Podcast Summary
Podcast: The David Greene Show – Real Talk Real Estate
Episode: Mortgage Monday | The Portable Mortgage | Episode 104
Date: January 5, 2026
Host: David Greene
Guest: Christian Bashelder, Owner & Broker, The One Brokerage
Episode Overview
This episode dives into the timely and hotly debated concept of "portable mortgages"—a possible future solution to the current stagnation in the US housing market. Hosts David Greene and Christian Bashelder break down what portable mortgages are, how they could work, and whether the much-discussed proposals (reportedly backed by the Trump administration) stand a chance of fixing the “housing emergency.” The discussion is candid, detailed, and designed for real estate professionals and enthusiasts alike.
Key Discussion Points & Insights
What is a Portable Mortgage?
[04:26]
- Definition: A portable mortgage would allow a homeowner to transfer their existing mortgage, including the interest rate and terms, from their current property to a new one.
- Current Status: It’s not yet an available product in the US but has been proposed as a means to unlock housing market mobility, which has been stymied by "golden handcuffs"—i.e., homeowners stuck in low fixed-rate mortgages who are unwilling to move and take on much higher current rates.
- Economic Impact: Increasing mobility would benefit the entire real estate ecosystem—from agents and lenders to contractors and furniture retailers.
Notable Quote:
“What a portable mortgage is, is…you can take your mortgage with you. So we're dealing with a huge symptom of low rates right now in the industry... that's enough to prevent most people from moving.”
—Christian Bashelder [04:44]
Why the Housing Market is Stuck
[04:44–06:24]
- Golden Handcuffs: Many owners have 3% mortgages and are reluctant or unable to sell because the replacement rate would double their payment, limiting supply and transactions in the market.
- Supply & Demand Imbalances: The focus is often on increasing supply (building more), but mobility is also key—freeing up existing homes for buyers.
- Building Barriers: Examples given (Malibu still not rebuilt after wildfires) show that increasing supply via construction is hampered by bureaucratic red tape.
How Would Portability Actually Work?
[09:44–13:56]
- Retroactive Application:
- It is unlikely that portable mortgages can be applied retroactively to existing loans.
- Mortgage notes are sold on the secondary market to investors (e.g., BlackRock, Vanguard), who bought specific terms and may not agree to altered conditions.
- Existing mortgages are “set in stone” because their terms were the basis of the sale to investors.
Notable Quote:
“You can't go back and change an investor's investment.”
—Christian Bashelder [10:20]
David’s Clarification:
“The note…is debt. The terms of the mortgage. And that instrument has an owner…so the person who gave you the note is not likely going to be the person collecting your payments in the future.”
—David Greene [13:10]
- Technical Feasibility: Some limited precedent exists in commercial and private banking (cross-collateralization), but not at the scale or standardization being proposed.
If/When Portable Mortgages Get Rolled Out: Who Benefits? Who Loses?
[18:06]
- Not a Silver Bullet: While beneficial, portable mortgages aren’t a cure-all. They give more options but won’t single-handedly “fix” the market.
- Real Estate & Lending Professionals: Could lose business if people keep their original, low-rate mortgages and stop refinancing or taking out new loans.
Notable Quote:
“We're sharing this forever mortgage…The only time you're ever getting another mortgage is if you get a new house.”
—David Greene [20:17]
Limitations & Misconceptions
[20:39–22:50]
- Not Instant, Not for Everyone:
- Currently, only some portfolio lenders or credit unions might allow something similar in specific cases; government-backed loans (Fannie Mae, Freddie Mac) are much less flexible.
- Future portable mortgages likely only apply to new loans, not existing sub-4% loans.
- Still Shop Around: When/if these products exist, borrowers should consult their lender for the best deal—don’t assume a portable mortgage is always optimal compared to new products.
Notable Quote:
"Don't just assume I'm gonna port this mortgage. Still have a conversation...Can we package another product on and see if we can beat the rate?"
—Christian Bashelder [21:45]
Potential Downsides of Portable Mortgages
[22:50–24:34]
- Bigger Down Payments:
- Porting a mortgage to a higher-value home requires the buyer to cover the price difference, often with cash or a second (piggyback) mortgage.
- Origination Fees:
- Lenders must be compensated for the added work and lost opportunity of locking in an old, lower rate. Upfront costs may be significant.
- Lender Incentive: Overall, these are more beneficial for borrowers when rates are low, but less so for lenders who would prefer to lend at contemporary (higher) rates.
Notable Quote:
“Any scenario where you keep this loan instead of paying it off is a scenario that benefits you...so in order for them to agree to a portable mortgage, they have to benefit in some way. It's going to be a higher origination cost.”
—David Greene [24:44]
Practical Advice for Borrowers
[26:02]
- Always Ask About Costs:
- Understand all fees associated with portability, run amortization analyses with your lender, and make sure the option truly benefits you.
- Example: VA and FHA loans are assumable, but the process is slow and the lender makes little money—expect similar hurdles unless compensation improves.
Notable Quote:
“If any of you guys have ever tried to assume a VA mortgage, it's like a nightmare because the assuming lender doesn't make any money…It's a waste of time.”
—Christian Bashelder [26:34]
Outlook on Portable Mortgages & 50-Year Loans
[28:05–28:38]
- 50-Year Loan Proposal “Dead in the Water”: Both hosts agree that the previously hyped plan for ultra-long-term mortgages is unlikely to be adopted.
- Portable Mortgages: The concept “could be the next one to die”—unless paired with lower rates, it won’t have much value.
Memorable Quotes
- “There’s no such thing as a free lunch.” —David Greene [27:45]
- “[Portable mortgages] could help if rolled out in a proper fashion.” —Christian Bashelder [27:45]
Timestamps for Important Segments
- [04:26] – Definition and big-picture importance of portable mortgages
- [09:44] – Can portable mortgages apply retroactively? Secondary market explained
- [13:56] – Collateralization in current lending, technical barriers
- [18:06] – Who wins/loses if portable mortgages become reality
- [20:39] – Common misconceptions and real-world flexibility
- [22:50] – Downsides: equity requirements, down payments, need for HELOCs/seconds
- [24:44] – Why lenders aren’t likely to love the idea, origination fee implications
- [27:45] – Summary: Always check the “cost of the free lunch”
- [28:05] – Status of the 50-year mortgage proposal
Tone and Style
Conversational, candid, and industry-savvy—David and Christian mix sarcasm, real-world advice, and occasional humor (“squeeze the guy’s biceps—they’re massive!”) with expert knowledge. Their banter keeps the technical content approachable for everyone from real estate veterans to motivated beginners.
Final Takeaways
- Portable mortgages could create more mobility in a locked-up housing market and might appear soon as a policy tool, but they’re not yet real and bring costs/trade-offs.
- Don’t expect miracle fixes: Even innovative mortgage products won’t solve all market issues, and borrowers must scrutinize their own numbers and options.
- Stay informed and work with knowledgeable professionals to sort through past the hype and choose the best product for your needs.
Contact Details
- Christian Bashelder: the1brokerage.com | Instagram: @the_one_broker
- David Greene: Instagram/Facebook: @davidgreen24 | Website: davidgreen24.com
Summary crafted to reflect the episode’s original tone, depth, and candid advice. All quotes/times referenced from the provided transcript.