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Dave Ramsey

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Dave is on vacation, but we have Ken Coleman and George Kamel filling in today. Susanne is calling in from Washington, and she may be in a bit of trouble. She recently moved to Washington after her husband had lost his job and didn’t want to leave. So she is closer to her family; her husband has done well with the new job that he was even able to start a side business, and Susanne herself is a stay-at-home mom. The trouble is that it is relatively expensive to live where she lives, but despite that, she could pay off all the debt they owed. Susanne feels like she is ready to move on to the next step and go from renting a home to owning a home. Despite making a budget, she and her husband decided to go over it to justify her reasoning for staying in the area. They are currently using the VA loan, so they will not have to put anything down, which puts them at $2500a month for a 30-year mortgage.

Ken and George both admit that Susane is deep, but Ken states that she is stuck because she has signed the contract. Susanne wonders if it would be best to save money and tackle the mortgage now or continue with the Baby-Steps for Financial Sucess. George explains that it is too late to save for the mortgage, and she needed to do that before. If she had saved for a down payment, it would have drastically lowered her fees. George breaks it down that Susanne has created a universe that she wants to have. However, it’s just a fantasy and can’t live there. She paid 0-down in the hottest real estate markets right now, and one teeny tiny malfunction and she will be under in a half a million-dollar house. It’s ok to be starry-eyed, but you have to be realistic. Ken and George suggest for future listeners that you stere clear of any 0-down style loans that you should look for the 15 years fixed rate.

Catch The Dave Ramsey Show weekdays from 1 to 3 pm on Money Talk 1010
Dave Ramsey is America’s trusted voice on money. Twenty-three million get guidance from Dave’s radio show on Money Talk 1010, his podcasts, and videos. He’s a national best-selling author and has changed over 6 million lives with his guided money plan.

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