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This could break the mortgage system as we know it. But, is it worth it?
New “portable mortgages” have been floated by the Trump Administration and FHFA (Federal Housing Finance Agency), allowing homeowners to take their rock-bottom mortgage rates with them when they purchase a new home. The question is: will it work?
We’re breaking down the likelihood of portable mortgages, how they currently work in countries like Canada, and the pros and cons for the average American. Most people are thinking about the upsides of a portable mortgage, but the downsides are equally severe. Would this really make sense in America?
Dave is doing a deep dive into how the U.S. mortgage system works and whether new portable mortgages could break it, leading to the downfall of arguably the greatest home loan on the planet—the 30-year fixed-rate mortgage. Plus, how much more could it cost you to take out one of these portable loans?
In This Episode We Cover
Portable mortgages explained and how they actually work in countries like Canada
How portable mortgages could “break” the fragile home loan system in the U.S.
Pros and cons of portable mortgages that could help or hurt many Americans
Increased fees, mortgage rates, and prepayment penalties? Why nobody is talking about the side effects of portable mortgages
Does Dave think this is a good idea? (strong opinion warning)
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Sign Up for the On the Market Newsletter
Find Investor-Friendly Lenders
On the Market 373 - Trump Floats 50-Year Mortgages: Cash Flow Boost or Affordability Illusion?
Grab Dave’s Book, "Real Estate by the Numbers"
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-376
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