Amazing mortgage loan products you may not know about!
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 26 October 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything |
| 0:07.8 | real estate with the industry's biggest movers and shakers. |
| 0:11.3 | I'm your host, Ken McElroy, joined by my co-host, Danielle. |
| 0:15.5 | Let's get right into this episode. |
| 0:17.5 | Are you seeing a similarity between 07 or 08 and what's kind of happening now or not? |
| 0:24.2 | Is it different? You know, it is getting back to there a little bit because our products that |
| 0:28.6 | were coming back, we got a 40-year mortgage now. So it allows people to expand. They're at |
| 0:34.5 | mortgage payment out an additional 10 years. So that way it can, their mortgage payment is less than that 30 year term. |
| 0:41.3 | I've seen some stated income loans coming back, especially for the self-employed investors and borrowers that don't want to give up all their information, tax returns and things like that. |
| 0:52.6 | So it's coming back, but it's not, |
| 0:54.9 | the products aren't as unrealistic as they were back in 2007, where if you had a heartbeat, |
| 1:01.0 | you know, here you go. Here's your loan and here's your house. Good luck. You know, so the banks |
| 1:05.8 | aren't, you know, being that ultra aggressive, but. But they are starting to, so I, those are the |
| 1:10.6 | products I thought were interesting, |
| 1:11.6 | that some of you might think that are interesting is, you know, if they start doing 40-year loans, |
| 1:15.6 | because that's a new product for you, right? |
| 1:17.6 | Correct, absolutely. |
| 1:18.6 | Yeah, so basically a 40-year loan is going to help increase housing prices because people always solved to a payment. |
| 1:25.6 | So if their payment is then divided by 40 instead of 30, |
| 1:29.0 | they can then afford it, which then kind of increases, |
| 1:32.5 | you know, the could increase the price of the house. |
| 1:35.6 | And then the stated income is interesting for people |
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