100s of THOUSANDS OF PEOPLE GETTING SLAMMED WITH HIGHER MORTGAGE PAYMENTS!
ฝัง
- เผยแพร่เมื่อ 3 ก.ค. 2024
- When you get an adjustable rate mortgage, you are guaranteeing yourself in the future that your mortgage payment will inevitably go up if interest rates go up. Now thousands of homeowners are in the same exact situation who got a adjustable rate mortgage years ago and it is now adjusting to today's higher rate. Let's see what type of impact this is going to have on their payment and the housing market in general.
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Fortunately, my spouse and I were able to pay off our mortgage early. While we were both still employed, we took the money we had been using to accelerate our mortgage repayment and invested it immediately. Thanks to nearly 7 years of saving what would have been our mortgage payment and to maxing out our 401K/403B plans, we were able to retire early. Fortunately, both of our parents instilled in us the need of living within our means.
Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Annette Christine Conte is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment.
Great video. I worked my ass off for 10 years with no vacations, no Starbucks 5 times a week, I kept my 2008 Toyota Tundra, and I did no frivolous spending, so I could pay cash for my home……and I did just that. My home is 2200 sq ft - 3 bedrooms - 3 baths on 1.2 acres in rural Georgia. Bought my house in 2018 for $162,400. I put $75,000 into it (new HVAC, new roof, new windows, new huge gourmet kitchen) and this year my house appraised for $327,000. I plan to stay here till I die. Borrowing money is for the birds. I owe no one a dime, and that is such a good feeling.
What a beautiful reality that you secured. Thank Jesus for giving you the mind and fortitude.🎯💯
Wow great ! I'm in North Georgia. Sure is hot right now✌️
@@oweunuffin2252 It is sweltering here in South Georgia. I’m ready for Fall. 😂😂
I smell corporate wellfare.
@@TheTundraDude57 Had family in Tifton for 30 years. Beautiful place. Widowed SIL in Moultrie now. I won't go visit in the summer lol
Just started my new mobile mechanic business 2 days ago and already have 2 customers scheduled for tomorrow. God is good. 🙏
The car mechanic field has a good countercyclic aspect to it - when times are tough, folks keep driving their old cars, and they require a lot of work.
@@swampwiz,
That sound like me and my 2011 S40 Volvo. Just had an auto fix. However, I will ride the wheels off that puppy. She been dependable. And I can afford a new car. But I do not want to afford a car payment.💁🏽💯
Good for you. I wish you success. Starting a business is not easy, especially now.
@@dvaritek434 thank you sir
Keep it up you will be very successful 😃
We're living in the movie 'Idiocracy' and not the Republic that the founding fathers intended us to keep and defend. It's sad...
Let's go Brandon!
Scary as hell movie. Depressing that turned out to be prophetic.
That movie was so funny
The founding fathers found America they didn't build a damn thing. They call it freemasonry because all the masonry was free.
@@s99614 Lets go the USA is what you meant. blaming one person makes you look uneducated, anybody would know we had others before Brandon who we're messing up. Not just Trump either, keep playing the game weird ohs
You NEVER accept an adjustable rate mortgage,they go only one way UP! Come on people.
Except when they went down to
You can save an incredible amount of $ with an ARM if you know what you are doing
I once nearly fixed my loan at 5.5% just before my variable rate dropped below 2%. Now that variable rate is closer to 6.5% but I paid my house off whilst the rates were super low.
Most of the time adjustable rate mortgages are not a good idea. Back in the late 90s we had a temporary rate hike. I was selling adjustable rate mortgages ONLY on FHA......Knowing that the economy was not going to hold, and the rates were going to come back down. On FHA you Could at the time Stream line refinance with no appraisal. All of them ended up saving a lot on payments for like 2 years and I refinanced ALL of them to fixed rates with NO POINTS NO FEES!!!!. Knowing the market was key in doing the right thing. Right NOW......I cant really tell you what is going to happen over the next 12 months. Depression?????????
I guess that they think that they might as well have one last great vacation before we witness the biggest financial crash in our lifetimes!
Moral of the story: Never get an adjustable rate mortgage.
We got a 5 yr ARM in 1990 w/interest rate of 9 3/4%. Otherwise the interest would have been over 11%. It worked out fine for us b/c we sold the house before the 5 years was up and made some money too.
Yes, right now is the perfect time to get an adjustable mortgage.
property taxes will also drive them up.
@@edwardkeenan7354 Property tax is the worst.
@@benton-benton it really is
Your wife was having fun on the walk. I can tell she is proud of you. Good on ya
That Poor Woman but lucky Dogs..
If people ask to “borrow” money. Say NO!!!!!! It’s not borrowing it’s giving them money. 100% will never pay it back. Two letter word. NO!!!!!!!
just remember that when you have to borrow because it will get to that with the unprecedented financial catastrophe that will soon hit this country
Do not make a loan to a friend, make it a gift and t will save you the pain if it never comes back.
@@Baruch-Hashem My grandmother always said: "Never loan money you can't give away as a gift."
My dad had a pat line “sorry man I gave away all the money I had to give away”. They’d say no I’m asking to borrow it and he’d just repeat the line.
It sounds like you learned it the hard way.
They’re not incompetent, they’re complicit.
Updated Bank Emergency regs, if a bank risk failure, mortgage rates can be re adjusted.
Finally someone that gets it. Michael always goes on and on and on like he hasn't a clue that this is ALL being orchestrated by design. EVERYTHING they do is meant to destroy us. They are NOT incompetent if their goal is "you'll own nothing and be happy". I wish Michael would start calling it for what it is. If we don't know we're being attacked we won't defend ourselves.
@@EatMyOats and thell go up... making it so you become a failure...
Bingo! Smart people here.
I'm sorry, but if you needed an ARM to get into your home, you got in over your head and way BEYOND your means.
You can use it in your benefit and pay less interest to the bank. I did. Could tell bank was pissed when I paid off my mortgage in less than 5 years. I was paying extra to the principal every month.
@@John1908-vo1ivgood call if you paid it off 😅
Homes were going up in value so who knew they would tank overnight
Praise Jesus Christ! Please read in The Holy Bible John 14:6, John 10:10, Mark 8:36 , Hosea 4:6, John 3:16-17, Matthew chapter 24 and Revelation 21:8. HALLELUJAH! God bless.
i've been looking for a home since 2019, and my real estate agent called me a few months ago, asking if I was still looking for a home. i said yes, but i'm waiting for the rates to go down. he told me to get an ARM - and that's when I knew i was done using him as my agent.
Agree ARM loan is crazy however, rates arn't coming down for a long time.
Great job. From now on, go ahead and state that you are waiting for sellers to quit smoking stuff. 😂
Nice to see you two together in a Video!😊
Thank youuuu!!!🫶
I am happy to be here with my baby and enjoy the walk!☺️😎
Happy 4th!!!💙❤️🤍
My favorite part of this video episode: Freeze Frame on the Kitty Cat-Luv Intermission. That Tabby had no hesitation calling out to you, Miss Lisi (this was mutual). Your sensitivity to animals is so refreshing to witness.
@@KrzwlThank you so much!!❤
I love all the fur babies!😻
Couldn’t help but give him/her some love!🥰
Love it that you get family members to walk with you while you podcast
Regarding the whole Disney World thing. My father took my sister and I to Florida to go to Disney World when I was a kid (about 30 years ago, I think I was 8). I barely remember the trip. What I do remember doing with my dad (from around the same time period) is things like going fishing, or making a toy sailing boat in the workshop. Kids remember the time you spend with them far more than the money you spend on doing things with them.
I remember trips to national parks way more than amusement parks
Amen. There's something unforgettable for a child about a parent enjoying his/her company, sharing a like interest together... especially when it is in focus of Nature.
Adjustable rate mortgage is basically a stupid tax. If you entered into an ARM then you get what you deserve.
There was a girl that forgot to fill up her car and we got stranded on the highway.
Adjustable rate mortgages are too much of a gamble. My first loan in 2004 was an adjustable rate.
When it was all said and done my cheap mortgage went to $1400/month. Nowadays, that sounds good but at the time 1400/month for me was extremely rough.
I don’t know how I held on 😂
We got an ARM back in 1990 for 5 years, so we could get 9 3/4 interest instead of over 11 interest. It worked out ok b/c we sold the house and moved before the 5 years was up.
Worked out for me. Got a 5-1 arm in oct 2005. So locked in till 2010. Well the GFC happened and rates went to nothing. My base for the loan was 3.5% (lowest it could go ever) so it sat there for yrs as it is a trailing 12 mo average. Well then it started to go up slightly on a yearly reset before covid. and bam Refi to 2.23%. Had I not refi it would be sitting near 8 now as 8.5 was the Max it could go.
YOU did this thing?
I love how you address this topic with such honesty.
Founded by Freemasons
Freemasons
Same person posting po rN
Glad to see Lisi figured out her dog business so she can be with you
I had friends that took a vacation when they were in the beginnings of a foreclosure they said they deserved the vacation because of their situation. Blew my mind.
Friend of mine lost a house years ago with an ARM, said he did not know what he was signing and I told him he should have hired a real estate attorney and brought them to settlement, they are needed if you do not know what you are signing, well worth the money!
Yea but I’ll bet the realtor made out.
Honestly, if he did not know what he was signing, he is not a financially inclined person. He can blame the bank, the realtor etc, but the contract terms were right in front of him. It's primarily his fault.
Are some buyers “willfully ignorant “ ?
And most mortgages in AUS are variable ! Pretty standard in this country! Gotta protect our banks, yeah !
It’s so sad , landing company lied 🤥 to my parents that it’s fixed rate and 5 years later my parents found out it was not. Thank god they had money to refinance loan. My parents did not speak good English and I was very small to help them out. Now they retired in their 50s and moved back to Europe.
I intend to cancel my vacation this year, because instead my focus is paying down or off my credit cards and vehicle. Several cards are now at zero balance and I started doubling my vehicle payments to be done in 18 months God willing. Once all of that is done then the focus will be my house.
Imagine taking on debt to go to Disney 🤦♂️
It's definitely alarming to hear about a default cycle, especially in the context of the housing market. Defaults can lead to foreclosures, and that has a cascading effect on the overall real estate landscape.
While it's concerning, it's important to look at the broader economic context. A default cycle doesn't necessarily mean the housing market is completely finished; it might signal challenges, but markets are dynamic, and they can recover.
But if more people are defaulting on their mortgages, doesn't that mean home values could plummet?
Yes, that's a possibility. An increase in foreclosures can lead to an oversupply of homes in the market, putting downward pressure on prices. It's the basic principle of supply and demand.
How can people address concerns about their property values?❤❤❤
Now might be an ideal moment to reevaluate your financial status. If you're worried about your home's value, consulting a real estate professional or financial advisor could be beneficial.
Taking the kids out to dinner at a restaurant where you don’t carry your own tray to a table probably costs $400
I took my parents to Luby's. I was insulted that they expect tips
I guess I'm about to find out this weekend with the grandkids, lol.
@@johnh8705that bill went to the restaurant and the rich folks that own it .... not the "help" that is actually doing the work. Those folks get mostly paid by tips. You're not a real good person. That waitress probably is struggle even more than you are.... next time you go there they are probably going to spit in your food.
$400 is a month’s worth of food for my wife and me. Beef, chicken, pork, vegetables and fruits. No packaged garbage. Can’t imagine spending $400 on a single meal.
My best friend (with bad credit) had an APR mortgage on a house she couldn't afford in 1997, but was just able to make the $450 a month payment...until the APR mortgage kicked in just before the housing bubble burst in 2008. One night she called me in a stark, raving, panic that her house payment was $728 that month. All due to her APR mortgage, and a 'dodgy' mortgage co. When Barack Obama became president he bailed out greedy, tanking banks (then went ballistic when told bankers gifted THEMSELVES with millions in BONUS'S of the federal money meant to stabilize the banking system) and allowed her to file to get out of the APR mortgage. Your right, Michael, the Simplest Pleasures bring the happiest memories. My Mom & I going for ice cream sodas together after the library. My Dad & I eating watermelon in the summer sitting on the edge of the porch, him challenging me to a "Seed Spitting Contest."' We never went to Disneyland, he would've NEVER spent money on that, at all. People are in for nasty financial shocks.
I believe Bush II and Paulson bailed out the banks by creating the $700 billion Troubled Asset Relief Program (TARP) to purchase failing bank assets.
That program was called HARP (Home Affordability Refinance Program). It DID help a lot of people (the ones that were diligent enough to refinance and or get a workout program AND make the payments).
Everyone could have had their mortgages paid off and the banks could have got their money back that way in 2008 but instead the bailout went directly to the banks while the homeowners were screwed......unbelievable. It will happen again soon. Unfortunately, the peons are not too big to fail.
The bank bailouts in 2008 (TARP--Troubled Assets Relief Program) occured under the Bush admistration. The Bush administration also bailed out GM and Chrysler so those two entities could contiue making crappy cars and trucks.
@@treesnmoguls Thanks. I didn't know the program's title. I know her son called, told her an office opened in our county/city bldg., get house papers in order, get over there fast. She did. Yes, her house was refinanced out of APR rate, saved her. At least she had her home when she died of cvd-19 in 2022. Kids have it, now.
Wife is Beautiful!
Love her sun dress.
Oh, she's contributing to the video alright. 😅
@@DavidClark-vu3dw when Mike said she was not going to contribute to the video....I was like Ummmm you just dont know.
Yea, Michel is punching way above his weight.
@@DavidClark-vu3dw😂😂 I can’t. I am not as natural as Mike to speak in front of the camera 🙈
Thanks for watching David!🙏❤️
The most beautiful part of your walk today is Lizi ❤🎉❤
I will definitely second that.
Thank you for your remarks on the forefathers of this country. They really would be sadden on the way things are. It's crazy everything that is going on and how dumb people are. This isn't what I fought for. Things are about to get really bad. I truly appreciate the facts that you provide with your opinions. You are spot on. Thank you!
I feel the same way you do.
We've only bought 2 houses in our lives, but neither one was adjustable rate mortgage. At least we were that smart.
Me too but paid cash no mortgage
I was called paranoid and silly when shopping for first home because I did DD, math, and read several books about buying a home.
Things like this is why. There was a whole chapter explaining in great detail about fixed and adjustable rate mortgage.
Also learned from books how to get a mortgage with zero credit.
My 11 year-old REALLY wanted something, said he’d “pay me back”. I had this realization I am NOT his credit-card, did NOT want to teach him credit card-use, & made him work and buy the thing himself.
He did, bought the pet himself, and now it’s a new lesson he’s learning in taking care of one’s possessions. TRYING to raise-up a responsible-adult here!
Enjoy your summer!! That sweet cat remembered Lisi and said good-bye as she passed by again! 😍 That was so sweet.
Love Cats! They are great. 👍
@@shadowfilm7980... I have five cats... love all my fur babies!!!!:-)))
@@shadowfilm7980And so independent and smart!😺😻🫶
@@shadowfilm7980Indeed they are!!!🫶😸
I love your wife extending her hand to pet the kitty. ❤
I can’t help myself!!!😻🤍🤗
Thanks for supporting his channel!🙏
Actually not healthy..cat could have had fleas
@@tamjeanell Please tell me you are not being serious.
@@tamjeanellIt’s more likely that the cat had an adjustable rate mortgage.
@@TwoPyramid👏👏👏👏👏👏👏🤣🤣🤣💀
Them people with adjustable rate mortgages took the snake in
....
In 1980's the same thing happened with ARM. Some of my coworkers back then saw their interest rates went up to 13%. I was taught by my father back then, to get a fixed rate;; your budget is harder to control otherwise.
Anyone who accepts an “adjustable” mortgage knows exactly what it means. Stupidity is its own punishment.
Some of us do not want to stay in the home forever.
In some cases they are better. Really just depends on your situation and macro environment
Sorry, no. My friend had zero idea what APR mortgage meant. She was one, of tens of thousands, who were 'egged' into buying a house who had only lived in rentals her whole life, during the "Housing Boom." (Then, the 'boom' burst.)
@cassandrawright-mq5kp you friend should've read a little bit about ARMs, home ownership and associate maintenance costs and really is her fault. There is so much research anyone can do for free on the internet and can educate themselves. Not everyone is meant to be a homeowner. People bad with finances are better off renters.
@@John1908-vo1iv Yes, she knew she'd been 'sold a bill of goods.' She wanted her kids to have a home, a yard of their own. As she told me, "I didn't want them to be raised with the idea they were apartment rats." I don't require lectures about her mistakes or judgmental picking apart. SHE, like thousands of others were 'conned' by unscrupulous lenders with easy flowing cash, real estate sharks out for fast commissions, smooth talking agents and ALL the rest who caused the "Housing Bubble." She is deceased, her house is paid for...by her, alone. All of her sons are current homeowners. She did well.
Have no debt!
Agreed!
Debt = Slavery
My mortgage was $2,600 on a house I bought back in December 2021, the mortgage is now $3,300 because of higher taxes and insurance rates. I have a fixed rate... and am still getting wrecked because of it. Unfortunately my situation will only get worse because I will never be able to refinance or get relief later in the future. Obviously an ARM is worse, and the problem will be EVEN WORSE, but this problem is MUCH more wide spread than just in the ARMs.
Parents around me always using their kids as excuse to buy things like skis, mountain bikes, trampolines, etc and go on multiple vacations, concerts, out to eat, movies, etc but then bitch how much everything costs. It's insane!
Lol. Consumerism isn't a sport.
Gotta keep up with the neighbors!
I remember many using kids as an excuse to buy big SUVs in the 90s.
Even to this day people forgotten all about bunk beds and buy homes with one bedroom or one bed/bath per child.
@@blackworldtraveler3711 exactly...me and my 2 brothers shared a room growing up. Not kids these days!
@@994pt4 Well, maybe you are confusing certains aspects... If I'm working hard to have a decent life, I will have money for it. Now that I have my money, I'm going to use it for my familly, especially my kids. The fact that I can pay for a bicycle, a hamburger at Mc Donald or a movie, it really doesn't mean I cannot bitch about the high price I'm paying for all of this. Because we are living for few decades now and I remember the price it was before, even in the 80's. Your point is to not buy anything to have the right to bitch about the price of something, which I completely disagree with obviously. Your own reference from your own past and f-top familly and childhood isn't something to take into consideration here.
What gorgeous trees everywhere
Redwoods
Yes, but very dry trees that could easily catch fire ...
@@swampwiz Redwood trees are famous for outliving all of the trees when it comes to Forest fires.
But they may have to be very big, to handle that.
@@jakeforrest ... and sequoias actually flourish in fires. That's when they drop their seeds.
Welcome to California Michael! Shouting out from Sacramento. It is 101 degrees here (now)
127 in Palm Springs
@@TOCC50😮😱🥵
I can't tell you how valuble this channel is...Thanks Mike❤
Our Grandfather was the Head Mechanic at Disney World. We went every year..stayed in the Polynesian Hotel...BIGGEST MEMORY..Sweeping out the coins in the shut down MAKE A WISH FOUNTAINS with my Grandfather. 😂😊
Well peoples heads are so broken, it's handy to have a mechanic to fix it.
I love the food at Poly and it's on the Monorail!
Hi Michael and Lissy 🌻
So good to see you two again
Actually Lissy is contributing . . She is a positive and supportive partner in your life.
Love your channel 💞
Borrow for vacation? Crazy. An out of town vacation is a treat when you have the money for it.
Aint parting with my 2.875 30 year fixed that we overpay on ever since our first payment was due
Same madnes all over the world. Greetings from Finland, Europe is sinking boat too. People have lost their minds totally.
Pausing to pet the cat: sweeeet!
I couldn’t help myself!!!😻🤍❤️🙏
Feeling pretty good about my 30 year fixed 2.25% right about now.😃
Same and a house that is almost paid off. That is my next goal.
Same 2.75 here.
1.8% for 15 years during Covid!
I Laughed so hard when I read that article. Can’t fix stu pid. 🤦🏻♂️🤦🏻♂️😳🤣
A Loan Officer forgot about her Mortgage in the home she lives in. What a joke. Loan in 2016 and didn’t swoop up 2% Fixed in 2021. No the Smartest LO.
It is really dumb . The stories keep getting funnier.
Maybe its like how "the mechanic's car never runs".
WELCOME BACK TO SUNNY & HOT HOT HOT CALIFORNIA! When I bought my first house back in 1984, I got a ARM just because I couldn't qualify for a fixed rate. When the rates stablized at a good fixed rate, I refinanced for one with the help from my Dad. I'm now living in my 3rd house. Have a only a few years before the loan is gone. I will e retiring in a couple years from the USPS like your Mom. I will have no debt and hopefully I will have an idea on what to do in retirement. I REALLY ENJOY ALL YOUR VIDEOS AND I LEARN ALOT FROM THEM. KEEP THEM COMING! HAVE A NICE 4TH OF JULY AND BE SAFE!
You are one of the few success stories. Well done, Sir.
My mom bought her house in 2005. I was only 16 years old and I remember her saying vividly never get an adjustable rate mortgage!
California is the most scenic and beautiful state in the U.S. It has mountains, beaches, desert and, just about every climate you would want. That's why the wealthiest people from all over the world want to live there.
I have traveled all over the United States for over 50 years and there’s lots of great places to visit, but as far as a place to live, nothing beats California.
Colorado is too ,
@@veronicapadovani4243 Veronica, No ocean views and no beaches in Colorado.
@@Scorpio1060- Especially if you're wealthy.
Yeah unfortunately for us native Californians, too many people from around the world move here and drive housing prices through the roof!!
It's not about taking your kids to Disney World. It's about the ability to brag to your friends and family about how you took your kids to Disney World.
You just described Facebook. Bragbook
..............and we are interested to see the videos and stories of Gay Micky 🏳🌈
Disney sucks. $180 dollars for admission, $10 bottle of Coke and you get to wait in lines all day to ride 4 rides. Yeah you can get the fast pass or whatever they call it now but you're still only going to ride a handful of rides per day. Total waste of time.
@@michaelpowell7120 Actually I couldn't give a care .....less , were you dropped on your head as a baby😢....
@@mulatto2776 Your damn right but I can't take the money with me and my little ones have so much fun in the moment.
Happy INDEPENDENCE Day 🇺🇸🦅🇺🇸
Can't wait to see what else you have up your sleeve!
😆very funny. He never wears sleeves. 🤣
@@beverlyweber171😂😂😂😂
When Admiral Ackbar said the words, "It's a trap!" he wasn't talking about the death star. He was looking at adjustable rate mortgages.
Gorgeous trees and neighborhood,another educational video, thank you Mike😊
The best memories are the simple ones
I remember, it must have been 20 years ago now, there was a commercial that really stuck with me. Starring a nice young middle aged couple with a pet monkey. The monkey was symbolic of a variable rate mortgage. In the beginning of the commercial, the monkey was calm, but as "time passed" the monkey became erratic, trashing the house. It was probably a commercial for a refinancing company? I learned back then that a variable rate mortgage was a bad idea. That commercial was kind of a work of art.
Hi Michael, down here in South Florida, roasting!
south florida born... i sweat in my house last night in Northern Michigan.. i know heat heh
Still dodging hurricanes...
Oh yeah, I know as hot as it is here. It’s worse there.
She is contributing by waving and saying Hi. :)
Can ppl be that stupid they don’t realize that goes into National Debt, Then we all pay.
Hiiii!!!🤗 Yes, I cannot talk in front of the camera, I am way to shy 🙈 but am very talkative when in person unlike Mike 😂😅
I just want to join him on this beautiful walk and enjoy my time off from work next to him as much as I can!🥰
Thanks for watching and supporting his channel!🙏
@@Lisithedogwalker OMG!!!! What a beautiful response. Mike is a lucky guy.
Its summer,its hot everywhere..
Hey Mike N Lisi. Glad you made it west. ❤
Hiiii!!!🤗❤️
Palantir stock is stuck in a debilitating downtrend and looks just attractive for a long-term investment once the short-term volatility and smoke settle. Right now i'd appreciate suggestions short-term opportunities that could fetch $50k or less..
Don't be in a hurry to get back in. The market needs several days of strong performance to signal that the downturn might be over; It's a time to be largely, if not entirely, in cash
I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
My CFA ’ANGELA LYNN SCHILLING’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
Thank you for sharing your family with us. What a blessing to have such a wonderful family.
Thank you so much for your kind comment!❤️🙏
We're brainwashed to keep going in debt when the answer is that the government needs to spend less and reduce our taxes!!! Then we'd have more money to spend!
In order to get out of this mess they will need to cut spending and raise taxes to pay down the bill. They won't do that, which means next we get stagflation.
@@bpb5541They never change. They spend spend spend IRRESPONSIBLY and give trillions away and then stick us with the bill. It’s infuriating. The government having a blank check is like giving an alcoholic a job as a bartender, they just won’t be able to help themselves.
Just a tip in case you didn’t know you should be on the outside of the sidewalk to protect your wife. I’m not being mean. I’m a 77 year old grandma who misses that gesture from my husband. Maybe I’m out of touch and men don’t do that anymore. Take care. Lovely wife.
Well said. My mom raised me right as well. All the best. Always.
Not when he is filming. He needs to be on the inside because he can get distracted or get hit by a car.
@@User122-qi6md I understand your point.
Appreciate your comment and concern Kathleen.❤
I actually didn’t know about that up until last year when someone else also made a comment about it!😃
But honestly I don’t mind bc I am just following him along the way and he needs to concentrate/focus on send you guys the correct message/information while he’s holding the camera and also watching his steps.😅
I am all over and also watching my steps as sometimes there are lots of obstacles on the sidewalk 😂
Thanks for watching!🙏☺️
Women these days aren't worth it.
Beautiful scene when Lissi said hello to the kitty on your walk.
I had to!!!😻🤍🙏
An ARM is not good for everyone, those people will certainly be struggling. Happy 4th Michael and Lisi!
Happy Fourth of July, Juliet!
Happy 4th Juliet!🙏💙❤️🤍😻🫶😘
Great sunglasses I can see Lizzie walking in front of you through the reflection it helps you hold my attention while you're talking
We rolled the dice on a 5-year ARM back in 1993. We got lucky that we were able to refinance at a similar 30-year fixed rate than the ARM wanted to jump us to. Refinanced later to 4.25% and riding that out!
My wife and I have been looking for a small vacation home up north. I told her this exact same thing. “Adjustable rates are going to start adjusting”. I look to the fall for a lot more homes to be on the market
Great idea, we are doing the same
Most of the time adjustable rate mortgages are not a good idea. Back in the late 90s we had a temporary rate hike. I was selling adjustable rate mortgages ONLY on FHA......Knowing that the economy was not going to hold, and the rates were going to come back down. On FHA you Could at the time Stream line refinance with no appraisal. All of them ended up saving a lot on payments for like 2 years and I refinanced ALL of them to fixed rates with NO POINTS NO FEES!!!!. Knowing the market was key in doing the right thing. Right NOW......I cant really tell you what is going to happen over the next 12 months. Depression?????????
Thank you for your wife joining you in the video! She is so sweet; it is nice hearing your analysis and seeing her admiring the scenery. Y'all make a great couple!! Love the kitty cat!!! Hope y'all had a great 4th of July and thank you again for the great videos!!!
Thank you so much Brian!🙏❤️
I couldn’t help and had to say hi to the cutie cat!😻
Happy 4th!!❤️💙🤍🙏
Beautiful area, enjoyed the video Michael. Thanks for taking us subbies on your vacation 🙋🇺🇸
fun fact. the rest of the world runs on adjustable rates for mortgages. its only in America that we have 30 year fixed.
the people that are getting slammed are the ones that bought something they could not afford to buy in the first place.
I knew this was true in Canada but didn't know it was common everywhere else.
I got an ARM and lost my home in 2008.
Always great to see Lisi by your side Michael! Welcome back to CA 👋 .. Here in O.C. it was 75 degrees at the Huntington Beach July 4th Parade (largest parade here on the west coast). Hope you two can sneak down to OC this time (?) .. safe travels !!
😊🌴☀️🏄♂️
California is so beautiful, the problem is its liberal and corrupt government. Hopefully one day not too far away we can fix that…
How is the government in California corrupt.
FDJT, U & MAGA 🤡🤡🤡
I think you're confusing CA. with Texas or Florida.
Life is happier when ya don't live it through a political lense. Try it.
How is ca corrupt? Oakland mayor about to be in prison. 24b in homeless funds unaccounted for. PGE and Panera in Gavin’s pocket. It is honestly getting like Chicago level.
Love to see Lizzy back on the show.
Thank you so much!🙏🤍
I am happy to be here even though I don’t contribute 😅😆😂🤣
@@Lisithedogwalker To be quite honest ... you both offered up a very enlightening & entertaining vacation video ... I believe it was the B&B house. A real look into vacation rentals ... well done by both of you guys :)
@@b-villeboy2704 Well, thank you! Nice to know you happy with the channel!🤍🙏☺️🤓
How could you just forget you have an adjustable mortgage? I refied my house 3 times because the rates dropped. With the VA IRRRL I was able to refi for only 0.5% funding fee. I told every vet I know to take advantage when rates were below 3%. A couple did but most blew it off.
You don’t need to REFI, just make a few Principal Payments.
116 here in lancaster CA...aahh, beautiful lancaster...come for the heat, stay for the twilite zone. To quote William Shatner "will we be able to get out of here today".
😱🥵
Fantastic presentation Michael.
Absolutely love the scenery with all those majestic Redwood's
Thankyou for you're ongoing Crusade of realistic, factual information.
Cheers!! from Queensland, Australia
Great video Mike you should head down to San Diego County weather is paradise.
I think one thing everyone may be missing is that Millennials have mostly given up on things and have adopted a live for today mentality. I believe what we are seeing is an, "eat, drink and be merry for tomorrow we..." mindset.
They've lost hope because they've been screwed over by prior generations.
My in-laws laughed at me when I told them interest rates would be going up 2 years ago. They also have an ARM.
All interest rate talk aside; your wife is super elegant and a cat lover too!
Why didn't they get a fixed rate?? Back in 1984, I had a 30-year mortgage fix rate. My payments were $452.54 a month & never went up in all those 30 years. 🏠 🤔
You must pay insurance and taxes out of pocket then otherwise, payment would be much higher.
Well that was frowned upon as it was realized back then by bankers that inevitably a certain percentage of mortgages would fail and they would lose money , but over time they decided to get what money they could and simply resell the house , a losing proposition really
@thelastboomer9088 my insurance & property taxes did go up, however, not by a lot. When I turn 65, I qualify for a Homestead, which reduces my property taxes. Oh, I paid my mortgage off earlier, which saved me even more money 💰👍
@craigdurso3005 After 20 years into my mortgage, my bank called & told me that I can refinance with an adjustable loan, which will lower the mortgage payments by $65. The problem is, it's a 20-year loan. I told them NO, why would I extend the loan to 20 years while I have 10 years left on my current loan?? 👎
My father bought a adjustable mortgage in Orlando, back in 1975. By 1979 he was pummeled with an astronomical payment.
Houses were like 50k back then. Even if his rate doubled his payment would be miniscule
@@user-df2mn5bx2q The average income in 1975 was $11,000 - $14,000 so the effect would be the same. It’s all relative.
@@user-df2mn5bx2q wages were a LOT lower in the 1970s, his father may not have had a good paying job either. And during that era rates went over 15%. People today are crying about 7% rates. 50k back then is worth like $250,000 in today's dollars.
@@Ziegfried82 but he called the payment astronomical.
Happy Independence Day Michael and wife and all !
Happy Independence Day to you as well!🙏💙❤️🤍🇺🇸
Super glad y’all made it safely. I know there will be a lot of work but please have some down time. My very best for a great summer for you both.
Why on earth would anyone, especially a mortgage broker, get an ARM in 2019. Fixed rates were only maybe 0.25% higher in most circumstances. She must be completely incompetent as a mortgage broker. I never had an ARM conversation during that year because it was idiotic.
Never stay with the significant other because of the kids! I did & it ruined their lives & mine. In fact one will be in therapy for the rest of her life. Screw that saying.
I agree. I never understood that saying. How is being miserable and depressed in a marriage healthy for you or your kids to be around? Such a ridiculous saying tbh.
@@LD__2416,
The worst decision. Too many bad examples with two miserable people 🫣
Mine too! Unfortunately
A few years ago some company did everything but ride a unicycle backward while whistling Dixie trying to get my parents and I to refinance from a low interest VA loan to an adjustable rate loan. Obviously we said not no but hell no. Damm glad we did.
Glad to see you both in today’s video!
Adjustable rates, adjust you right out of your home.
Welcome to California! If you make it down to the Monterey Bay Area while you are here I’m going to look for you so I can make a cameo “Hey! I watch your videos!”
Welcome to California, I was born and raised in a little town about 20 miles East of downtown Los Angeles. Happy fourth of July...
Very Nice Video Location,
l love those Big Redwood Trees like our Mountain Ash the Giants of the Forest in Oz.
Great Subject Matter Too.
Thanks Michael and Lizzie
🍻😁👍
At least we beat Medicare!
😆
Thanks Michael