"My House is Down in Value - What Should I Do?"

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 12 April 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

What should you do if the house you bought is worth less money now than when you first bought it? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Kyle has a question.
0:09.2	He says, so this is great timing.
0:10.9	I am currently getting ready to build a house.
0:13.9	Is it all right to go with a higher monthly payment higher than you recommend in hopes
0:19.8	of refinancing?
0:21.3	Because we know interest rates are kind of hiked up right now.
0:25.8	What do you guys think?
0:27.2	Yeah.
0:28.2	So I had this conversation with a dear friend this morning and this person, they've been
0:33.1	trying to get into a house but the rules of the market keeps kind of running from them
0:38.4	and interest rates have now worked against them.
0:42.6	And I was like, well, look, if you're just trying to get on the right side of home ownership,
0:46.8	a strategy is if you believe that in the future interest rates will come down, if you think
0:52.6	the interest rates might normalize somewhere between 4 to 5, 5 and a half percent.
0:57.3	And that's what the normal is.
0:59.0	But you just, for various reasons, need to be on the home ownership side of the equation.
1:03.4	A strategy is, okay, I can go ahead and buy the house and my monthly service might be
1:11.2	higher than 25 percent.
1:13.6	But I know that if at some point in the future, I'm able to refinance from 7 or 6 and a half
1:19.6	percent down to a 4 and a half or 5 and a half percent, then that brings the affordability
1:24.2	factor down.
1:26.6	That's a strategy that you could pursue.
	...

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