Episode 028: Payment Shock and ‘Oh Crap!’ Mortgage Mistakes

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On the show today:

Carrie Weinberg – the very first winner of the Money Peach 500 Challenge. She talks about her experience with saving $500 in a month and what she plans to do with the $500 she saved AND the $500 cash she just won!


“The mortgage is one of the most complex financial transactions out there. You need to be educated on the whole situation, know all the moving parts, and what to look for. Don’t leave that to just anybody.” – Justin Haines


Justin Haines – from ElectricLoanOfficer.com explains mortgages, refinances, private mortgage insurance, and why it is important to have a trusted loan officer before you make the largest expense in your lifetime; a mortgage.

Now, I have a few questions for you all…

What are some of your questions you would like answered on the show? Simply leave a comment at the bottom and let me know or you can contact me here and ask anonymously.

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Mentioned in this Episode

Money Peach $500 Challenge

Mortgage Calculator

Sojourner Center

Contact: The Justin Haines Team

Electric Loan Officer (Justin’s Blog)

Awesome Money Course


Show Notes

The Money Peach $500 Winner Comes on the Show [1:10]

Justin Haines Comes on the Show [6:29]

Justin’s Pain as a Motivator [11:13]

Payment Shock for the New Home Buyer [13:26]

Private Mortgage Insurance [17:11]

Adjustable Rate Mortgage (ARM) Breakdown [20:02]

Local vs Big Bank [22:50]


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Chris Peach Author 150x150

Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.

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