Morgan Financial is a full-service mortgage lender with an experienced staff offering expertise in every area of mortgage lending - from purchase, to refinance, to new construction! We have built a strong reputation as an outstanding mortgage lender here in Brevard County, FL and have been serving the needs of homebuyers, real estate agents, and builders since 2002.
"Trust" your mortgage lender. Yeah, okay. And you should "trust" your used car salesman too! It's not like either one has a vested financial interest in selling you the most expensive thing! What's that question they always ask? How much can you afford to spend? Enjoy being an indentured servant for the next 30 years!
Thank you for your comment. Trust but verify. A good loan officer will give good advice. Like anything else, make sure to ask around, check out reviews and use a trusted lender!
Appreciation rate of house is most areas is on par with a savings account. Far better yielding assets exist. He's right about assets being better use of money than liabilities though
All these arguments always forget the main issue, why should a seller pay the buyers agent in any way. That contract should be separate and between the buyer and his agent. I feel a lot of people want to justify by saying the “process” is hard and complicated but I disagree and I don’t need to pay someone to sell my house and pay someone to find a buyer and then have both negotiate a price.. it’s a sellers market and will be for a long time
Thank you for your comment! When consumers buy something, the seller usually pays a commission to the salesperson, which is factored into the item's price. If the product is overpriced, it generally won't sell easily. This means the buyer indirectly pays for the commission through the price.
Thank you for your comment. That will not necessarily stop you from getting a mortgage. We would be happy to discuss to see if there is a way to assist. You can either set up a consultation through this link outlook.office365.com/book/LoanConsultation@morganfinancial.net/ or call in. Contact info is below. Hope we can help!
Thank you for your comment. Yes, it is confusing, however, the technical term for an appraiser visiting the actual property is called a Property Inspection. NOT to be confused with the home inspection that is a thorough evaluation of a home's condition by a professional inspector to identify any existing or potential issues, helping buyers make informed decisions and negotiate repairs or price adjustments. In our humble opinion, home inspections should not be waived, as it may alert you to significant issues with the home.
As long as Congress insists on overspending it will create inflation that will force the Fed to keep rates high. It's not that complicated. Anyone who says otherwise is either trying to buy your vote or steal your wallet. Maybe both.
Thank you for your comment. There are many 'what if' scenarios out there. This short shows a comparison, and is based in fact. While past performance is not indicative of future results, the average yearly return of the S&P 500 is 10.56% over the last 100 years, as of the end of February 2024. It also averaged 9.90% over the last 30 years. That being said, it is always possible that it could take a 50% drop, but historically speaking that is simply not the case.
Get the lowest monthly payment possible. Most people move within the first ten years, or every 7 to 10 years. Family size changes and relocation for careers being the reasons, typically. Just think of it as a renting for a longer term.
Any financial person who uses 8% in a simulation is a criminal. Sure, the S&P hits that every now and then, but what about a year when it loses 25%? How do you address that? Or what about 2000-2010?
Obviously this is not financial advice, however, Looking at the S&P 500 the average stock market return for the last 30 years is 9.90% (7.22% when adjusted for inflation). We thought 8% would then be a conservative number. Thank you for your comment!
$700 now maybe cheap but that aint cheap 30 years ago or vice versa if you start now what is the value of 1M would it still be as awesome as it looks now? I guess im just not as patient thats why I am not a millionare 😂
Thank you for your comment. Yes, with the same logic of inflation, $700 will be comparatively cheap in 30 years as compared to today. This is one of the awesome things about a mortgage. It locks todays housing prices, for tomorrow.
Well the people that save the money in their mortgage want to use it for other expenses.. people in these type of financial advise show think that everyone just waste their extra money but no! They use it to pay for other expenses... dentist, dr, prescription drugs, car fixes, house fixes, etc etc. They always show such a perfect life scenario kind of shaming those that dont do this "super easy way to make a million dollars"
While your calculations accurately demonstrate the long-term potential benefits of the 'Buy the 30 and invest the difference' strategy, it's crucial to address the behavioral finance implications at play. Studies consistently show that discretionary savings habits often falter during financial hardships. This behavioral aspect is critical, as the last thing people typically stop paying during tough times is their mortgage payment, but the first thing they eliminate is a discretionary savings goal. Once these habits vanish, they rarely resurface. Secondly, the average mortgage tenure currently stands at 10 years, up from the historical average of 7 years. When considering the 'Buy the 30 and invest the difference' strategy over a 10-year period, the results favor the 15-year mortgage option. After a decade of investing the difference, a homeowner would accumulate approximately $124k in invested assets and $62k in home equity with the 30-year mortgage, compared to $0 in invested assets but $253k in home equity with the 15-year mortgage. Considering both behavioral tendencies and mathematical outcomes, purchasing a 15-year mortgage emerges as the superior choice compared to the 'Buy the 30 and invest the difference' approach. The mathematics don't favor the 'invest the difference' strategy until year 20, five years after the 15-year mortgage has been paid off. Additionally, mortgage payments are more likely to be sticky, even during times of financial distress, while investing the difference relies on behavioral fortitude that may falter in the face of even slight difficulties.
This is an awesome perspective, thank you for the comment! The choice between a 15-year and 30-year mortgage is not black and white by any means, and to us, there is no definitive right or wrong choice. We hoped to present both the pros and cons of each in the full-length video. Of course there is nuance to each argument and everyone's situation is different!
Thank you for your comment. Morgan Financial is not a Banker, and we only do mortgages. When someone pays of their credit card on time, no interest is paid, so the bank doesn't not necessarily make any money from the borrower. Can you elaborate on your comment?
@@morganfinancial people love to push credit cards on to others knowing they will be irresponsible with them. There’s not many people who are able to budget for an allowance that allows for spending on a credit card. But it’s very easy for them to spend too much. That’s why I’m against credit cards. Other than for a business.
@@EllieMaes-Grandad yeah but 95% of the time the type of person to use one responsibly is also the type of person that doesn’t need to be told to get one by a social media account. And I’d also argue that the irresponsible ones are the ones that tend to listen to social media more often than not. So pushing people to get credit cards “as a good idea” is just dumb. Of course they can be useful tools. But they screw up just as many, if not more lives than they help i believe.
My husband and I purchased our first house in 2000 for 134 k the interest rate was 7- 8%.. that same house is now worth 380k at 7% that is absolutely insane to me… it’s not just the interest rates but the cost to buy a house Is a lot higher as well.
Thank you for your comment! This is a great perspective. Home affordability is largely two-fold right. One, the home price itself. Two, if you are financing the home, the rate to borrow money. In this short clip, we were trying to present a perspective, like you presented here, that the actual rate to borrow money (if we zoom out on the timeline), isn't as expensive or uniquely abnormal from the past. However, when you factor home PRICING as well, like you did here, it would make sense that a lot consumers are feeling rates are greatly inflated. We encourage everyone to check out the full podcast for an in-depth perspective :)
It is fair that 6 percent is high. When you concider that cost of living has skyrocketed as well as cost of housing itself has skyrocketed. Us median housong to income in the 1970,80s was 2:1-3:1. In 2022 we are sing 6:1 offset of income. The money hasn't gotten cheaper. The things we buy with it has skyrocketed in price. Data pulled from US Sensus Buereu
He’s leaving out why ppl want cheap money it’s bc every thing has gone up 100% since the 80s , these ppl with money don’t live in the real world and they think everyone should pay high prices bc it’s going in their pockets
Thank you for the comment! We appreciate your perspective, but would respectfully disagree. The mortgage industry has struggled SIGNIFICANTLY because of the rapid rise in rates, causing the demand for borrowing to greatly decrease. Higher rates are in fact causing money to come OUT of our pockets, as we can only sell loans that our investors will buy. We, more than anyone, would benefit greatly from rates dropping back into the 3-4% range, as demand would rapidly return. However, we aren't arguing for an increase or decrease, just simply looking at the mindset of the current borrower! Check out the full podcast for an in-depth perspective :)
@@morganfinancial you left out the part about insane price increases bc of government spending and how the American dollar is basically useless bc the government prints money , yeah interest rates should be cheap for Americans bc government can and will just print more and more like they do for continued deficit spending further reducing the value , Americans are the ones on the hook for this spending , we should have cheap interest rates , banks are making money off government reckless spending and we Americans shouldn’t be stuck filling their pockets full of cash( profits) America is in fast decline, very apparent for anyone paying attention
Dentist here: No it's not, you always offer to let the patient keep an extracted tooth but if they don't want it yes you can sell gold from fillings if they're actually gold. Usually it's not economical for a company to buy the gold from a single filling or even crown because of the extra costs associated with handling biohazards like extracted teeth, it only becomes viable en masse.
It’s called theft. Stealing property that does not belong to you. It’s sad this even needs to be explained to someone over 4. Yes, taking things that don’t belong to you, and then profiting and not paying taxes on that profit, is a big no no and you’ll go in time out, forever.
@@Ultrasonic00if their tooth has a precious metal in it, regardless, you should be giving them the tooth, period. Why would there even be a conversation??? “Hey, here’s your tooth, it does have some gold in it, so if you don’t want it, I do” do you have any idea how weird that sounds??? If they do not wish to keep it, then feel free to ask for it, be my guest, or they can make the choice to throw it away. But to revoke that choice from your patient completely is selfishly short sighted, and is theft with intent to profit and avoid taxation on your monetary gains. The fact you work in dentistry but think it’s totally okay to keep a patients personal property is fuckin mind blowing. What a scumbag. Don’t take shit that doesn’t belong to you. Is that really that tough of a concept to wrap your mind around? Actual manchild mentality, selfish and repulsive.
A lot of the new homes flooding the market are single family & townhomes for rent. A lot of builders & developers have pivoted to “BTR” Build to rent. It’s so dumb. Building homes for $2500-$3500 a month in rent. Hopefully lots of money is lost lol.
The fed only has the destroy demand button, and that is the tool that they use. Inflation is certainly coming down. That being said, we also have a supply side issue with labor and energy.
