저자: MeetKevin · 외국인
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모기지보험(PMI/MIP) 없는 무보험 대출은 금리 외 수수료(포인트) 구조를 가리는 함정일 수 있고, 모기지보험은 자산 가치가 상승하거나 원금을 갚아 20% 지분이 생기면 해지 가능하므로 두려워할 필요 없다고 주장. 20% 계약금을 기다리기보다 5%만 내고 저평가 주택을 매입·수리해 재융자로 보험을 제거하는 전략을 제시. 부동산 투자 포트폴리오를 8천 달러에서 600만 달러로 키웠다고 말함. 자산별 가격 방향 예측은 없음.
다듬은 글
what's up everybody my name is meet Kevin and today we're going to talk about mortgage insurance loans that gets sold to you with no mortgage insurance and how this can be a scam and we'll talk a little bit about that 20% down belief that you are not ready to buy a house if you don't have 20% down and heads up these two topics might initially sound familiar to you and you're like how could these be scams but if you leave you're the one missing out on perspective that makes just so you know four perspective I am a 27 year old real estate broker and no I'm not just trying to sell you a house although I've sold hundreds of people property over the last ten years of doing this but I'm also a real estate investor and I've built a portfolio from a measly eight thousand dollars to six million dollars over my years of investing there's a lot more info regarding all of this in the links down below but let's see what we can share right here right now so let's just start from the top let's talk about why people put 20% down on a house and why people think if unless you have 20% down you shouldn't be buying real estate then let's talk about the scam that comes out of this that is no mortgage insurance loans despite not putting 20% down and we'll go into a little bit more detail in terms of how you can build wealth so first things first if you want to buy a condo a townhouse a house a duplex triplex or four-plex you can get a loan with 20% down and have no extra fees other than that principle and interest this is typically referred to as your conventional style financing they don't have to pay any mortgage insurance let's say you could get that at 4% fixed for 30 years in America the 30-year fixed-rate loan is essentially subsidized by the government which lets you really take advantage of a pretty dang safe form of financing that as long as you can make that payment or you could have a tenant make that payment for you you'll never ever have to give that house back now a beautiful thing about America is you can also put down less than 20% in fact you could put down 3% 5% 10% 15% or you could even do special kinds of loans like an FHA loan where you put three and a half percent down the problem is any of these loans that you're getting where you're putting less than 20% down require you pay something called mortgage insurance sometimes that's called PMI private mortgage insurance and sometimes it's called MIP mortgage insurance premium it just depends on the type of loan you're getting this mortgage insurance is basically an extra fee for example if you put down 5% you might have to pay mortgage insurance of somewhere around 0.9 percent and you can figure out what that means to you by basically just adding it to your interest rate it's a little bit of a different calculation but it pretty much Nets out the same thing so if you're getting a 4% rate with 20% down but now you decide to put 5% you're getting that 4% rate you're really paying 4.9 percent because of mortgage insurance that upsets a lot of people because a lot of people say wow I'm paying that extra point nine percent for 30 years that's gonna grow to be a lot of money I totally get that now with conventional style loans the cost of mortgage insurance does go down as you put more money down so for example if you put 3 percent down you may be paying in excess of 1% for mortgage insurance you put down a 10 percent you might be closer to point 5 5 percent or heck you put down 15 percent who knows you could be closer to point 35 percent these numbers are always a shifting and kind of changing so I'm giving you ballparks of what I've actually seen clients get I'm sure there are charts and formulas you could look up online but the goal here is to teach you where the scam is so let's say you're interested in a buying a real estate and you're like you know what I want to buy a duplex I want to rent out the other unit and have the tenant help me pay my rent I want to buy a 4-bedroom house and I'm gonna rent out three bedrooms and I'm gonna house back this thing but you're bummed because you know what in order to get into your first house you're gonna have to pay mortgage insurance because maybe you have the income to qualify for the loan which realistically thinks the new laws and stuff you wouldn't get qualified unless you had the income to qualify for the loan anyway so you could qualify for the loan we got that doesn't matter what you're putting down if you can qualify but what upsets so many people lizz well dang it I don't put that 20% down payment down I gotta pay that mortgage insurance and so that opens up the door to a couple things that that people do and both of these are really really bad ideas the first one we're gonna talk about is something called a no mortgage insurance loan despite putting 5 10 or 15% down this is where you're like wait a minute I'm only putting 5% down and I don't have to get mortgage insurance that's that's amazing it's a great way to trick Millennials into thinking they're actually getting ahead when they're really getting scammed and the second thing people do is they just don't end up buying real estate well what happens if I put 5% down and then the market Falls 5% then I'm upside down oh my gosh what am I gonna do well let's go ahead and answer the scam of both of these scenarios because all both of these scenarios are doing is ripping people like you off which really isn't fair to you because you're probably being misinformed so let's fill you in all right number one the scam of the no mortgage insurance product when you're putting less than 20% bound here's the scoop when you get a loan you usually ask your lender hey what interest rate can I get and they'll tell you something like you can get 4% and then you call somebody else and they go well I could give you 4.25 percent and then you go oh I guess I'll stick what the guy who's giving me 4% I shop through a loan I know what I'm doing it's actually much more complicated than that because they're really three things that go into your loan there's the interest rate you're getting quoted then you have the discount points which one point is 1 percent of the loan amount that's how much you're paying to get that interest rate and then you actually have the lender fees like underwriting and processing and all that you really got to know these 3 variables to properly shop for loans but that is a topic for really a different video but you have to know one piece of this puzzle if you compare to lenders and one of them is offering you a 4% loan with no mortgage insurance and the other person is offering you a 4% loan with mortgage insurance then it sounds like the one with 4 percent of no mortgage insurance is a much better deal right well this is where you to ask yourself what are the points and the easiest way to do this the simplest way to solve this scam is ask your lender what is the zero point rate for both of these options and then you might find oh well if you don't want to pay any points you're gonna be at 4.5% with no mortgage insurance or 4% with mortgage insurance and so now you start realizing wait a minute so over here I'm paying mortgage insurance separately from my 4% interest rate but I'm still paying like 0.8% so it's still more than 0.5% but over here I'm paying four point five percent and no mortgage insurance well that's still a better deal right that's where the scam is that's what they make you think and that's how you get locked into the scam because here's the missing variable when you buy real estate and you get mortgage insurance you have this four percent rate that you're locking in you put five percent down and you've got your mortgage insurance that you're paying as soon as you get to the position of having a wealth in that property of 20 percent because the market went up in value or you pay down the loan usually to 80 percent depending on if you live there or not and you've had the loan for two years you could actually get rid of your mortgage insurance now you might have to pay for an appraisal to justify the value but watch this here you are making a 30-year decision going should I take the 4.5 rate with no mortgage insurance or should I take the 4.0 rate with 0.8 percent in mortgage insurance most people are going to give me the 4.5 that's better but wait a minute you lock that 4.5 in for 30 years unless you refinance over here with the private mortgage insurance sure you can refinance out of that as well if you want to get a new loan well once you get to 20% equity in two years you pick up the phone go I want to order an appraisal to get rid of my mortgage insurance you could get rid of that mortgage insurance as soon as two years or buying a property so now the real comparison is do you want to pay 4.8% for two years and 4% for 28 years or do you want to pay 4.5% for the entire 30 years do the compound interest math on that and I think the answer becomes very clear see if I ever put down less than 20% I would always take mortgage insurance because I know I can get rid of mortgage insurance but don't think you're lucky into a free lunch because you're getting a no mortgage insurance loan you should know ain't no such thing as a free lunch the lender is making their money one way or the other and it's usually because people aren't comparing zero point options quick clarification on that the lender might say hey four percent no mortgage insurance or four percent with mortgage insurance and then they tell you oh yeah but you have to pay four thousand dollars or two points or whatever to make that happen and this is where the math gets really complicated this we're not going to go into in this video it's so niche I have spreadsheets that solve this an I teach people how to do the math on this it is a little tricky though so we'll save that for a different place other than YouTube let's now get into the scam of 20% down which is what kind of started this whole mortgage insurance predicament anyway I strongly believe that if you're saying to yourself I'm just gonna wait to buy real estate until I have 20% down yet you have the income to qualify for a loan you're probably making a mistake here's why let's say you bought a $400,000 property that was new construction cool after you move in you probably have a property that's gonna be worth like three hundred ninety thousand dollars new construction can lose a little bit of value right after you move in but you do get things like builder warranties in that which is kind of cool but here's an alternative scenario for you since in this case you're probably gonna be stuck with mortgage insurance a little bit longer let's say you want a house that's going to be worth $400,000 so you buy a house that's worth $300,000 it's a fixer-upper and you're gonna put 5% down that means you're putting 15 into the deal now you have some spare time so you're going to put your labor in you're gonna fix up the property you're gonna do some painting and some basic drywall work and you're gonna do a little bit of basic construction because you've got extra time and you're willing to work to build some extra wealth now we're a contractor might have to spend $50,000 renovating this property you spend just $20,000 that means your out-of-pocket thirty-five thousand dollars buying this $300,000 house with just 5% down but now the property is worth $400,000 after you fixed it up see the new construction guy bought a house for $400,000 but it's worth like 390 you just bought a house for $300,000 that's worth for after you spend a little bit of money and time fixing it up now let's add you're like oh what can I do now well let's see you put 15% down on your $300,000 loan so you only owe $285,000 now you go to the bank and you refinance and you go hey I got a place that's worth for the bank goes cool what do you owe I owe $285,000 great looks like you've got about 23% equity let's refinance you with no mortgage insurance and see there you go this is the second reason mortgage insurance is a scam when you realize that wait a minute I can go shop for deals with 5% down get a fixer fix it up and then end up with 20% equity get a new loan six months later boom I don't got no mortgage insurance anymore that's you don't even have to wait two years any more now and getting a good deal insulates you in the market way more so you don't have to worry about that feeling of oh well what if the market goes down 5% then then I'm upside down well first of all you should never be selling your real estate you should be holding your real estate for the long term talk to me in 27 and a half years and then we'll talk about other options but in the meantime make sure to below I'm getting kicked out of this lounge now
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