If you follow Dave...this is NOT a type of loan you need to wrap yourself up in. This is a type of a loan for people who are extremely financially disciplined. And if you need Dave's help- that's not you.
@TheVonzink
Жыл бұрын
AHHHH!!! David has no clue what he’s talking about here. The Math says paying down principle is the only way to do it and it’s the reason why millionaires is because the pay down the principle quickly. Sure, when rates are at all time lows lock it in, but when rates are high! Like now. Boom, this is the solution.
@Simonsaysboxing
3 жыл бұрын
Once again Dave is uninformed 😆
@dynodin81
2 жыл бұрын
Yup!
@Lessismore786
2 жыл бұрын
Exactly
@HomeLoansByCarlosScarpero
Жыл бұрын
Shocking isn't it?
@ernestoborundajr
2 жыл бұрын
Hi Dave. You may want to get informed before you offer your opinion on a financial product you are not familiar with.
@TristanCastroHome
2 жыл бұрын
Simple interest vs compound interest. People run when they hear "variable" so they take a 30 year compound loan and the banks always win. Easiest way to see this is with an amortization calculator. This is basically a HELOC in 1st position. Simple interest with the ability to pay down faster because it allows you to stay liquid. Dave only missed it because he didn't have all the info.
@brentfriedland
6 ай бұрын
I think you're being nice on this. But, I think you are absolutely right. I think Dave is thinking you are doing a HELOC in 2nd position. He just doesn't get it. "Stinks to high heaven..."
@TristanCastroHome
6 ай бұрын
@@brentfriedland yeah it’s sad because so many are influenced by him and they’ll miss it. Wish Dave would fix this and mention something but 🤷🏽♂️
@moneymatttersedu
Жыл бұрын
It's too bad the consumer did not explain this to Dave properly . The All In One loan pays down principal first and interest second. It is attached to a checking account and every deposit becomes a principal reduction on the loan, all while every still paying everyday expenses from the checking account as well - which is an increase on principal. At the end of the month, the interest is calculated daily based on the principal balance at simple interest not compound interest. The premise of the loan is that it uses your money that sits idle in your checking account waiting to be paid out for other household expenses to reduce the balance of your mortgage and therefore saving you tremendous amounts in interest. I beleive this is actually the perfect type of mortgage loan that Dave would be a proponent of if he were provided the right details.
@alexisking2584
6 ай бұрын
I have this and your explanation just made my day and now truly understand thank you
@brentfriedland
6 ай бұрын
I don't think "I'm an engineer and I'm pretty good at math...." These guys can't understand the difference between simple interest and compounded interest.
@jeremiascarrizales6240
3 жыл бұрын
“I’m an engineer...”🙄. So I over thought this whole thing.
@costco_pizza
3 жыл бұрын
LOL I was wondering why the weird flex. He didn't even have to say that part!
@FabienTeulieres93
3 жыл бұрын
@@costco_pizza Agreed. Dave’s channel has a lot of great content, but I’ve noticed a lot of his more “successful” callers have a tendency to flex or seek validation. It’s a bit unsettling to listen to sometimes.
@mr.perkins2797
2 жыл бұрын
Horrible response by Ramsey from a horrible explanation of the product from the caller!
@marks6896
3 жыл бұрын
Hey Dave, I did the math. I matched debt snow ball vs this product and it by far beats debt snowball but to hear you say run from it. Why. Also, when my debt is down I have access to the cash for other opportunities without a refinance. Also unlike a mortgage which is front loaded with interest this is a simple interest loan. Yes it is a variable rate but can you help me understand why that is worse. Or better why is all of this worse than a regular mortgage that is front loaded with interest?
@ryanbrigman8215
2 жыл бұрын
No reply from Ramsey because he has no idea how this loan works. Simple interest can make a HUGE difference over compounding interest. The All In One Loan actually gives you a platform to make great financial strides in paying your mortgage off quickly. Yes, you could do it yourself and make extra payments every month, but this loan basically pushes you in the right direction, while still giving you the ability to draw funds back against the mortgage (without any refi costs) in the event that you need it.
@dynodin81
2 жыл бұрын
Goes to show you can't believe everything Dave says.
@SurfStrands
2 жыл бұрын
Isn't a variable rate bad? I have 2.375% on a 15 year, it never changes. Don't variable rate mortgages usually go up after awhile ?
@AlanPeery
Жыл бұрын
@@SurfStrands If the variable rate goes up too high, then you switch over to a standard 15 year mortgage. In the interval you've retained immediate access to the cash, and saved much interest that would have been added to your mortgage *while not having to pay income tax on that "interest"*.
@tamarajefferson2472
3 жыл бұрын
I love my AIO!!!
@CaseyBurnsInvesting
3 жыл бұрын
Saving interest on debt is good, paying debt off is better.
@harrykashouli9774
3 жыл бұрын
"I'm pretty good with math, but I'm going to call Dave and ask if this is a good idea". Freaking lol.
@2001E4
3 жыл бұрын
They posted it on youtube so i guess the information was still valuable
@Mehwhatevr
3 жыл бұрын
to be fair, with stuff like this, it isn't always about the math. sometimes it's about whether or not there are better alternatives, or if there fine print somewhere that you're unaware of. people frequently call dave about things that make sense on paper, and Dave agrees that it makes sense on paper, but here's what they didn't tell you.
@Leon-pu3vm
3 жыл бұрын
He’s good at engineering math. This is financial math. This is why school is worthless.
@chookchack
3 жыл бұрын
You don’t know the channel then. If its all math then Dave would’ve taught debt avalanche instead of the snowball strategy. He integrates your emotions and other aspects in dealing with debt not just math.
@YZN2200
3 жыл бұрын
Hahahahaha
@HomeLoansByCarlosScarpero
Жыл бұрын
If Dave understood this product he would support it. This program helps people pay off their house sooner while creating a vehicle to help in a financial emergency. As usual he bashes what he does not understand. Its actually LESS risky since the homeowner would have a financial cushion if used correctly.
@kungjoseph7490
2 жыл бұрын
It's very odd to give comment about a loan that you have not heard of. It's very irresponsible to make conclusion without knowing what the all-in-one loan does. Granted, that is not for everyone. I am an engineer and I have thoroughly research this loan and crank the numbers. For an engineer like this listener, it maybe a very suitable product for him. So to say stay away from it without understanding is not very responsible. A better response is that I don't know much about it and I can take a look about it and get back to you. The all-in-one loan is not a new concept. It has been practiced for years in Britain and Australia so very disappointed to hear Mr. Ramsey to make comment like this
@AdamGbl95
3 жыл бұрын
How many of you already know the answer before watching just by seeing "loan" in the title?
@jeremiahcampbell2
2 жыл бұрын
Dave needs to do some research.
@lkj0822g
3 жыл бұрын
Yeah, he lost me at "variable rate".
@dominicfrank77
Жыл бұрын
I understand the comment but would you rather pay 3% on a loan for 30 years or 8% on a 4yr loan of the same amount while having immediate access to the equity each payment frees up? Asked another way, Would you rather pay 8% on a 4 year loan or 3% on a 30 year loan while not changing 1 spending/savings habit, not paying anymore towards your monthly bills and where at the end of each you owe zero on the home?
@MBarberfan4life
3 жыл бұрын
Yeah, that's gonna be a "no" from me, dawg.
@zuggathis
3 жыл бұрын
I wonder if these calls are scripted. The difference between the all in one vs conventional is the all in one is SIMPLE interest calculated daily vs amortization. The all in one is also a LINE not a loan. Which means you can borrow back in an emergency. Also there is no monthly payment. People look into the things that Ramsey demonizes it’s usually a good indicator he does not understand these banking products
@marshallwise1763
2 жыл бұрын
Dave is all about Dave.
@fullmetalfreedom
2 жыл бұрын
These two have no idea what they're talking about unfortunately regarding this aubject
@aoferral
3 жыл бұрын
Something tells me if Churchill mortgage carried this product, and they should, Dave would be all over it :)
@dynodin81
2 жыл бұрын
Exactly.
@monettevalliere
2 жыл бұрын
@@dynodin81 Churchill mortgage does
@dominicfrank77
Жыл бұрын
@@monettevalliere they broker it, they dont have it as an internal product.
@StevenBrandHomeLoans
7 ай бұрын
Yup.
@isaiahmartinez2061
3 жыл бұрын
Why does this guy sound just like Dr. John Delony? I can't be the only one thinking this...
@NY-rg3gy
3 жыл бұрын
100%
@NY-rg3gy
3 жыл бұрын
I have been carrying this creeping suspicion around with me like a backpack full of bricks.
@ItsRossinator
3 жыл бұрын
Literally talks just like him too, crazy
@DavidRamseyIII
3 жыл бұрын
Delony sounds more like a dumb bro
@timeinvestors-motivation456
3 жыл бұрын
“Act your wage.” - Dave Ramsey
@ryanhaack275
2 жыл бұрын
this is not why you would do this loan. This gives a HELOC, with full access to your equity up to 80% ltv. yes, you pay the house down faster, most cases for the disciplined less than 10. he also isn't discussing the uses after the home has equity to fund other business, he also isn't sharing that in time of hiking interest rate that this is a I/O product or that there are lock periods. the borrower wasn't told how this can help in a time of recession. or worst-case scenarios. no need to refi for the money. i mean this is irresponsible to just say run from it without digging into the benefits of the loan.
@fl1431
2 жыл бұрын
Manulife One only approves LTV 65%
@briandeluca6908
Жыл бұрын
He should of never spoke on this when he had no clue from the start. He honestly is completely wrong here. He's actually off about a lot of thing he says
@jodiraffaele4615
Жыл бұрын
Dave, you need to know more about this loan before giving advice. The All In One requires financial discipline, but is a very powerful tool to pay off he mortgage faster. Look into it or keep your opinions to yourself until you know more.
@carlosmacias7122
Жыл бұрын
its a good product for people that have their finances in check...have you heard most of the callers of this show? lol
@StevenBrandHomeLoans
2 жыл бұрын
Dave is funny. I like listening to him for his humor... not his math or common sense. :)
@NovaDoll
Жыл бұрын
Clearly you don't understand the product velocity banking goes against what this channel teaches but its another thing you can do to rapidly get out of debt...
@bravo32444
3 жыл бұрын
I'm getting good at predicting things like ages of the people calling guess the psychicness of Dave rubs off if you watch him enough lol
@finerbiner
3 жыл бұрын
Never paying off my house. 2.6% forever (for me) and a $1000 housing cost. Just one of the duplexes I bought easily pays that. Dave's advice is good but there are a lot of ways to have success.
@insideoutsideupsidedown2218
3 жыл бұрын
March 2020 has entered the chat:
@marshallwise1763
10 ай бұрын
Have you consider the cost of interst, not the interst rate. DR is not a fiduciary. Sad
@punchpundit2024
Жыл бұрын
All in one is a great product research it
@bradpiper283
4 ай бұрын
Yet another example of Dave Ramsey leading people astray. I cannot understand how he can say he doesn't know or understand a product, and then proceed to give advice on it and say it "stinks to high heaven." The Dave Ramsey model is this: if it's not my way, it stinks. The all-in-one loan is a more nuanced loan product, but it is really beneficial for people in the right situation. Dave didn't ask the right questions, and he gave bad advice. PLEASE don't take advice from someone when they literally tell you from the jump that they don't know anything about the thing you're asking about lol.
@rs9821
7 ай бұрын
Uggh. Why is Dave always so uninformed and automatically negative about anything - he clearly does NOT understand. EFFECTIVE interest rate is the only calculation that actually matters.
@jimmynichols8091
3 жыл бұрын
The CMG All-In one product was described poorly in this call. It is actually a really cool loan, with an average payoff of less than 10 years or something crazy.
@abrahamflores2566
3 жыл бұрын
Its a very detailed product for a certain niche group of people, not your typical Dave Ramsey listener. Its basically a HELOC with more perks.
@ddfamf88
3 жыл бұрын
There is absolutely nothing "cool" about any loan😑
@zuggathis
3 жыл бұрын
Yes both the caller and Ramsey are writing off the all in one just yes-manning each other. Anyone who truly understands money and the difference between simple and amortized interest will see the value in CMG. Truth is most Ramsey listeners are not qualified for this loan anyways, so it really shouldn’t matter to them if it’s good or not.
@marshallwise1763
2 жыл бұрын
@@ddfamf88 Leverage
@colbyoberle7979
2 жыл бұрын
I came across the CMG All in one loan this morning. Is anyone actually doing it?
@GarageGeek
5 ай бұрын
Hope he didn't go with that variable rate...
@abrahamflores2566
3 жыл бұрын
all in one loan is for expert level investors, Dave is the wrong person to call on these products. it takes a 30 minute presentation on how it can help you. it takes very detailed budgeting and that you use the all in one loan to invest smart. i want one but not many banks offer it. its basically a HELOC with more perks.
@Questioneverythingx
3 жыл бұрын
Not many banks have it 🤔 Think on that one, buddy.
@abrahamflores2566
3 жыл бұрын
@@Questioneverythingx yes banks don't profit much from it since its financial experts that use this product to save money
@davidwright3831
2 жыл бұрын
Abe, I work for a bank who has this product if you're still looking for it.
@robertglasby8108
2 жыл бұрын
@@davidwright3831 what bank do you work for
@chrishavill6458
2 жыл бұрын
I've never, ever, heard a good idea that required 30 minutes to pitch it.
@jakejake7289
5 ай бұрын
I am curious what the interest rate on these variable rate AIO loans is today, May 2024? My guess is very high?
@seanriordan6726
3 жыл бұрын
Because banks always come up with new products that ensure you save money
@marks6896
3 жыл бұрын
Ever wonder why ALL banks offer 30yr and 15yr mortgages but only a handful allow an ALL IN ONE LOAN OR OFFSET MORTGAGE? Well of course not cause Daddy Dave says no.
@wendellotanael5201
3 жыл бұрын
@@marks6896 I agree thats why the big banks don't offer this type of loan. I am still not sure why when you pay your mortgage most of it goes to interest first. hmmm
@marks6896
3 жыл бұрын
@@wendellotanael5201 The big banks offer the sheep the loans we will accept because we dont know any better. The all in one companies have a calculator to do the comparison between your standard 30yr or 15yr loan and their product. Do the math for yourself to see what works best for you.
@LittleMopeHead
3 жыл бұрын
All-in-one beans and rice, rice and beans. That's how you get out of debt.
@lo1bo2
3 жыл бұрын
I like cans of chili with everything already in it. Does that count?
@LittleMopeHead
3 жыл бұрын
@@lo1bo2 Beans and rice, rice and beans. No exceptions.
@brendonwilliams4050
3 ай бұрын
I find it refreshing when someone can admit they know nothing about a product and yet can express their strong opinion about that product based on zero information. It is the power of conviction and it is to be admired.
@DavidRamseyIII
3 жыл бұрын
Is this just a mortgage offset account? They are ubiquitous in Australia and are doing a fantastic job of keeping people in debt forever
@reviewsgoodnbad7695
3 жыл бұрын
Yes. It is. They have them in the UK too - I had one.
@Kashmir1089
2 жыл бұрын
This means those people were never going to get out of debt in the first place. These are big boy loans, not for the average consumer.
@dominicfrank77
Жыл бұрын
Debt is what ALL rich people use to make themselves more rich. This loan allows "normal" people a chance to feel some of that. It does take discipline BUT to even qualify for this loan you are someone that understands money. You have to have a 720 or higher score, a very good DTI and assets.
@jadiecakes3241
3 жыл бұрын
This just sounds like a loan with an off set account? Do you guys in amercia not have off set mortgages as a standard option?
@DavidRamseyIII
3 жыл бұрын
It seems like no. What a blessing. Offset accounts are evil. So many friends of mine are making zero progress on their loan as they aren’t forced to make principal repayments. Constant offset redraw
@DavidRamseyIII
3 жыл бұрын
But I am surprised American banks don’t seem to offer it
@jadiecakes3241
3 жыл бұрын
@@DavidRamseyIII also i google why you dont have them and apparently its got something to do with tax laws but who really knows
@DavidRamseyIII
3 жыл бұрын
@@jadiecakes3241I’m Australia. That makes sense though. Americans can claim main residence interest as a deduction so an offset account would probably allow them to recycle private debt onto their house
@AndyinMTL
3 жыл бұрын
lol ok Mr im an engineer! foh
@Whitericeinmysalad
3 жыл бұрын
Cash is always the best option if you have it.
@stuntfrenchy5374
3 жыл бұрын
Lend me a tenna.
@Simonsaysboxing
10 ай бұрын
Dave has no clue what the guy is talking about as usual 😆 🤣
@mjlaramore
3 жыл бұрын
I have a feeling Dave knows the “callers” question before he asks it….
@chrishavill6458
2 жыл бұрын
I'm sure he gets a briefing on who they are and what they're calling about, but I doubt he's having conversations before they go on the air. Would you take a call where your first response is "I don't know much about that type of loan"?
@FourWheelFinance
3 жыл бұрын
Hahaha they should put "Act your wage" on every billboard in sight
@hardchooligan
3 жыл бұрын
This caller is just John using a fake name 🤣
@willelliott5052
3 жыл бұрын
I listened to an initial pitch for this type product, also from a lender based in Denver. They guy was trying to note commonality in our backgrounds in order to break the ice. I was very skeptical and told them that I only needed a mortgage, not a savings account. The guy was supposed to call me back with his boss and never did so, which was more than fine with me.
@davidnguyen6541
3 жыл бұрын
Never ever ever get a Variable loan rate.
@daveherbst1705
3 жыл бұрын
Why, David?
@davidnguyen6541
3 жыл бұрын
@@daveherbst1705 The providers have the ability to change your rate anytime during the life of the loan.
@marshallwise1763
2 жыл бұрын
CMG offers fixed rate loans as well.
@carlosmacias7122
Жыл бұрын
@@marshallwise1763 not for the AIO...It's a 3year or 5year lock
@davidmilhouscarter8198
3 жыл бұрын
The word ‘payment’ makes me want to 🤢🤮
@MP-nj1qy
3 жыл бұрын
Not all risk are worth taking folks
@bm7bellomy
11 ай бұрын
He has no IDEA what this loan is. If you want an emergency fund and a liquid Heloc to invest this is it. I paid off my house in 5 years and then was able to put 50 percent down on another house by using the liquid assets from my AIO loan. Used the renter of my second house to pay off the remaining balance. Then, I started to pay down my house loan again to repeat the process. You can only do this because you are paying off the principal first. What people don't understand is you put all your money into this loan, everything. The loan cycles every 24 hours. You draw from it for bills and such. So whatever you have in there every night goes towards the loan. When you have money in a checking account, and at the end of the day, does it pay off anything? NOPE. Well, this loan does. Every deposit you make goes to the big number. Another great feature is if you lose your job and you have equity in your home, you don't have to pay the mortgage. This helps for you to go find another job and not worry that you have no money.
@jimroscovius
3 жыл бұрын
I'm pretty good with math, so I think I'll ask Dave if I should borrow money 🤣🤣
@johnmirbach2338
3 жыл бұрын
😁🖖✌👍👌😎
@grayandgray
3 жыл бұрын
Most of those offers are traps to keep you on the hook. Like a master heloc. On paper, it appears you're putting more against the loan faster (which you can do under traditional structures). But in practice it allows people to just pay interest because of perpetual "emergencies". The bank is also happy to increase the limit as equity goes up and many people find "emergencies" to spend that as well...
@DavidRamseyIII
3 жыл бұрын
So true. Mortgage offsets are a curse
@marshallwise1763
2 жыл бұрын
Stay disciplined and you are good!
@gnahthe
Жыл бұрын
That’s why this is for those with financial discipline. I’m using it to invest in more cash flowing investment properties, no refinancing required and the investment cashflow is paying back the loan and some.
@MSH3423
3 жыл бұрын
There is no such thing as…… a good loan. They are lending money… for profit. Know what you are paying for. If you want to be safe……. Don’t do any derivative products.
@marshallwise1763
2 жыл бұрын
Be safe or be profitable.
@JC-hd2tt
Жыл бұрын
Completely agree with Dave! If Velocity Banking wasn’t bad enough, come to find out they’re also pitching a 1st Lien HELOC to replace a mortgage.
@briandeluca6908
Жыл бұрын
Your also uninformed. I literally paid my 32,000 car off in less than 8 months doing a velocity banking strategy
@jampaninaresh
Жыл бұрын
@@briandeluca6908like to understand how you paid it off? One of the lender suggested this loan and I’m puzzled to take it or not
@davidthompson3872
3 жыл бұрын
Does it come with rice and beans?
@gnahthe
Жыл бұрын
Dave said he hadn’t heard of the All in one loan, but goes in to say it stinks to high heaven. A wise advisor doesn’t disparage what they don’t know. They get the facts prior to making a determination. This type of loan is common in other countries and is becoming more so in the US. The caller did not understand the product and Dave had never heard of it. Clear case of the blind leading the blind.
@22TFreitagRacing
3 жыл бұрын
Tell the Dr to just talk to you later he doesn't have to call in
@doriss6791
3 жыл бұрын
As soon as they said variable I would say no thanks.
@stefanmccarthy6166
3 жыл бұрын
Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment in stock are the easiest way to make money irrespective of which party makes it to the oval office.
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