08.30.21 Renting Can Help You Buy a Home / Retirement Savings Can Make You a Millionaire.

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 30 August 2021

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

There are private services that allow your rent payments to be tracked for credit, and now Fannie Mae has a new lending guideline that allows renters to qualify for a mortgage based on their rent payment history. Clark explains how this will work to assist in achieving home ownership, in keeping with how credit scoring is changing overall. / Worried about having enough to retire one day? Over time if you regularly contribute to a good retirement plan, well, watch what happens! Why money you’re saving for your long-term future must be invested - and how to invest properly. Ask Clark topics include: The biggest mistake you can make with your 401(k) / Read this before you sign up for a ‘risk-free’ trial / 401(k) Contribution Limits for 2021 / How to Sell a Vehicle - eBay Motors - How to Sell Your Car in 5 Steps / Tips for Buying and Selling Safely on Marketplace - Facebook \\ Want more money advice? Sign up for Clark’s free daily newsletter! Free Advice: Clark's Consumer Action Center Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Connections can take your business anywhere, so meet Meta and make new connections.
0:08.0	Meet engaged audiences and make lasting relationships.
0:12.0	Meet some of the world's best creators and delight your customers with Reels ads.
0:18.0	Meet powerful ways to sell, to help you grow your business.
0:23.0	Meet opportunity, meet Meta at emea.metaMarketingSummit.com
0:35.0	It's my pleasure to welcome you to the Clark Howard Show.
0:38.0	Our mission is to serve and empower you so you make better financial decisions in your life.
0:44.0	Today I've got some great news for you if you're a renter and want to someday buy a home.
0:51.0	Also I got so many questions from listeners worried about having enough to retire one day.
0:57.0	I've got some simple advice for you that I hope will ease your worries.
1:02.0	So we have roughly a third of Americans that are renters.
1:08.0	The percent that are renters has gone up over the last many years.
1:13.0	And many of those renters want to remain renters.
1:18.0	Would like to own a home.
1:21.0	And the problem is showing the credit history that will help you qualify for a mortgage.
1:28.0	So it becomes kind of like a trap.
1:32.0	Because you're renting so there's no mortgage payment history there.
1:37.0	And so how do you prove your ability to pay your bills as you should?
1:43.0	Well this is something that is being looked at more and more I've talked about private services that allow you to turn your rent payment into a trackable essentially form of credit.
1:58.0	And how that is something that is now available in the marketplace.
2:04.0	And now a big development is that Fannie Mae, one of the two government-owned big lending organizations, Fannie Mae, Freddie Mac, or the two bigs, behind the curtain of most mortgages issued in the United States.
2:21.0	Now has a new lending guideline that allows renters to potentially qualify for a mortgage based on their history of how they have paid their rent.
	...

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