V-Man and Barko Podcast | 004 | Aaron Mitchell - A Hoops Journey

Title: The "Lock-In" Effect: Are Portable Mortgages the Answer?

Description: With millions of US homeowners "locked in" at 3% rates and hesitant to sell, the mortgage industry is buzzing about a potential solution: Portable Mortgages.

In this episode, V-Man and Barko are joined by Aaron "Mitch" Mitchell, a teacher and podcaster from Vancouver, Canada, to give us a firsthand look at how portable mortgages actually work north of the border.

While the idea of taking your low interest rate with you to a new home sounds perfect, the reality involves different term structures, transfer taxes, and strict qualifications. We break down whether this concept could ever truly work in the US banking system.

In this episode, we cover:

00:00 – Intro: Meet Aaron "Mitch" Mitchell from Vancouver.
01:54 – What is a "Portable Mortgage"?
03:46 – The Canadian Experience: How 5-year renewable terms work vs. the US 30-year fixed.
08:16 – Why the US Mortgage-Backed Security (MBS) system makes portability difficult.
11:36 – The "Lock-In" Effect: Why inventory is stuck and how portability could help.
14:52 – The Affordability Crisis: The average first-time homebuyer is now 42 years old (up from 28).
26:00 – AI in Education: How teachers and students are navigating tools like ChatGPT.
36:00 – The Hoops Journey: Mitch’s experience podcasting and the basketball community.

About the Guest: Aaron Mitchell is an educator and the host of the "Hoops Journey" podcast, where he interviews basketball personalities from around the globe. ‪@ahoopsjourneypod‬

https://www.ahoopsjourney.com/

https://vmanandbarko.com/

A and N Mortgage Services, Inc. is an Illinois Residential Mortgage Licensee and Equal Housing Lender. 1945 N. Elston Ave. Chicago, IL 60642 p: http://773.305.LOAN (5626) http://www.anmtg.com NMLS # 19291 IL MB.0006638. Serving: IL, IA, IN, FL, MI, MN, TX, WI

THIS IS AN ADVERTISEMENT. This is not a commitment to lend. A and N Mortgage Services, Inc. 1945 N. Elston Ave. Chicago, IL 60642. p: http://773.305.LOAN (5626) http://ANmtg.com NMLS No. 19291. Serving AL, AZ, CA, CO, FL, IA, IL, IN, KS, MA, MI, MN, MT, NC, OH, SC, TN, TX, WA, WI. California: Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Colorado: Regulated by the Division of Real Estate. Illinois Residential Mortgage Licensee. IL MB.0006638. Texas Recovery Fund Notice. TX- SML Approved. For licensing information and for Texas consumers to file a complaint, go to: http://www.anmtg.com/licensing/ and http://www.nmlsconsumeraccess.org. Some restrictions may apply. Programs subject to change without notice. Offer of credit Brian Barkowski NMLS No.1623815 | Mike Vlamis NMLS No. 1673632