I've heard many people advise this due to inflation and interest rates. I'd love to hear Dave's take on this.

  • @socketyellow3
    @socketyellow3 3 роки тому +14

    What’s your interest rate? If you refinanced during the 2.7% I’d keep and put into stocks

    • @pyrodoodguy
      @pyrodoodguy 3 роки тому +3

      This all the way, but they can't say that on this show.

    • @brinkmannfilms
      @brinkmannfilms 3 роки тому

      I got 2.35% in a 15 fixed rate. You'd suggest investing any extra cash after the usual expenses and savings rather than pay down the principle?

    • @aaront936
      @aaront936 3 роки тому

      @@brinkmannfilms yes 100% you should.

    • @aaront936
      @aaront936 3 роки тому

      @@brinkmannfilms 10% returns are greater than 2.35% simple interest.

    • @MyRottweilerKobe
      @MyRottweilerKobe 11 місяців тому

      That 10% return has dwindled with how much rates have risen in the last year. Interest rates have tripled.

  • @jasonstevens6877
    @jasonstevens6877 3 роки тому +1

    This is terrible advice. I love Ramsey, but if this guy has no retirement savings he should put some of that money away first.

  • @steelyspielbergo
    @steelyspielbergo 2 роки тому +1

    really terrible advice!! I understand that people don't like debt, but this is psychological. There's no reason to be in a hurry to pay off a low interest loan.

  • @DemetriPanici
    @DemetriPanici 3 роки тому +17

    The nerve of these banks

  • @michaelk.4011
    @michaelk.4011 3 роки тому +3

    He also mentioned that he buys and sells equipment, wonder what that means and how much liquid cash he needs to buy and sell... for example I wouldnt pay off my house if I need 50k for equipment and flip it to make a profit, no point of paying off the house... seems like they didn't hear that part and he couldn't fully explain himself...

    • @damondiehl5637
      @damondiehl5637 3 роки тому +1

      That's probably also part of why he doesn't know how much he makes per year, although on the flip side of that argument, he should know what he reported to the IRS.

  • @moneyindabank
    @moneyindabank 3 роки тому +10

    Dave should be doing the show solo.

    • @Omonike88
      @Omonike88 3 роки тому

      DR wants a break. He's getting older. He might be preparing to pass on the reigns.

    • @genxx2724
      @genxx2724 2 роки тому

      @@Omonike88 Reins. As in directing a horse.

  • @nicolejennings8389
    @nicolejennings8389 3 роки тому +5

    Pay it off. Get the deed. Keep a copy of it.

  • @steveyeater7017
    @steveyeater7017 3 роки тому +3

    IMO they didn't ask enough questions. He has to know how much he is making before paying off the house. Also what is conditions of his cars, the future of his business, how is the house worth ect. Depending on these answers at his low wages he might become house rich money poor. Just my thoughts.

  • @quixomega
    @quixomega 2 роки тому +4

    Never listen to the salesperson telling you not to cancel their service, they never have your interest in mind.

  • @DillyDogSays
    @DillyDogSays Рік тому +1

    Of course your mortgage company doesn't want you to pay your load off early. Less money for them...duh..

  • @kimcritchfield5796
    @kimcritchfield5796 3 роки тому +21

    I LOVE when John goes falsetto and sings a couple words, as he giggles to himself, and thinks the rest of us don’t hear him. Makes me laugh every time!!

  • @bullonwallstreet
    @bullonwallstreet 3 роки тому +7

    If you are reading this Ryan I would 100% not listen completely to either side. I don't like Dave Ramsey believes in whole and I also don't like what the banks are telling you and others. Really at this point with interest rates I would refinance to a 30yr mortgage and hold 100% of that cash and invest it. I wouldn't be refinancing into a bigger mortgage just one for 100k to 150k whatever you find "best for you"!!!! Take the recommendations from both sides, but make your own decision. Trust me on this when I tell you. That 100k can be a million within next 5yrs to10yrs done right. You will not get their or as quick without that cash. Just my two cents, but I have a lot of experience in this sector and like I said both sides have pieces of good information, but neither is good for everyone. Take Care

    • @kelvingladwin4929
      @kelvingladwin4929 3 роки тому +4

      100k can be a million within next 5yrs to10yrs ??? how? risky investments maybe? not in standard mutual funds. that's exactly Dave's point. if you play with risk you will not win.

    • @johnSmith-uz8nl
      @johnSmith-uz8nl 3 роки тому +2

      @@kelvingladwin4929 Agreed, this guy gives BAD advice. There is only one way to become rich... LIVE BELOW YOUR MEANS and invest wisely.

    • @aaront936
      @aaront936 3 роки тому

      P.lnnn m l

  • @myownboss1
    @myownboss1 2 роки тому +4

    I had a totally different experience: I originated my mortgage with the now defunct Countrywide in 2006, and it kept being bought over and over by various mortgage companies. When I asked for the payoff letter, they even accepted a couple of personal checks, sent a letter of loan satisfaction right away, and sent me a certified copy from the county recorder showing that the deed is transferred to me (I did order a copy from the county directly just to make sure!!!), etc. all this happened within two months!!!! They didn’t try to keep me, extend anything, etc etc. they were actually a ‘great’ lender/servicer…. House paid off in May-June 2021!!!!

  • @spankynater4242
    @spankynater4242 11 місяців тому +1

    When I called my bank and told them that I wanted to pay off my mortgage, they said OK, and then they processed the transaction. I’m not sure what everyone is going on about.

  • @gct1913
    @gct1913 3 роки тому +11

    He wants to keep cash in the bank because he's scared of investing or having a large emergency. He's crushing it and doesn't realize it but could be doing so much better.

  • @richardcarlisle6692
    @richardcarlisle6692 2 роки тому +1

    I wouldn't take mortgage advice from the people who make a living SELLING YOU THE LOAN.

  • @32Jarrod
    @32Jarrod 3 роки тому +5

    For a bank, money (cash) in accounts is a liability - it is someone else's money on deposit. A loan receivable is an asset - it is money that someone owes to you. So when a home loan is paid off it harms the bank's balance sheet by decreasing assets and increasing liabilities.

    • @heycoytv4351
      @heycoytv4351 3 роки тому

      Interesting

    • @colewildenhus7207
      @colewildenhus7207 3 роки тому +1

      Depends if it’s a loan they are just servicing or if it’s a portfolio loan on their balance sheet. The latter is more rare. Most big banks just service loans. Not lend out of their own funds .

  • @andresvalencia1174
    @andresvalencia1174 3 роки тому +9

    I think you need to change your bank 😂

  • @domferris9963
    @domferris9963 2 роки тому +2

    Doesn’t change the fact that if you invested the extra money to pay off your home early into an index fund, you’d have more money

  • @shelkatz
    @shelkatz 2 роки тому +1

    Paid mine off in 2014! I am 67 now.

  • @aaront936
    @aaront936 3 роки тому +31

    Keep the 2.5% mortgage and get that 140k in low cost index funds making you 10% compound interest. The banks might have actually been giving good advice that dave has you brain washed to ignore.

    • @craigholland2274
      @craigholland2274 3 роки тому +8

      This 100%

    • @georgehouse1840
      @georgehouse1840 2 роки тому +2

      Of course. Index funds have a guaranteed 10+% return for any foreseeable future. Nothing could ever happen to change that. It can only go up.

    • @aaront936
      @aaront936 2 роки тому +1

      @@georgehouse1840 have fun locking your money in a non liquid asset because some boomer hates debt and has you brainwashed.

    • @georgehouse1840
      @georgehouse1840 2 роки тому +3

      @@aaront936 If you're gonna reply to me, next time address what I actually wrote.

    • @ItsMymy
      @ItsMymy 2 роки тому

      @@georgehouse1840 it’s called an average george……

  • @jdhare
    @jdhare 3 роки тому +1

    Did you two really just give him advice on paying off a mortgage or investing WITHOUT ASKING THE INTEREST RATE? Baby steps say to invest 15% a year before paying off the mortgage. Are you following your own advice here?

    • @jdhare
      @jdhare 3 роки тому

      On reflection my comment here was blunt and rude. My apologies. It just seems like someone who has a lot of extra money but hasn't followed the baby steps should try to allocate their money the way it would be if they *had* followed the baby steps. Just paying off the mortgage without considering the interest rate seems rash. What am I missing here?

  • @SimonTekConley
    @SimonTekConley 3 роки тому +4

    You would be surprised at how if you tell a bank you need X, how willing they are to give you 2x, and even if you insist on just X. They keep trying for 2x.

  • @ericcarlin
    @ericcarlin 3 роки тому +7

    “George, I think we’re geniuses.” 😂

  • @greggpurviance7252
    @greggpurviance7252 11 місяців тому +2

    Paying off the house, best move ever

  • @lynnebucher6537
    @lynnebucher6537 3 роки тому +12

    Self employed should have bigger emergency fund. But he could easily prepay $70-90K of principal.

    • @peartfaldo
      @peartfaldo 2 роки тому

      yep. then do a recast....

  • @amberslilrose3954
    @amberslilrose3954 3 роки тому +2

    Homeboy ain't filing them taxes, is he.

  • @randy944
    @randy944 3 роки тому +4

    This poor guy doesn't know what he earns a year? And doesn't have a clue about finances. I can see why the bank was a little concerned.
    If I was him I would start paying double the principle on his mortgage, and open a Roth IRA account for retirement. invest a portion of his savings in passive ETF funds like the SP500 that have low expense ratios. 😎😎

    • @genxx2724
      @genxx2724 2 роки тому

      Same, minus paying extra toward principle. We need to know his interest rate, though.

  • @ShawnDeLaCruz
    @ShawnDeLaCruz 3 роки тому +15

    Am I the only one curious about the interest rate on his home loan? Can one of these two guys inquire about the interest rate before rushing to pay off a loan during these inflationary times.

    • @jerichorosas
      @jerichorosas 3 роки тому +4

      aLl dEbT iS BaD dEbT

    • @ShawnDeLaCruz
      @ShawnDeLaCruz 3 роки тому +3

      @@jerichorosas that's on par as the stupidest statement ever said.

    • @jerichorosas
      @jerichorosas 3 роки тому +4

      @@ShawnDeLaCruz that was kind of the point

    • @ShawnDeLaCruz
      @ShawnDeLaCruz 3 роки тому

      @@jerichorosas sorry, texts make it hard to detect sarcasm sometimes :)

    • @terrancewatson7915
      @terrancewatson7915 2 роки тому +1

      Who cares what the interest rate is. I house mortgage is just a ball and chain, for the next 15 to 30 years get rid of the mortgage if u can

  • @heathsmith7700
    @heathsmith7700 2 роки тому +2

    this dude is clueless

  • @alinatamashevich3354
    @alinatamashevich3354 3 роки тому +2

    Lets review, a bank is a for profit business. Their product is......wait for it......DEBT. So yes , they have a vested interest (pardon the pun) in keeping you in debt.

  • @thanthien9716
    @thanthien9716 3 роки тому +5

    After paid off mine and the extra money from mortgage I put more in 401k and it work good for me. No worry and feel good.

  • @southgoesnorthwest
    @southgoesnorthwest 2 роки тому +3

    If it freaks you out that much pay off the item (now you own your house outright) and set aside what you'd pay for mortgage every month in a savings till you feel secure in the amount in your account again. Now you've taken action (paying off debt) and taken more steps to feel emotionally secure too (more money in the account in a few months).

  • @amde8554
    @amde8554 3 роки тому +3

    Why would you ask the bank unless you had an early payment penalty on a loan which is typically not the case with mortgages.

  • @dustinquinton
    @dustinquinton Рік тому +1

    Of course they said not to pay off your house!

  • @mxerb5912
    @mxerb5912 3 роки тому +9

    He pretty lucky since he’s so clueless about finances that he’s in the position that he’s in.

    • @harryl7946
      @harryl7946 3 роки тому

      Nail head strike right there! Good call ☎️

  • @twilde3754
    @twilde3754 2 роки тому +1

    Bank-Schmank -- pay off your loan.

  • @joseCalderon1976
    @joseCalderon1976 2 роки тому +2

    I'll never take advice from any bank about my mortgage or anything else honestly period.