Tap Into Trillions in Home Equity | Freddie Mac 2nd mortgages!
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- เผยแพร่เมื่อ 8 พ.ค. 2024
- Freddie Mac 2nd loans! Fixed rate 2nd loans for homeowners who don't want to touch that low interest rate they have on thier first mortgage. Freddie Mac has announced a new product that is currently being commented on publicly before it is officially approved and offered.
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Wow!!! Getting more people into more debt is in public intrest??? 😂 😂
Amen and Stay Blessed!
Yep. recipe for disaster, ALOT lost their homes in the 2000's due to this BS
If people are this strapped for cash with a 3% mortgage, taking out a fixed term 2nd is not the answer. Guess they need it to pay the higher insurance & prop taxes.
or people have significant equity and want to remodel. many who take out loans arent strappe for cash but dont want to deplete their savings for a $200k remodel. or they can build an ADU with the loan and the rent will cover payments.
Amen and Stay Blessed!
What are the pro/con of this plan versus a HELOC?
For me: Risk of losing my properties, risk of perpetuating consumer behavior. Pros: I paid of a 30 yr mortgage in 2 months and saved more than $60,000; I now am using the cashflow to pay off 2 additional properties and other debt; access to additional $10,000s in credit without having to reaply.
@@DrFinancialLiteracy people are not that smart...but people like you and me will retire off of this..
Get a 2nd mortgage on my house at a much higher rate than my 2.875% which I overpay the principal every month makes zero sense.
Of course it doesn’t make sense if you don’t need it Captain Obvious
This is a valuable financial tool to help people make ends meet.
@@williamlyons3947 Now go look at the stats on how many people lost their homes years earlier due to this foolishness,
Perfect example of Politicians working against their constituents. Taking a loan against equity is easy money and easy come = easy goes. If you’re struggling with your current mortgage, what makes you think you will do better increasing your payment long term for a short term liquidity? Sooo stupid idea
Very much so
Hey Trumper, it will help people struggling with financial issues. They could also pay down their credit cards. It's not stupid! This is a genius idea. biden is helping normal working class americans
@@williamlyons3947 This is EXACTLY how people lost their homes years earlier. NEVER put your home on the line.
@@winniethepoohandeeyore2 people lose it when they don't pay back loans. Home equity loans gives flexibility. And you're wrong
@@williamlyons3947 This is EXACTLY how people lost their homes before. NUMEROUS realtor channels are saying DO NOT DO THIS.
If the home is free and clear can these be used
Yeah
You’d want to look at cash out refi vs HELOC
@@MattTheMortgageGuy I did but it just added more debt than I wanted.
Amen and Stay Blessed!
Do you think there will be prepayment penalty?
Not likely
Amen and Stay Blessed!
Is this a heloc or a 2 loan?
matt, is this loan a better option than other loans that is currently available to use your equity?
We’ll have to see IF it gets approved and IF so what the terms are. Very likely to be better terms if Freddie Mac backed.
@@MattTheMortgageGuy ah ok, thanks
Amen and Stay Blessed!
I pray this passes!
inflationary-
sir i am following your youtube channel constantly your content is very nice but your video is not going viral due to some mistakes in your optimization if you want i will show your mistakes and help you can i talk to you.
Amen and Stay Blessed!
GFC part 2
Amen and Stay Blessed!
Pretty much buddy eventually will lead to it. When your monthly debt starts getting higher than your income, party is over
@@CarlitoswayDR Amen and stay blessed!
If anyone thinks is a good idea then they have no clue on the implications of this program. It’s as if the government wants us to go into another Great Depression.
It's definitely not a good thing. Going after the last bit of equity left in the consumer. The loans no regular bank with offer because of risk.
This is like a $4 trillion stimulus package! Most people should be taking advantage of this. Biden 2024
REALLY GETTING INTO MORE DEBT IS GOOD?...
Debt with better terms if you need it.
Amen and Stay Blessed! Others have used debt in a positive way. My neighor share where they purchased a home with debt sold it for $800,000 (2006). I looked it up today and that debt at $50,000 (1970s) last sold for $2.6 million. I am currently in debt for 3 properties. Some groups in America have used debt to amass trillions of dollars and create the middle class while impacting others within a capitalist system.
not a good idea to pay off debt...this is only good if you buy a rental or something else to give you income, but this is going to crush the housing market and will make 2008-09 look like nothing...