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Portable Mortgages? Charles Payne said it's time
Posted on 8/16/24 at 1:39 pm
Posted on 8/16/24 at 1:39 pm
Charles Payne is interviewing a CEO of a mortgage lender and they're saying the future of mortgages is to make them portable. I caught the end of the discussion but am curious what this means. Is Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
24
Posted on 8/16/24 at 1:40 pm to FizzyPop
That would be interesting...
This post was edited on 8/16/24 at 2:51 pm
Posted on 8/16/24 at 1:41 pm to FizzyPop
quote:
Is Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
Idk, but I hope it's this.
Posted on 8/16/24 at 1:41 pm to FizzyPop
Then what’s the point of a 7% interest rate if everyone with a mortgage can do that?
Just lower the damn interest rate and grow the economy.
It’s not rocket science
Just lower the damn interest rate and grow the economy.
It’s not rocket science
Posted on 8/16/24 at 1:42 pm to FizzyPop
Yeah, it's done in UK and Canada now
Posted on 8/16/24 at 1:43 pm to FizzyPop
Getting rid of the idiotic closing and mortgage fees as well as the unnecessarily high realtor fees would do wonders for helping with down payment costs
Posted on 8/16/24 at 1:44 pm to FizzyPop
By the way the WEF considers it it may mean like it use to be. Your house will be small enough( portable) to move when they kick you off the land ( bill gates farms)
Posted on 8/16/24 at 1:45 pm to FizzyPop
quote:
s Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
Posted on 8/16/24 at 1:45 pm to TigerAttorney
quote:
Just lower the damn interest rate and grow the economy.
It’s not rocket science
come on man Posted on 8/16/24 at 1:45 pm to FizzyPop
If that happened there would be zero incentive to ever lower rates again and first-time homebuyers would be screwed for life.
I guess the older generations feel they haven't screwed the younger ones hard enough yet before they die.
I guess the older generations feel they haven't screwed the younger ones hard enough yet before they die.
Posted on 8/16/24 at 1:45 pm to TigerAttorney
Not rocket science but that low interest rates along with the fed controls over it heats up an economy or as bad shuts it down
Posted on 8/16/24 at 1:47 pm to FizzyPop
quote:
Is Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
The main effect of that is you will never be able to get a fixed low interest mortgage again. The lenders will make the rate subject to SOFR so that it will go up when inflation goes up. And if you make that illegal they will give you a 5% rate when conditions would have resulted in a 3% rate.
If you try to prevent all of that with regulations then you are now on team Kamala, regulating financial prices while she regulates grocery prices.
Posted on 8/16/24 at 1:48 pm to FizzyPop
What works the collateral be? This makes no sense
Posted on 8/16/24 at 1:50 pm to wutangfinancial
quote:
What works the collateral be?
Your new house.
Some places in US have this but its rare. It would make it easier to move up in housing opening more starter homes.
Posted on 8/16/24 at 2:02 pm to GRTiger
quote:
While looking into portable mortgages, I was introduced to assumable mortgages. Thoughts on this?
My ex has a side hustle selling people on these
It's not a terrible idea if the situation works out well for both parties
Posted on 8/16/24 at 2:04 pm to Powerman
Does the seller get the full home sale amount in cash in that scenario? Or just the equity?
Posted on 8/16/24 at 2:11 pm to GRTiger
I could see it being a good option in cases where an older parent sells the home to their kid and living with them or downsizing.
Posted on 8/16/24 at 2:14 pm to FizzyPop
quote:
Charles Payne is interviewing a CEO of a mortgage lender and they're saying the future of mortgages is to make them portable. I caught the end of the discussion but am curious what this means. Is Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
I can see several ways to exploit a portable mortgage for the business savvy as well as for the corrupt.
Posted on 8/16/24 at 2:15 pm to FizzyPop
What lender would want to accept that? Serious money loss.
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