Why Dave Ramsey’s Home Buying Advice Isn’t for Everyone

Ah, Dave Ramsey—financial guru, debt slayer, and the ultimate love-hate figure in personal finance. His advice on buying a home sounds dreamy, but is it realistic? Short answer: No, not for most folks.

The Ramsey Theory: No Debt, No Problem

Dave loves to say you should avoid debt like it’s the plague. Want a house? Save up and pay cash, he says. Sure, Dave, let me just pluck a tree that grows money.

The Math Just Doesn’t Add Up

Say you’re in your 20s and you want to buy a modest $300,000 home. If you follow Ramsey’s advice, you’d save up that cash. Let’s say you can save $1,000 a month (which is already stretching it for most). That’s 25 years of saving just for the home’s cost, never mind repairs or a nice couch. So, you’d be buying a home when you’re… what, pushing 50?

Renting Ain’t That Bad, Dave

Dave Ramsey acts like renting is a money pit. Newsflash: Renting can be a strategic move. It gives you flexibility and doesn’t tie you down. For some, renting is the smarter choice, and that’s A-OK.

Down Payments and Mortgages

Let’s be real: Mortgages are not evil. They’re tools that can help you own a piece of the American Dream. With low down payment options, and sometimes even down payment assistance, owning a home is within reach. Programs like FHA, VA loans, or Fannie Mae and Freddie Mac Conforming loans make it possible for the average Joe or Jane to buy a home.

Variable vs Fixed Interest Rates

Dave is all about fixed interest rates and thinks variable rates are sketchy. But here’s the deal: Variable rates can save you money when interest rates are low. Fixed rates aren’t the end-all-be-all.

So, Who You Gonna Call? (Not Ghostbusters)

Before you take Dave Ramsey’s advice as gospel, maybe consult some folks who live and breathe mortgages. Like us at New Way Mortgage, we’ve been navigating the mortgage jungle for over 20 years each. We know a thing or two about making the home loan process fast, easy, and affordable.

Interested in down payment assistance loans, first-time homebuyer programs, or building a real estate investment portfolio? We’ve got you covered. And hey, if you’re looking to save some coin while doing it, you’re in the right place. We run leaner than most, so our rates and fees are where you want them—low.

Conclusion: To Dave or Not to Dave?

Dave Ramsey has some good financial tips, no doubt. But when it comes to buying a home, his one-size-fits-all advice may not fit you.

If you’re tired of the Ramsey runaround and want some real-world advice, reach out to us at New Way Mortgage.

– To schedule an appointment, head over to https://www.meetnewway.com
– To get pre-approved, zip on over to HERE
– For a quick rate quote, zoom to https://www.newwayquote.com

Don’t let unrealistic advice make your dream home just a dream. Let’s make it a reality, the New Way.

Catch you on the flip side! 🏡