WCI #369: Mortgages, Universal Life Insurance and Annuities

May 30, 2024

Topics include mortgage advice, universal life insurance policies, annuities, managing student loans, real estate investments, locum tenens as a career solution, and financial literacy courses for healthcare professionals.

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ADVICE

Maximize Down Payment Impact

Use most of your home equity as a down payment to reduce mortgage payments and interest costs.
Keep some cash for student loans and emergency funds, but a large down payment is very attractive at current high mortgage rates.

ADVICE

Choose Fixed Mortgage & Pay High-Interest Debt

Prefer a fixed-rate jumbo mortgage over adjustable rate mortgages unless you can afford worst-case rate increases.
Prioritize paying down higher-interest mortgage debt rather than lower-interest student loans for optimal financial benefit.

ANECDOTE

Turnkey Rentals Deliver High Returns

Jim Shields shared success investing in turnkey rental real estate with Southern Impression Homes.
They achieved 69% annual returns over five years by owning and managing rental properties directly.

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Today we answer several of your mortgage questions including if you should put all the money you can toward your down payment or use some of it to pay off student loans and what kind of mortgage you should get. We discuss a unique situation around a universal life policy and once again answer that for the vast majority of docs no annuity in any of its sneaky forms is a worthy purchase, and finally answer a question about if paying off your student loans slowly actually improves your credit score. We also have a short interview with Jim Sheils over at SI Homes.

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