Beret (Bourree) Lam

speaker
435 appearances 6 recordings 1 series first heard Apr 2020 last heard Jan 2024

Beret (Bourree) Lam’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Importance of Interest Rates in Paying Down Your Debt · 14 Jan 2024 podcast
Those are all things that you have to consider when you're making a big purchase like a home investment.
And for many Americans, a car is their first big purchase.
So when you're making that big purchase, look at the interest rate, but also look at what you're buying.
If you have a low interest rate, that doesn't mean you should splurge out for a car that you can't afford.
You still want to look at what you can do in monthly payments and how many months those payments are going to last.
I think it's like about how much you can stomach.
Both ways are fine.
As long as you're realistic that you can make those monthly payments.
Sure, you overpaid for the house, but what was the return is that you got the house.
You got to buy a house at 2.9% or 3%, which are
mortgage rates that we may not see for decades.
And so mortgage rates are trending now, but I don't know that anybody thinks that they're going to go below 3% anytime soon.
That was a thing that happened that I hadn't seen in my adult life.
Totally, yeah.
If you know your numbers and you're like, I'm not going to refi, this is like the locked monthly payment that I'm doing for my 30-year fix, then...
You're good to go.
Whereas if you are someone who are like, I can't stomach paying that price tag, I will pay a little bit of a higher interest rate because we know when interest rates are higher, there's more inventory.
But it's not fixed.
Like even though if I'm doing a 30-year fixed, I'm planning to refi when rates are a little bit different and I'm going to be able to lower my monthly.
We are.
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