Real Estate the Ramsey Way Our Mortgage Rate Keeps Going Up
Apr 14, 2025
A listener shares a frustrating tale of rising mortgage rates due to lender errors. Discover the impact of increasing costs on monthly payments and the challenges of refinancing. Learn tips for balancing homeownership with financial stress, including saving strategies for future homebuyers. Explore smart ways to manage mortgage payments and build equity, with humorous insights into common questions about repayment plans and home equity. Get valuable advice on avoiding pitfalls in the real estate market!
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Manufactured Home Mortgage Troubles
- Sean and his wife experienced multiple mortgage rate increases due to bank errors and the unique nature of their manufactured home loan.
- The bank gave them temporary solutions but eventually raised their mortgage rate significantly, causing financial strain.
Sell If Loan Terms Worsen
- If only one lender will finance your manufactured home and keeps raising your rate, consider selling to avoid ongoing issues.
- Holding onto such a loan could mean continuous rate hikes and financial instability.
Increase Income or Sell Home
- To afford rising mortgage costs, increase household income by about $1,000 monthly or sell and rent temporarily.
- This avoids draining finances and relieves the burden of a difficult mortgage.
