My husband “loaned” his grandfather money. I told him he GAVE his grandfather money. I don’t do “I’ll pay you back”s. If you can’t afford it, don’t buy it. If I buy it for you, it is a gift.
@@canadianukranian509 I have no idea what your point is. My point was that i dont loan peoplE money. I dont care who they are. If money goes from me to someone, i dont expect it back. I take the risk they wont give it back. I just pointed out to my husband, not to expect any money back from his grandfather. Loaning money to people changes the relationship, not for the good. I don’t want him to be angry or disappointed with his grandfather when he cant pay it back.
It sounded to me like he was uncomfortable owing his family money...because it somehow has started slowly changing the relationship, with his parents speaking more into his finances than they should be.
Yes, including other family members. The family sounds way to into his stuff already and the loan from his folks is probably more emotionally draining than it's worth.
@@jimmymcgill6778 He said no issues with the parents at first as they always give him advice but now it seems like "it's more the money talking" - which for me translates to them getting to be too much of a drain on his life by holding the loan over his head. So in his experience things have changed.
My parents loaned me money for my first house; I made regular payments back into a mutual fund and gave them way more back than I borrowed due to the growth in the fund
While I generally agree, I borrowed money from my father-in-law for our mortgage (his idea, not mine). We have a set payment schedule (I pay first of the month, just like any other mortgage). Nothing is awkward between us, at least from my point of view. I consider myself extremely blessed/lucky, and while it worked for us, I would not recommend doing this for others - it just has so much opportunity to be a problem.
So, since the parents paid off the house for him, he is now in a paid for house. If he wants to take out a loan against the house, it would be a home equity loan, a HELOC, or a reverse mortgage. It would NOT be a mortgage. Mortgages are for purchase or refinancing. Dave missed this.
I’ve been watching Dave Ramsey videos everyday ever since I lent money to my brother and then never got it back. Dave Ramsey has taught me huge lessons on finance
My husband and I just shopped mortgage rates for our new home, and while Churchill had excellent customer service, they had the highest mortgage rates by far.
@@FrankS111 Okay, I’ll be honest, I have no idea if that’s true. But my original comment- that their mortgage rates were the highest we shopped- has nothing to do with that, as we were not looking for manual underwriting. I made this comment as a service to those who might go with Churchill without knowing they can get a better deal elsewhere. Also adding that if their mortgage rates are higher with manual underwriting specifically, my guess it’s because they know those customers don’t have other options
Why did he even call? He clearly had a wealthy upbringing. If you can take a 0% loan for over 300 grand from your parents at 27 years old you probably grew up with money.
Growing up wealthy doesn't mean he learned good financial habits and principles. Some people who grew up rich are the worst with managing money because their parents paid for everything they wanted and bailed them out whenever they had financial trouble.
@@megalodon1726 Does he need a house at this moment or could he rent. That 300k could do a lot of things. Four years of that income and 300k could work wonders.
A detail missed (wouldn't expect Dave necessarily to catch it)... a 0% private loan, as the caller stated in passing, is not allowed by the IRS without charging imputed interest. If ever flagged, that would generate penalties and interest on the unreported forgiven imputed interest - and they would then likely scrutinize the support for.the mortgage deduction itself. To avoid imputed income, the Applicable Federal Rate in effect at the time of the loan is the minimum amount of interest that can be charged in a private loan.
His parents paid off the house for him. Why would he want to take a mortgage on a paid off house. He would be taking out a home equity, not a mortgage.
It sounded to me like he was uncomfortable owing his family money...because it somehow has started slowly changing the relationship, with his parents speaking more into his finances than they should be.
This doesn’t make any sense? He’s creating stress that doesn’t exists. Instead of working to pay off his interest free loan he’s going to get a 7%+ mortgage? Horrible advice by Dave.
It’s funny how it is assumed with that substantial income that this guy has so much intellect. The answer to this issue is a no brainer, with or without the Churchill mortgage plug
Yes. The timeline too, it didn’t make sense .. age 27, and remortgaging for a second time in a short span to get it out from under the parents? And looking to go with Churchill? Odd … the LTV ratio seemed off too, unless he had a huge deposit to put down (maybe daddy money again), or literally got the house before turning 20.
I remember years ago I loaned family money because they were desperate and begged me. I was young, broke and not even remotely in a place to give the money away, so it was a loan I wanted repaid. And it soured our relationship for a while. When they were telling me of vacations they took and big purchases, I was gritting my teeth because I would get a whiplash. You went on vacation? You brought a $$$ this; with what money? Did you use my money? You know that you were supposed to repay by now? Now wiser I get never loan money; gift it. And if that is too much to just give, say no.
The fact that parents gave money to one child and are hiding this from other family members tells you everything you need to know. They are manipulative and have favorites and know that if they are honest others won’t like that. They will end up breaking up the family
But we don’t know the whole story. It’s possible his siblings are deadbeats and the parents know they won’t pay back where as the son they loaned to they knew he would pay back. It’s a sensitive area and parents struggle making the right decisions. I’m glad I only have one step daughter to worry about but she has turned out great. It seems he borrowed around 300k from this parents. That’s insane. Even a 105k salary is it reasonable to expect him to pay 30k a year to his parents. Maybe but it would still take 10 years. Maybe he’s the oldest too and the expectation is that him and his wife are the ones who will take care of the parents. Who wants this burden?
AVP 👽⚔️🐍 A lil bit/ but ..../ There's a few others.../ But they target 🎯 them too,/ /it's cool /,your problem/ a written charge/ this is basically it/ cool
What a wonderful life to have the upbringing this kid has that comes with growing up wealthy. Ok, don't get upset peaple out there, children have great advantages growing up wealthy than not.
There's more to this story than the caller wants to admit. The parents are obviously doing good financially and they want to make sure they pass it down to their son. The guy didn't mind the help when he needed it but now it's a problem cuz the house doubled in value and he feels that the parents are giving him advice? Dude you owe the whole house to your parents!
I borrowed money from Mommy and Daddy, the biggest mistake I ever made. My question would be, why did you run to Mommy and Daddy if you already had a loan with a low interest rate? Weird.
@@nikolaig1 no my existence forced them to divert money from their stock portfolio. They said I cost them a 4% dip in their profit margin. So I feel bad.
My husband “loaned” his grandfather money. I told him he GAVE his grandfather money. I don’t do “I’ll pay you back”s. If you can’t afford it, don’t buy it. If I buy it for you, it is a gift.
@@canadianukranian509 I have no idea what your point is. My point was that i dont loan peoplE money. I dont care who they are. If money goes from me to someone, i dont expect it back. I take the risk they wont give it back. I just pointed out to my husband, not to expect any money back from his grandfather. Loaning money to people changes the relationship, not for the good. I don’t want him to be angry or disappointed with his grandfather when he cant pay it back.
@@andreacomiskey2249 my rule is don't loan out anything you can't afford to lose.
It sounds like all the problems are in his head, and there is no problem.
It sounded to me like he was uncomfortable owing his family money...because it somehow has started slowly changing the relationship, with his parents speaking more into his finances than they should be.
Yes, including other family members. The family sounds way to into his stuff already and the loan from his folks is probably more emotionally draining than it's worth.
@@JustinCase780 Agree.
@@JustinCase780 He did really say how anything changed.
@@jimmymcgill6778 He said no issues with the parents at first as they always give him advice but now it seems like "it's more the money talking" - which for me translates to them getting to be too much of a drain on his life by holding the loan over his head. So in his experience things have changed.
Borrowing or being gifted money from someone close to me, really digs at my pride so I try to avoid it as much as possible.
Great. I can borrow from you then!
@@mattlaeff724 I give you money at 5% Interest Per Quarter Year
My parents loaned me money for my first house; I made regular payments back into a mutual fund and gave them way more back than I borrowed due to the growth in the fund
Never borrow money from family, ever.
Only wheel barrow money
@@TheSmoothGrind fixed it, haven’t had my coffee yet lol.
Or from friends.
@@mikeemerson1091y’all must have terrible family and friends
While I generally agree, I borrowed money from my father-in-law for our mortgage (his idea, not mine). We have a set payment schedule (I pay first of the month, just like any other mortgage). Nothing is awkward between us, at least from my point of view. I consider myself extremely blessed/lucky, and while it worked for us, I would not recommend doing this for others - it just has so much opportunity to be a problem.
So, since the parents paid off the house for him, he is now in a paid for house. If he wants to take out a loan against the house, it would be a home equity loan, a HELOC, or a reverse mortgage. It would NOT be a mortgage. Mortgages are for purchase or refinancing. Dave missed this.
I would just keep paying my parents get an extra job to increase payments to pay it off quicker
Who else only watches shows WITH DAVE in them? I have trust issues as to who I take advice from! Plus he is much more entertaining.
I’ve been watching Dave Ramsey videos everyday ever since I lent money to my brother and then never got it back. Dave Ramsey has taught me huge lessons on finance
@Novak D I know it stinks. I hope the show doesn’t trend downwards once he officially hangs up the gloves!
Not me, I love the different personalities
@@Austenfan177 yes, this is how I felt too but you’re right about them starting to build confidence within themselves.
I like them all but Dave is my favorite to listen to.
My husband and I just shopped mortgage rates for our new home, and while Churchill had excellent customer service, they had the highest mortgage rates by far.
manual underwriting takes time
Of course they do. Manual underwriting is more expensive than the standard. Period.
Yeah but they have the word church in the name so go with them if you want to be allowed into Heaven.
@@FrankS111 Okay, I’ll be honest, I have no idea if that’s true. But my original comment- that their mortgage rates were the highest we shopped- has nothing to do with that, as we were not looking for manual underwriting.
I made this comment as a service to those who might go with Churchill without knowing they can get a better deal elsewhere.
Also adding that if their mortgage rates are higher with manual underwriting specifically, my guess it’s because they know those customers don’t have other options
Soon as he said “Alex is in Seattle” I felt bad for him.
My Dad loaned me for my house , So he was a Good Master . All payed off . All Good !
I’ve made it a goal to never ask my folks for money
Give money if you feel like it, don't loan it
If his parents are ok with it, keep paying them and go on about ur business. I would NEVER go back to an interest mortgage
This is an ad
This guy is drama queen over nothing.
You borrowed to your money to pay off thr mortgage on a 0%, to be honest, you got the better part of the deal
Also, link this show to your rep @ Churchill... 😂
Yup!
What call is this
Alex is a little light in the loafers
What
7:03 the best part.
Thats nothing compared to the mistake of getting married... relax
27 year old owns a 600k house makes 105k. Geez, Sell the 600k house buy a $400k house with cash and boom no mortgage. He's free and clear.
It’s worth that much but we don’t kno what he’s buying for
The guy is in Seattle, easier said than done.
400k house ain't want it used to be....
Caller: “My family doesn’t like Dave Ramsey”
Dave: *Laughs in rich*
Never borrow from family. It just becomes control issues.
Why did he even call? He clearly had a wealthy upbringing. If you can take a 0% loan for over 300 grand from your parents at 27 years old you probably grew up with money.
So because his parents were rich he can't have questions about money??? He wasn't 27 when he got the loan from his parents by the way.
Growing up wealthy doesn't mean he learned good financial habits and principles. Some people who grew up rich are the worst with managing money because their parents paid for everything they wanted and bailed them out whenever they had financial trouble.
That's not a silly mistake. Just pay your parents!!
At 27 years old, I made almost 20k a year. Working full time.
He has family connections you and I don't have. After all, his parents have so much money they were willing to lend him $300K.
@@megalodon1726 Nothing wrong with that either. Just another perceptive. I survived.
@@nunyabusyness762 Nearly the Same Income but Part Time so a bit more than 12K ..
Why is it affecting your relationship? Are you not paying? Sounds like a good deal. Very good 👍🏾
When you realize this kid isn't playing with a full deck
Why not just sell the house and buy a 300k house with cash?
He's in Seattle. There are no $300K houses there except fixer-uppers.
@@megalodon1726
Does he need a house at this moment or could he rent. That 300k could do a lot of things. Four years of that income and 300k could work wonders.
A good family will leverage the greater resources of the house to make all members more successful
Money poisons the best of relationships. Except between couples, it's best to keep finances and relationships separate.
A detail missed (wouldn't expect Dave necessarily to catch it)... a 0% private loan, as the caller stated in passing, is not allowed by the IRS without charging imputed interest. If ever flagged, that would generate penalties and interest on the unreported forgiven imputed interest - and they would then likely scrutinize the support for.the mortgage deduction itself.
To avoid imputed income, the Applicable Federal Rate in effect at the time of the loan is the minimum amount of interest that can be charged in a private loan.
I would never go back to a mortgage company. But maybe my family is not as bad as his!
Why get something so expensive at 27 years old?only way I’ll lend money 💴 that big if my name was on the property to make sure I get paid .
How much is a starter home in Seattle? That's where he lives.
It’s worth 600k! Doesn’t mean he’s paying a that much for it
@@reese85 Very good point.
$600K in Seattle is less than a starter home. More like a 2 bedroom condo.
@@jml9550 he is making $110k a year but if he gets married and has kids he won't have enough in the future, could have gone to a cheaper area.
His parents paid off the house for him. Why would he want to take a mortgage on a paid off house.
He would be taking out a home equity, not a mortgage.
It sounded to me like he was uncomfortable owing his family money...because it somehow has started slowly changing the relationship, with his parents speaking more into his finances than they should be.
@@Sheryl777 But he said nothing at to what they said.
I'm in the position where I'm in essence my son's landlord. I hate it. I cant just be a mom, I can't just be a landlord.
This doesn’t make any sense? He’s creating stress that doesn’t exists. Instead of working to pay off his interest free loan he’s going to get a 7%+ mortgage? Horrible advice by Dave.
$1750 a month. That’s some real stress.
Its not your problem, its your parents
At 27 its time to be on your own two feet . Pay mom and dad back ASAP.
My grandfather always told me, if you want to make a friend an enemy loan them money.
It’s funny how it is assumed with that substantial income that this guy has so much intellect. The answer to this issue is a no brainer, with or without the Churchill mortgage plug
Our parents and siblings are usually Benefactors to whom we are indebted for the rest of our lives even when the money we owe them has been paid off.
Parents yes, not the siblings. Nah. Siblings can be stupid and competitive toward you.
@@LoveLife-oo9cz Not my siblings lots of good sibling out there. Same goes for my parents
This sounds like some sneaky advertisement for churchhill mortgage.
Yes. The timeline too, it didn’t make sense .. age 27, and remortgaging for a second time in a short span to get it out from under the parents? And looking to go with Churchill? Odd … the LTV ratio seemed off too, unless he had a huge deposit to put down (maybe daddy money again), or literally got the house before turning 20.
It wasn't very sneaky. The caller dropped the name straight out of the gate. 😂
@@JustinCase780 the "caller" is probably associated with Ramsey or Churchill 🤷♂️
@@listerinr You can't even tell that he's calling from the studio. These guys are slick.
They are your parents, it is fine for them to help you. They need to offer the same help to all their kids.
Caller doesn't know what underwriting actually is
Dave just dont criticize my call of duty and my xbizzie.
I remember years ago I loaned family money because they were desperate and begged me. I was young, broke and not even remotely in a place to give the money away, so it was a loan I wanted repaid.
And it soured our relationship for a while. When they were telling me of vacations they took and big purchases, I was gritting my teeth because I would get a whiplash. You went on vacation? You brought a $$$ this; with what money? Did you use my money? You know that you were supposed to repay by now?
Now wiser I get never loan money; gift it. And if that is too much to just give, say no.
A 600k house with a 100k income seems idiotic. You'll be paying nothing but interest for a decade at least.
Why not just pay his parents back???
Something tells me he isn't current on payments to his parents and that is the cause of the tension.
Never borrow money from Churchill Mortgage.
Yea why? We definitely wont get any critique from dave
Porque?
Russian bot spotted
The one time I contacted them, they were mediocre at best. Lack of knowledge, lack of customer service, lack of personality.
The fact that parents gave money to one child and are hiding this from other family members tells you everything you need to know. They are manipulative and have favorites and know that if they are honest others won’t like that. They will end up breaking up the family
But we don’t know the whole story.
It’s possible his siblings are deadbeats and the parents know they won’t pay back where as the son they loaned to they knew he would pay back.
It’s a sensitive area and parents struggle making the right decisions.
I’m glad I only have one step daughter to worry about but she has turned out great.
It seems he borrowed around 300k from this parents. That’s insane. Even a 105k salary is it reasonable to expect him to pay 30k a year to his parents. Maybe but it would still take 10 years.
Maybe he’s the oldest too and the expectation is that him and his wife are the ones who will take care of the parents. Who wants this burden?
✝️🙏
AVP 👽⚔️🐍
A lil bit/ but ..../ There's a few others.../ But they target 🎯 them too,/ /it's cool /,your problem/ a written charge/ this is basically it/ cool
What a wonderful life to have the upbringing this kid has that comes with growing up wealthy. Ok, don't get upset peaple out there, children have great advantages growing up wealthy than not.
I love Dave Ramsey❤
There's more to this story than the caller wants to admit. The parents are obviously doing good financially and they want to make sure they pass it down to their son. The guy didn't mind the help when he needed it but now it's a problem cuz the house doubled in value and he feels that the parents are giving him advice? Dude you owe the whole house to your parents!
Why should his parents profit on his investment!!! They aren’t owed double of what they loaned! That’s not family that’s scheming on your own blood!
No. Money is involved so that means his finances are an issue which means his wealth, income and family are to be considered.
So this dude is just making things up in his head, he can’t tell any example of the strain. He just doesn’t want that debt link to his parents
I'm early
I borrowed money from Mommy and Daddy, the biggest mistake I ever made. My question would be, why did you run to Mommy and Daddy if you already had a loan with a low interest rate? Weird.
That why the church snow ball effect says pay faimly first.
Ill ask my parents for money if i have to. 😊😊 . If i need to i will ask for the max amount.
Denied. 😂🤣
My parent have never given me a dime. They took a loan out on everything they used to raise me and I'm paying them back for it.
@@firefly9838 i wouldn't. They chose to pay for you.
@@nikolaig1 no my existence forced them to divert money from their stock portfolio. They said I cost them a 4% dip in their profit margin. So I feel bad.
Being rich must be awesome.
There is the opportunity cost to the parents of investing
This is why I don’t do business with family or friends for this very reason. It gets complicated if it turns sour.
Wow
Where is christena gone ?
She was getting too flirty with George so was requested to move on.
@JustinCase780 is that true for real no way 😏 flirting with George and loses her job maybe are you kidding around
🤣😂🤣
I don’t see her in their marketing as a personality anymore