If he had bad credit and paid for his monthly mortgage at 19%, after a while his credit would go up and he could apply for a lower rate. 19% is outrageous for a mortgage -
No, the worst part of this scenario that no one talks about is IF you pay ALL the Principle and Interest...YOU STILL OWE FOREVER! They call it "Property Tax". Imagine they take the house for not paying taxes after you've paid for it in TOTAL! That makes the Government your permanent Landlord. So crooked!
You dont have to pay property tax. Its a government scam. If you own the land, you pay no property tax. Ask yourself why some people need to pay it and others dont in the same country
Man y’all are dumb and don’t understand anything. You will lose anything if you don’t pay for it!!So what are the positives to renting??? also why would you buy a house with a 19% interest rate???
In the USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
Considering the present situation, diversifying by shifting investments from real estate to financial markets or gold is recommended, despite potential future home price drops. Given prevailing mortgage rates and economic uncertainty, this move is prudent, particularly due to stricter mortgage regulations. Seeking advice from a knowledgeable independent financial advisor is advisable for those seeking guidance.
I've remained in touch with a financial analyst since the start of my business. Amid today's dynamic market, the key difficulty is pinpointing the right time to buy or sell when dealing with trending stocks - a seemingly simple task but challenging in reality. My portfolio has grown by more than $600k within just a year, and I've entrusted my advisor with the task of determining entry and exit points.
@@hunter-bourke21 Could you guide me on how to get in touch with your advisor? My funds are being eroded by inflation, and I'm seeking a more lucrative investment strategy to effectively utilize them.
Sure, the Investment advisor that guides me is *Mary Onita Wier* and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
Thanks, I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.
Are you willing to save up 150k and loan it t someone for 30 years all so they can pay you 10k at the very end!?!? A bank charging this much interest is not Ursury. They are giving you the chance to own a home 15 years before you would be able to do it on your own. Ursury would be more like “ we’re going to still charge you interest after you’re done buying your home because we know you love your home”
@@armando7257The chance to live in a expensive nice home (immediately) is through renting one for most people. It is definitely usury to take a mortgage. You think they're giving you a chance? Don't make me laugh, you either A. pay back all their money with interest, B. don't pay and they take your house or C. Die in the middle of paying it and they keep the money you gave them along with the house. I'm sure they made tons from just *C*. If you just think about it for a minute you'll realize that 15, 20 or 30 years is a long time where anything can happen to you. These banks made death their profitable partner through mortgage.
@@armando7257 take advantage of someone in need is consider haram in Islam. If you want to HELP someone who needs money , you HELP HIM with lend him the money (without interest) OR you help him with doing real business with him (with fair profit sharing agreement) OR you simply just give him the money. Interest kills human empathy. Interest creates hedonist society. Interest widen the gaps between the poor and the rich.
@@armando7257 to the average person it’s not a bad proposition, but in Islam is forbidden to charge interest ( which is what the sheikh in the video is explaining). Typically Muslims Take out a interest free loan when purchasing a home to avoid this. Hope this info helps.
We live in a corrupt society but Allah (swt) will protect us and be with us as long has we have faith to the all mighty. May Allah grant all faithful believers Jannah inshallah🤲.
You pay the taxes to go to school and use the roads. Society as a whole has to pay for that. Some of you people don’t even pay real taxes, 2k a year or some. BS. In a well maintained area with nice schools and all that, a decent home is 18-25k a year in taxes.
That is so true 👍 I guess it comes down to the lifestyle you want to live, I prefer a home to apartment living, for the peace and quiet, no shared walls, however I do like that maintenance be Thier responsibility, for me owning is a personal preference, I know I am technically a renter even if I pay it off, but at least my cost of living will go down until the property taxes get to high then i will have to sell, but if the property taxes are high, that means I should be walking out the house with alot of money if the home sell at what it was appraised for
No it is not. I’m not Islamic and I know that it’s not forbidden. It’s the unjust amount that is. And that came from the older abrahamic laws(judaism and Christianity) Islam just adapted it. If someone sells you something, legally and morally they have a right to charge interest. If someone helps you to do something and then forces a fee or interest that radically too high, that’s called ursury and that’s what’s condemned as sin in the abrahamic religions
@@armando7257 there's not such thing as abrahmic religions. Abraham was not a jew nor was he a follower of christ he was a Muslim. Muslim means someone who submits his will to go God and he did when he was told to sacrifice his only son which he tried to do.
@@mo10373672 I don’t think you know your history. All three religions of Judaism, Christianity and Islam come from Abrahamic beliefs. If you’re a Jew, you believe in the God that Abraham revealed. If you’re a Christian, you believe in the God Abraham revealed. If you’re a Muslim YOU BELIVE IN THE GOD ABRAHAM REVEALED!!! If you don’t know this, you don’t know your own religion! The 3 are abrahamic religions
State and government have the Allocated title. Last I checked to get the land back it was around 23 trillion dollars. Prolly way up now due to inflation ect.
If you get forclosed on, you get an equity payout and the bank lists the house on the market for what it is currently worth. You arent quite left with nothing
@@dopemoney23 why would they give you back the INTEREST that you paid? That's literally the money you agreed to pay them for lending you the money to buy the house from whoever currently owns it. If you end up not keeping your end of the bargain, why are they going to give you their money back? That doesn't make any sense.
@@JulianVR4 you corrector but like when Covid pop off lotta people lost their jobs and homes etc …. So from that standpoint I understand under certain circumstances… but still you don’t own your home even when it’s paid off
@@dopemoney23 you own it and the property as far as being able to sell it to the next individual willing to pay for it. But you're always going to pay property tax unless you're renting. EVERYONE pays property tax. Unless you're Donald Trump and can take advantage of institutionalized shady dealings.
U paid off a mortgage last month really So the PRINCIPAL OK THE INTEREST OVER 30 YEARS ON THAT PRINCIPAL HMM...THE TAXES OVER 30 YEARS HMMM THE INSURANCE OVER 30 YEARS HMMM THE MAINTENANCE COSTS 30 YEARS HMMM. THE MTGE IS PAID OFF KOOL! NOW THE CARRYING COSTS GO ON... SO IN REALITY YOU ARE BREAKING EVEN OR A LOSS THE INTEREST GOT U PROPERTY TAXES GOT U MAINTENANCE AND UTILITIES GETTING U......THE WORST INVESTMENT U MAKE IS A RESIDENTIAL PROPERTY THE WORST.. AH THE AMERICAN NIGHTMARE I MEAN AMERICAN DREAM.. jb
Are you sure about that, cuz it never ends. After the mortgage comes the property taxes and if that is not paid every year or so, they can still take the home you work for way from you.
@@riverlife2379 yea, its a wash. If we are lucky and the value has increased significantly over 30 years. We may break even at best. If your going to do it, its better to do a 15.
This is right on the money with this information! It is brilliant to see this type of leadership within our communities! We need more men like you all over America!
I remember during the pandemic ,in Morocco a woman who was a single mom ,was renting a flat. Because of the pandemic she was not able to work anymore and the landlord kicked her out to the street with her kids. All the neighbours gathered for her and made some sort of crowdfunding around the neighborhood and got her to buy a a little apartment without needing to get a mortgage. If communities communicated better ,no one would need a mortgage
@@sisternum9022 I mean ,it's very idealistic. Moroccan people do it on a lower scale usually. Between a neighborhood, or a group of friends or neighbors of a same building as it was the case of this woman. It's to keep people with an extra. Every month whatever is gathered goes to a different family ,and if there's an emergency in one family they might let them go first even if it wasn't their turn etc. But if it was done on a higher scale and people were more communicating. Banks would not be this necessary.
@@terrancecharles2169 you can sell it as long as you make enough money to pay the bank off. They can't stop you from selling it you just have to satisfy the lien
Interest is born by the whole society. Take the value of the dollar. That has to do with the ability of our government to pay off DEBTS. Interest is why we are having high inflation right now. 90% of money isn't real because of interest. So your money in the bank was actually loaned out to someone else and on and on. That's why bank runs are dangerous. 90% of the people will end up without anything.
@@raunletrellewhere the state now indoctrinates your child into homosexuality, lesbianism, transgenderism and all sorts of other moral corruption and aberrations
That's what usury is, make money from money without any effort, and not from an honest trading of goods or provide a service and so on, which means rich get richer and poor get poorer.
@@drsomeone1 Now you see why Jew zionist never work just make money by Interest and also buy Nobel prize for their charlatans like Einstein who cheat and steal an idea from other poor scientists and the physics community still wonder what they should do,
What most people don’t know is when they “sell it for more” they usually owe you what you put in minus maintenance expenses so ALOT of people have unclaimed money at their county courthouse and don’t even know it!
In Africa, I own my beach front home, it is well maintained,owns the land ,owes no bank, and when I pass, my kids take over and later pass it on to my grandchildren
Getting it paid off is not achieved by all people who brought a house. If they happen to have a partner or kids, there's no house, often woman gets it, pay the reaming 100k and pay for the luxury of your ex having security.
Parents can be as worse as children sometimes. Especially if they fight. And nobody fixes shit for a $200,000 plus home at one time,that dwiddles down to becoming a shit hole!!! because nobody took responsibility in fixing stuff,and becomes less than $20,000 on the market!!! You have to keep up the maintenance and update shit,if not,you better off raising your children in a tent and save yourself a headache and heartache down the road!!!
Worse is property taxes, your house could be completely paid off, but same situation happens, then the government takes your house instead, and you can never "pay off" property taxes.
@@cmdrfunk exactly, or complain their school has no funding😂 also, it’s like these people never heard about paying additional monthly toward principal. No one told you to pay minimum and blow the rest on bullshit to look rich🥴
@John Doe So those people shouldn't complain the school's their children are attending need better books and equipment? Better schools lead to better education which leads to better paying jobs. I am glad you have the means to pay additional towards your principal; however, that's not the point the gentleman is trying to make. What happens if you get sick, car accident, death in the family, loss of employment or the same thing happens to you spouse. That has nothing to do with education or how someone spends their money. Let's say we are all like you and pay of the home. You still have to worry about property taxes for the rest of your life. It's probably better your people stay as Jhon Doe's.
@@sneakin3274in the sense that you'll die and leave everything behind, it's certainly true. The only thing we truly own is our souls and whatever we fill it with, so our character. That's the only thing we take with us, as it is one with us
I have a question. Let's say you continue to rent for the next 30 years. But had you got a mortgage for 30 years, you'd be paying the same Monthly amount (equivalent to rent per month) but then you have a chance to own the house (if you don't die, or lose job etc). My question is, what Sheikh is saying doesn't make it any different for Renters, when you lose your job, etc then again the house was never yours 🤷🏻 So if I mortgage and not fulfill in 15 years, I understand I don't own it (yet), no difference than renting then. So mortgage comes with an added advantage to renting, and we're not even the victims. So where's the problem? Please don't answer "because it is haram". I just didn't understand the logic of the Sheikh, his example doesn't make sense if the other option is renting someone else's house anyway!
I walked away from a house during the mortgage crisis and turned around and paid cash for a house during the same time. Health insurance,car payments/insurance and a mortgage are the biggest rackets going. It’s all to keep you from financial freedom.
that analogy sounds good but lacks logic. A person can take a life, the system can take ur kids. Doesn't mean it's not urs, just means we live in a thieving az world and the system is💩
That's a lie. Many things that you "own" can be taken from you. If you use a gun that you own to commit a crime, it can be taken from you. If you violate certain laws, the car you own can be impounded. If the dog you own does certain things, it can be taken from you. Im amazed how ignorant some people are.
They are not crooks, and it not a scam. Everyone understands, they are borrowing money for these transactions. Banks are in business to make money, insurance companies protect both the lender and the borrower from loss. Taxes, well, your community does benefit from you paying them.
@@tyronnfields7945 No...your mortgage is not 19% if you have bad credit. It's because you're a moron. Debt to income ratio and down payment are much more important. These days if you get higher than 7% you fucked up.
@DSUM The reason interest rates went so high back then was to push down inflation. Inflation rose in the late 70's because US dollars throughout the world flooded back to the US because we defaulted on the promise to back each dollar with gold.
After six years in on my mortgage I refinanced from the balance of the 30 down to a 15. The interest rate had dropped from 7.5 down to 3%. My payment went down too. So I kept paying the 7.5 price to get ahead of the interest and I started taking half of every income tax return to put towards the interest. So I purchased in 1997 and paid it off in 2017... Mortgage free is the way to be. People always say,"well you have no right offs!" I'm like oh well... I get to keep my whole check and I can pay the taxes in one shot every year.. That's how it's done😂
You would pay extra towards the INTEREST or the PRINCIPAL?? Paying extra toward the PRINCIPAL is how you pay off a mortgage or any installment loan quicker.
🤔 take a loan against it, put the money in a mutual fund or ETF that’s doing well and watch that baby grow. Go with a good tech fund. That money that you call yourself saving by not paying a mortgage, if you’re like the average American you’re likely blowing it on something else.
@Runaway Bum I was actually looking into multi-unit properties.. but the housing market is trash in Philly.. I would like to purchase some land too.. good idea to invest in the meantime. 💯👍🏽
@Eddie L. Miles Jr. my payment went from 880$ down to 720$ and that included a 48$ PMI monthly charge. I kept sending the 880$ monthly,so the 160$ difference went directly towards the principal plus half of every tax return check. I saved over 98k$ in interest and knocked off 10 years of payments..💯💪🏾👍🏽💰
@@dollabill4375 If you're going to invest in land or real estate, put your money where it will give you the *best* return possible. If the Philly market isn't it, look for a better one.
Well there's another side to that-people who demand loans for something they can not afford. If there are no customer there would be no lenders. Live within your means, not buy something you can't afford.
I went and looked this up and as much as I want to buy a home this has completely changed my view on buying a home. It has also changed my view on debt to anyone or any thing I will now going forward pray for wisdom and Discernment before signing or making a commitment to anything
The simple answer is to become financially literate and learn how to earn more money so you will not lose your house. The problem is not the business model of the mortgage. The problem is actually that people don't earn enough money to cover their necessary expenses in general
I can imagine a scene, come Judgement Day, when the one who signed the mortgage is blaming the one who put it in front of him...I can imagine both getting double punishment for commitment and compliance in this totally Haram act.
@@tennillebutler8529 actually, that IS the message. The LAST messenger pbuh made it crystal clear, with what he was told by our Creator...God also alludes to the situation, come Judgement Day, when groups will be blaming other groups for getting them into sin, whereas God has double punishment waiting for both sides..while that pertains mostly to those committing shirk, assigning partners, misguiding millions in false worship and invented lies against God, signing that kinda mortgage and assigning blame elsewhere...just won't fly.
right some ppl tell 1/2 truths I was at 5 percent, sold during covid and took advantage of the crisis and bought something bigger at 3 percent interest. Theres is nothing wrong with ownership. ✊🏾
Fellow renter here. My husband and I agreed that we would rather be homeless than live in a house where we must pay interest Better to rent than wage war against Allah and His Messenger (SAW) "Whoever has taqwa of Allah, He will make a way out for him, and provide for him from where he did not imagine"
They committed a terrorist act in Tulsa when we created our own and they have made laws, stipulations, and unwritten rules that they deny ever being done or say things are different now that were designed to us in the most difficult of situations. So creating and or overcoming that adversity can be difficult and take time
Debt is a part of life. Someone hired this guy to discourage people from purchasing property. Owning property or land is a key path to building wealth. You can pay a landlord that pays his taxes by up charging you, or you can own your home, gain equity, and pay the government taxes.
@@NoName-mc7wd I'm talking about monetary debt to an institution, that feels 100% indifferent about you. Not about stuff like borrowing your neighbors lawnmower or asking s friend for help when you move.
@@eduardk6071 Every one needs shelter. You are going to pay somebody, you might as well pay the bank instead of a landlord. Renting for a lifetime is ridiculous.
My husband and I will have our house paid off by the time we’re 42. We will have zero debts… I’d rather have a chunk of land and my own property than pay someone $2,000 in rent (which is average where I’m from) for the rest of my life. That’s $900 more than I pay for my mortgage every month.
This is why I took the hit on my credit score for the sake of my deen and I returned my cars to CarMax without them being paid off because I want to avoid the Haram interest rate. Junnah is better than any car, house, anything in this dunyah. May Allah protect this ummah. Ameen. I am now a Muslim for the last 6 Ramadans Alhamdulilah.
If they offer you an interest rate over 6%, do not buy the house! And never make a 30 year mortgage! Do a 10 or 12 year mortgage to reduce the amount of interest you will pay. And, before you buy the house, ensure your credit score is in the 700's, preferably closer to 800 than 700. The more cash you can put down, the better deal you can make with the bank - and don't go to any of the big banks. Go to a credit union!
But what he's saying is not ture. If you look on your mortgage statement, it shows what you pay for interest, principal, and escrow a month. Plus i always pay extra to go towards my principal. But money is always going toward your principal each month!
Exactly, the only thing you can do is avoid 30 year mortgages. Even then let's say you do a 15 year mortgage and you manage to pay it off in 12. You still can lose that house to local goverment if you don't pay your taxes. You never truely own anything.
You can also lose it to an HOA, if you neglect to pay their fees. The fees can be as little as $50.00, and they can confiscate a home worth millions of dollars, or even for fees related to parking in your own driveway, depending on the area.
Stand up and fight! If they kick you while your down, be patient and wait for them to come knocking and put one in the head. In other words... Stand and fight instead of taking up the ass!
What i find bizarre is when i used an islamic bank, dozens of muslims would lecture me that islamic banks "basically use interest so just use a conventional bank"... I'm always in awe because 1. I never asked for anyones opinion, 2. I'm paying much more money but it's with good intention, and 3. THESE PEOPLE ARENT EDUCATED ON ISLAMIC FINANCE so how they can refute the sheikhs on the board of the islamic bank is mind boggling to me. Paying capital plus rent at the same time is very different to paying the interest and then the capital for the house itself. But alas, i don't ever judge people who take haraam mortgages, why are muslims adamant to judge me with my halaal one 😅😅 subhanAllah crazy world. Thank u for listening to my Ted Talk
Thank you brother. This is exactly why interest paying and taking is completely prohibited in islam. Interest is abusive and destructive. Not that we want things for free and maybe not everyone is paying 19% interest rates, wouldn't surprise me though, but there must be limits. The almighty is the most wise
So then how should we pay for schools, fire, and police? Essentially, that is what real estate taxes pay. How do we pay it? Or should we go to "fee for service?"
@@tosh369. Them dumb assess STFU when you said this didn’t make they? Never mind the infrastructure line improved roads, electricity delivery, water purification, etc! I guess when you pay off the mortgage you don’t need that shot anymore! 🤦🏾♂️
Please make dua for me I'm in this position. I have a mortage I just want out of it, I want to avoid interest pleass Allah make it possible to show me a way out 😭
I have seen many ppl who bought the house. For some reason, they lost their jobs. They take away the house from them and destroy the house, leaving abandoned .
@@tomdairy4305 NO I SAVED MY MONEY BOUGHT A FORECLOSURE CASH FOR 44,000 OWNED THE HOME FREE & CLEAR, PAINTED IT, PUT CARPET IN IT, GOT THE HOME APPRAISED APPRAISAL CAME BACK 160,000, THENGOT A LOAN THEN BOUGHT TWO MORE HOMES CASH , DID THE SAME, THEN I OWNED THREE HOMES OWED 150,000, THE HOMES WERE APPRAISED ABOUT 600,000, I RENTED ALL THREE HOMES 1100 A MONTH EACH WHILE I LIVED IN MY MÁMÁS GARAGE. ALL THIS IN A MATTER OF MAYBE 1 YEAR, IF YOU GOT MONEY YOU CAN MAKE MONEY IF YOU HAVE NO MONEY, YOU MUST PAY FOR THAT, IT'S CALLED INTEREST, I CALL IT WHITE CRIME,
I remember signing day on my 1st house and did all the math at the table before signing. I was pissed. I thought the 6% interest I was paying was 6% of the flat cost. NO! So I assumed 6K per every 100K on the house total. Realized I basically had to pay double the value of the house. I told everyone at the table this was robbery and they all just shrugged and said this is how loans are done. Also note that if you are a decade or more into the loan payment NEVER refinance. Refinancing takes you back to paying 80-95% interest for the next couple years. Basically starting the screw job all over again. The way to pay mortgages is to pay extra on the principle balance as much and as often as possible. Doing so knocks years off the loan and if you do it quick enough you are not paying double the value of the property.
You did not know it was 6% every year that you have to pay. Of course if it takes you 25 years you will pay double for the house. Who would give you 200k for 25 years just for 6% total gain when inflation every year is 3 or 4.
@@HealthSupercharger The point was it's a scam to claim you're paying 6% interest on a loan. If it's 6% or 18%. You pay 95+% to interest directly for the first 5+ years of a loan. Meaning that 10k or so you pay every year have not even touched decreasing the principle of your loan. Who would pay 400k for something worth 200k? That was my point. As far as the loaner they are at zero risk to begin with. As they can seize the property if you are behind on payments. They will either get their money or take the property having made nothing but profit as they will sell the property again at a similar contract as the previous one. As far as your question of who would give you 200K for 25 years for 6%? They don't need it to be 25 years. That IS the scam. You could pay off 200K @ 6% interest for a total of 212K in less than 3 years with $1500 monthly payments or 5 years @ $815 monthly. They make the extra years so that you pay them nothing but profit for years and then start factoring in the principle. So you end up paying roughly $1,333 every month for 25 years for a grand total of 400k. That is a scam! The number one thing a person can do to save money in this ridiculous loan system is pay as much principle as quickly as possible to avoid the scam and never refinance once you're deep into your contract.
1. Unless you're buying a house in 1981 your interest rate isn't 19%. 2. If you can't pay for your house you don't get to keep it whether you're in it for a day, year, or decade. If you lose your job and don't think you'll get another, sell your house. Don't sit in it feeling bad for yourself. Or do sit in it accepting you'll lose it and take the hit and save your money for when you get evicted. 3. Don't buy a house that takes all your money every month. 4. Write two checks every month. One that covers the mortgage payment and one that is principal only, and only get a loan that allows principal only payments. Take responsibility for your purchase, because no one is going to do it for you.
Smart man right here, he didn't tell you when you pay off the mortgage, you still need to pay taxes on the house. If you don't pay, they take the house.
Exactly, the house is never yours. Its not like a car where we get the title and the payments stop. Student Loans and Mortgage is some of the biggest ways the government gets people
@@Takia_Jackson Additionally, you do eventually pay it off, unless you want to pay cash upfront. If it is never yours, how can you sell it for equity? You may want to look into something before you reply.
@@kuchikopi4631 true, but when you calculate the equity (accounting gain, what the property is worth now minus what you bought the property for.) subtract out the interest expense and maintenance and tax expenses to arrive at you Economic Gain. This is the inside view from Business School. P.S. A property is not worth what it appraise for, its only worth what you can sale it for. If the property is purchased for 200k but the best offer to buy is 100k the property is worth 100k no matter how much it was purchased for. From a Real Estate Investor's perspective.
@@PROVOCATEURSK God (Allah) made rules about zakat compulsory on rich people to maintain balance of wealth in society,this is for those who read and believe
@@PROVOCATEURSK Read the General Civil Order letter that the Pope sent to Obama and All Public Officials and the American People are not aware!!! One Love ❤
What "truth" are you talking about?🤡 Interest rates were near 0% since a decade. You would ve to pay max around 6% for a loan. 19% is utter BS, in no western country you would ve paid this unless you took the money from loan sharks or other crooks. Just learn the basics about the economy
