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Sounds like a balloon mortgage in seven years the rate blows up, I had one but I refinanced before the seventh year.

The counties in Texas pull comps to supoort why they're appraising your property at the amount they list. Homestead exemption is just the amount of value exempt from taxation. By Texas law, they can increase your appraised (assessed)value up to 10% per year. I've protested my taxes several times. Take pics, get estimates if you need repairs, or pull comps yourself to support the market value you think it should be.

VARIABLE MEANS VARIABLE DEFINE. var·i·a·ble- 1.not consistent or having a fixed pattern; liable to change.😂😂😂

Sounds like a combination of a variable rate mortgage and new construction to me! 🤔

Take your self to Africa and connect

Buying an adjustable rate mortgage is like stepping into quick sand and expecting not to sink.

I know many people who recently took out adjustable rate mortgages and bought during peak of COVID! ! Even though they know they can potentially get fkd a few years down the road. “ the real estate agent said it is a good idea and you can refinance later” hah lol 🤣😂🤣😂😂😂😂🤣🤣🤣

Don’t take out an adjustable rate mortgage! Duhhhh…..

I agree she must have had an Adjustable Rate Mortgage. When you have a Fixed Interest rate your Payment Doesn't Change. There has to be more to her Situation than we know at this Point l.

If my choice was an adjustable rate mortgage or renting…I would have kept renting…

ARMs

Property tax and insurance total scams.

I live in NJ, and I was paying $2,345 a month and a year they increased to $3,570 a month. We almost lost the house because we didn’t have enough money to pay. Thanks to a program we got to pay the month behind and they lower the mortgage to $3,100 a month now.

Well , in Canada you cannot make a mortgage rate contract fixed rate for life.Only for max 5 years

Yeah, I figured she had an ajustable rate mortgage. $2000 to $7500? Crazy! I pay 870 a month, I got a 30 year fixed morgage rate. An AR mkrtgage just didn't make dince to me, I asked a lot of questions when it was proposed to me.

When you signed the documents you knew They lay it out Plain and clear when you’re signing documents … ARM??? 😂 the strong 💪🏼… that’s what people get when they move into a house that they really can’t afford they choose the💪🏼…try humble beginnings My first house was a two bedroom condo .. nothing fancy, but in a decent location… these days though condos are horrible Investment…

Ok BALLERS.stop ceying.now in 2024 I thought you had the money for it, you look like you have no limit. This is your time to shine. Show us what you really made of.lol

Fixed rate not variable rate. "If you can't afford at the current rate, do not buy it! Great video!

Fact is...its no ones fault but yours.

Must be in Texas

His voice is very soothing

Sounds like she has a ARM, adjustable rate mortgage

Good information. Thank you

I will shout from the highest mountain. Until the person has the deed in their hands. The lien holder should be responsible for the taxes. I know the deal breaker is the word mortgage . But I strongly feel that the person who actually hold the deed. SHOULD PAY THE TAXES.💁🏽💯

How can I get off that pmi if I have usda loan!

That's why you don't get an ARM.

In my state, we get our property tax bill in October. If escrow is short, which it Always will be in a 1st year new build, you have til December to pay the difference so the deficit doesn’t reflect in your mortgage. Our first year new build was only escrowed for $1,600. With the homestead exemption, we were short $1,100 in escrow. I researched and researched as much I could digest regarding new builds before we signed our contract, so fortunately we were able to plan and save up the difference and paid it. Our insurance went up but I shopped around and it increased $75 a year vs the initial $187 it would have been if we stuck w/ our initial insurer. We didn’t have a real estate agent and the buyers agent didn’t tell us squat about the initial property taxes on new builds. It’s up to the buyer to do their due diligence at the end of the day.

I’m the only person I know who ever had an ARM go down over the life of a 20 year mortgage. Buying a nearly 100 year old house in 1983, the bank required 20% down (no PMI) and interest rate adjustments every 5 years. Needless to say, interest rates were jacked in 1983, as I recall ours was about 12%. Every 5 years our mortgage payment decreased because fed rates kept dropping. Unbelievable!

A 5 bedroom house?! How many kids does that lady have? Sometimes people buy too much house. I have a small 3 bedroom home. We don’t even use one of the rooms.

Very informative!!

What's wrong with a fixed mortgage?

1. Property Tax Increase: Homeowners may face rising property taxes due to increasing property values or changes in local tax rates. This can significantly impact the affordability of owning a home, as higher taxes directly increase your overall housing expenses. It's essential to plan for potential hikes in property taxes, which can vary based on location, market conditions, and local government decisions. 2. Adjustable vs. Fixed-Rate Mortgage: When choosing between an adjustable-rate mortgage (ARM) and a fixed-rate mortgage, the key difference lies in how the interest rate is applied over time. A fixed-rate mortgage locks in a stable interest rate for the life of the loan, providing consistent and predictable monthly payments. In contrast, an adjustable-rate mortgage offers a lower initial rate for a set period, followed by rate adjustments that can either lower or raise your payments depending on market conditions. The best option depends on your financial goals, how long you plan to stay in the home, and your tolerance for risk. 3. Increased Homeowner Insurance Premiums: Homeowner insurance premiums may rise due to various factors, such as inflation, higher repair costs, or an increased frequency of natural disasters. These rising premiums can place additional financial strain on homeowners. Regularly reviewing and updating your coverage to ensure it meets your current needs can help manage costs while maintaining adequate protection for your home.

30 year fixed rate. Or unless she got a 10 years no tax abatement. Mortgage insurance and property taxes go up.

Great conversation. I wished you talked more about upgrading your home in this video over going to schools and buying cars.

Property tax is a scam, I purchased the house once

Set up for failure😢

Such and informative and well presented video. Thanks for the advice! New subscriber here! 👍🏾

10% each year with homestead? That's crazy

How can I get in touch with you about to get information on moving to texas

That is not for all. i live here and no allergies. Crime rate???? What part??? Some like it hot you should not discourage. Now that is the truth cant get a job here.YEP killeen ids SUCKS!!! We have no issues with health care and we watch our usage for our electricity you have to do that anywhere. WHAT! I walk and see people walking everywhere. Now i agree u need a car but if not u will walk a long way and the bus system sucks as well. Still a nice place to reside. The bad thing that sticks out is the bus system they really SUCK!!

Solid advice💯

Pmi can be dropped before 2 years. I got mine dropped shortly after the first year. I did improvements on my house and then got it appraised. Sent the appraisal to my mortgage company. You have to call your mortgage co. First to tell them you want to remove pmi, they’ll tell you which department has to receive the appraisal. If you get the place appraised high enough, pmi gets dropped.

No they aren’t. Claims someone found a solution for affordable homes, proceed to show homes the cheapest of which is $300k. 🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️

Currently reviewing numbers for a new build & this information is spot on !!

She mentioned it went up over $5k in the last 7 yrs. That coincides with the HUGE interest rate increases AND home values that just exploded over since the pandemic. And of course - depending on where she lived - home insurance went up dramatically. Like you stated - it was a deadly cocktail. DECADES ago - many seniors were displaced out of Silicone Valley as they saw rental prices going up (rentals hitting $3k/mo) and property taxes going to $10k/yr. More than doubling - if you were on a fixed income, you had no choice to move out of the area.

🌴🌴🌴 Always sound advice Steph👏👏👏 I’m so amazed how so many people don’t know what they’re getting into. Thank you Sir. Blessings,Carlos ✝️🙏❤️😊🇺🇸

It's nearly impossible to find a new construction build in a nice area that does NOT belong to an HOA. I live in North Texas and technically within the DFW Metroplex. I find our HOA very fair and even handed. That said I live alone, no kids, upkeep my lawn and home maintenance. I also communicate with the lead person of the HOA and form a relationship to be partners in the community. I don't see petty fines and heavy-handed tactics by our HOA but I do see A LOT of lazy homeowners who refuse to mow their lawns, collect their trash bins within two days and other nuisance behaviors. Our HOA fees are very reasonable and I see more problems with problem neighbors than I do with the HOA.

Killeen is far from bad

you could cover the whole interior walls in plaster to make them smooth vs having the "print lines"

D street