We kicked off our “Mortgage Masters Series” with Barry Habib, American entrepreneur, mortgage industry executive, and founder and CEO of MBS Highway. Barry offered a ton of market insight and perspective, including why he thinks APR is wrong. Watch now!
We're excited to kick off our "Mortgage Masters Series" with Barry Habib, American entrepreneur, mortgage industry executive, and founder and CEO of MBS Highway. Barry always offers a ton of market insights and perspective when he's on the show. Don't miss it!
Posted by Inside Real Estate on Wednesday, July 8, 2020
“APR is stupid. Because APR, it assumes that you will be in the home for all 30 years, it assumes you’ll never make a prepayment, and it assumes the rate of inflation will be zero for 30 years, which has never happened – never will happen. The chances of you being in the same home with the same mortgage for 30 years, that’s a needle in a haystack. Think about it in your lifetime. Have you ever met… all the people you’ve met in your lifetime? Have you ever heard of or met somebody who’s had the same mortgage, for the same time with the same loan for 30 years? Hasn’t moved, and hasn’t refinanced for 30 years? Does anybody even know anybody like that? Okay, so what we’re saying is APR is wrong. The only way to correctly, and APR there’s so much emphasis on it and so asinine. There is never-ever-ever been a correct APR that has been disclosed.” – Barry Habib