One thing about income too is if you have two incomes in your household, using both of them to determine how much you can afford puts you under far higher risk since if either one of you lose their job you may not be able to afford your bills. So it may be worth thinking about that when you go to buy to have even more cushion, just in case.
💯 we made a point of figuring out what we could afford on one income and worst case if I had to take an average pay job in my field. Anything more than that is dangerous. But we've been through 2 major economic bubbles and know worst case. The younger generation or fortunate ones, never felt that pain and are running like sheep through this.
I got a great deal from a builder and their lender and got my rate at 4.99 with closing costs covered. It was not until the deal was done that I had other lenders that were offering nothing and a rate in the low 7s when they started saying they could match the deal, to which I said "why on earth didn't you offer me your best pitch from the start". Screw those people. I bought by Laveen, Phx.
My husband and I are closing in 3 weeks. When he initially met with our lender and gave all our documents/financial info, she told us we were pre-approved for a huge amount. We then made her tell us what the monthly payment would be for that large sum and it was also very, very large. We had to knock her down a lottttt for us to be comfortable, and we still found an amazing house
Shoutout to my mortgage broker. Him: okay your budget is x? Okay with taxes and whatnot, you can afford y. Im writing your pre-approval for 20k more because it looks better to sellers but we are not getting that much mortgage. He really emphasized buying within our means and came in respecting our needs.
Thank you for making this video! It really spoke to me. I keep getting told " nobody stays in their home for 30 years" or "take the rate now and you can refinance as soon as rates drop". After moving across states twice, I might just not want to move again! And having a comfortable monthly payment without having to worry about refinancing, unless an amazing opportunity comes along, is important to me. Thank you!
I agree Javier, after living for more than three years at my old apartment complex, out of the blue one day, my landlord decided to post a paper on my door that read "we are not renewing your lease, you have 30 days to vacate the premises" right in the middle of Christmas! They did not tell us why, they did not work with us or talk to us meaning... If I was changing the oil of my car, give me a warning, won't do it again... If I was doing laundry inside my apartment with a portable washer, then move me to a unit with a washer and dryer... If my downstairs neighbor is complaining about the noise level because my kids are running around, then move me to a downstairs unit... No answer is no, no, no, they did not even tell us why they were kicking us out, they lied to me and said that the owners are not renewing my lease and they did not tell them why... So, talk about having the rug pulled from under you, I was a prime example... In the middle of Christmas, in the cold, with 30 days or less, I had to buy boxes to pack all of my belongings, find another place to move, pay someone to help me move, rent a truck, unpack everything and organize everything, change all my addresses while still holding down my full-time job... Also, keep in mind that in order for to prevent from becoming homeless, I had to do come up with first month rent, last month rent, and security deposit for my new place, not to mention, application fees per adult!!!
NGL brother, for some reason I have this obsession with this thought that I need to buy a home. Maybe it's because I'm the only one without a home in my family at my age. And I always hear people tell me that buying right now in So Cal is a good idea and these are people I generally trust too. I feel like the weirdo for feeling like you do. Hearing stuff like this from you grounds me for sure, and I appreciate that brother. Keep being the voice of reason for us!
Always buy with a monthly payment in mind...price and rates fluctuate. Bid whatever price gives you the same monthly rate your looking for the current rate quote
Thank you so much Javier this is why we listen to you a lot. I keep hearing from other RUclips channels and people that we talk to that we can refinance later. Hardly anybody talks about keeping the mortgage for 30 years. My wife and I are starting late in life I’m 52 years old and have about 15 years left of working, give or take, and we want our house paid off by the time, with my budget at 25% for the house we can afford a certain area we’ve already scouted it and we love it. You just affirmed our thought of not worrying about the interest rate as long as we can afford it and stay within the budget it will work for us Thank you again buddy keep up the good work love your channel.
Just go get your house. I was so into this guys videos the one rental at a time and I was so against buying a house. Just scared to pay a huge amount monthly for my mortgage. As I’m paying rent that’s 2,500 a month. One day I’m like shit let’s see what we can afford and at like 6% that put us at 3000 a month…only 500 more than what we paid for rent. Man we put the down payment down so fast. Asked the sellers to cover the cost. I’m in Cali house was 427k we paid 318…in California!
#2- Real Estate is always a good investment. A good investment is owning assets. A bad investment is owning liabilities. What happens when you buy a house and live in it? You turn an asset into a liability. Unless you find something undervalued and buy it with equity built in, new home buyers are all walking a very thin line of risk by buying right now. I bought a nice and modest home that was undervalued in 2016 and refinanced it at 3% APR in 2020. It didn’t occur to me at the time, but looking back on it now; I realize that it was a combination of correct timing and a bit of luck that put me in a comfortable spot today. As a Millennial that has owned real estate since 2009, the best advice I can give today for the newer generations that feel that they’re “in a tough spot” is to simply look at your other options when it comes to investing. Use those avenues to save, gain capital and build wealth. I would revisit buying and owning a home after all of this dust settles. There’s no shame in renting as long as you’re also working to build your wealth and net worth.
I prequalified for a $475,000 house. My wife and I started looking at houses around $275,000 and thats what we bought at. Its an outdated house that we are putting a lot of work into, but we can comfortably afford it. If we would have bought a $475,000 house we would be drowning.
Do you live in alabama by any chance? Cause i cant find any house like that within 30 miles of nyc and i dont work remote so have to be close to the city.
Javi!!! 🎉❤ Shout out to you and Kyle! Monday will be my ONE YEAR Home-a-versary! Thanks for all your advice and support. Love to family. (Dog included.)
thanks Javi. great insight. I feel that most people that listened to these crash bros are the ones now crying... should have done their own research instead of relying on these crash bros that are making money off people who are listening to them. All of them will not even back their claims. They use the get out of jail card by saying "I do not have a crystal ball", this way no one can hold them to their claim.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Dec 2024, we've been looking for a new home for the last 6 years off and on. I've been working my ass off and we've been saving. Just used my VA loan and got 5.99% and a dream of a home for $40k under market value. I'm feeling blessed, and selling our started home from 2008 for 2X our purchase price. Nothing too crazy, but better than renting for the last 16 years and having no equity.
Our rent and daycare cost is at least 57% ($3800) of our after tax income... So once he is older and is in school I feel confident I can afford paying even 40% towards housing once he doesn't need daycare. Our rent is $2100 after utilities, unfortunately most houses are $500,000 in this area with $400+ HOA... 😭
He's going to have other needs as he gets older. The 30% thing is factoring in that you have kids, and that sometimes your house will break. My partner and I make great money, no kids, and still stuck to 30%. Partially because we need to also save 12 grand for a roof budget and because sometimes floods happen. Where we live, the average house is also 500k. We found a near perfect place that was turnkey ready for ~350k because we were selective and listened to javy.
The only reason why I want to buy, is because I don’t want to keep paying 150 dollar rent increase every year. We are already paying over 3k a month in so cal
Honestly in my personal opinion, the way to go nowadays is to buy a broken down home at a cheap price and fix it up yourself. If you don't know how then learn how to do some of the things. If you cant do electrical and plumbing thats fine but other things like how to put up drywall or floors, paint walls, etc. Can be learned to do, hell you can probably find someone who can do some of the stuff at a cheap price. I did so at the age of 23, everyone said I was dumb for not knowing what I was doing, guess what? I bought it dirt cheap at 15k, the house went up 80k in value just purely because of the market and now its worth a lot more since I cleaned up the place. I haven't even finished it and I already x10 my money, once I finished it will be x20 hopefully. But regardless I have increased my money just by doing so, and I have a cheap place to stay vs people fighting high interest and mortgage rates. And Im a school bus driver so my salary aint that high, so don't come at me with it cant be done. It can be done, just this time its a lot more work but its worth the trade off.
@@loosemoose5217 Keep looking, it may not be today or tomorrow. But eventually someone would be desperate enough to sell their property really cheap because they want to get out of there. My dad just found a two floor family house for 69k with similar damages you just mentioned. He's halfway done and with that alone already double its value.
@@loosemoose5217 It can be done but you gotta be open and flexible, if you want to stay where you are at because you love it there then either find a way to make more money or move to an affordable area with the same type of work you are doing. I moved out of Chicago to find my home, and I barely paid 1.8k in property taxes last year.
@Savrathmith yup! Just leave everything, uproot yourself, leave your family, and go to a place with no jobs! Don't worry it's cheaper their! I am in a cheap area and homes still start at 250k which I can afford but I would be house poor
@@loosemoose5217 Well buddy you can't always have it all, jobs are everywhere but you not want to work certain job is different. And being close to family is nice but if you want to own something, sometimes you have to fly the nest and be independent to make it. Just say you don't want to leave your comfort zone which is keeping you stuck.
Home ownership is how the majority of families built generational wealth. Make sacrifices live further out to buy a home you can afford. As long as you live in a growing/developing area it should work out for you. God Bless
So weird real estate agents and lenders wouldn't have a fiduciary legal requirement to look out for our best interest... imagine if that was the case for doctors, attorneys, and mental health therapists. SHOCKER!
imo real estate agents shouldn’t legally be allowed to list properties as “investment properties” There are certain certifications/licenses you have to have in order to give legal “investment advice” and I’m pretty sure that certification isn’t required for real estate agents
I would never do a temporary buy down. It's a waste of money. Just take whatever seller concession the seller is offering and lower the price. With a lower mortgage balance you will be in a better situation to refinance IF rates come down. If you NEED a Buy down or seller paid closing costs to get into the house, you probably shouldn't be buying. All you are doing is financing your closing cost.
What’s the Pros and the cons on a mortgage for a 15 year lease and a 30 year lease ? I currently rent out a 2 bd apartment for $875 a month. And I plan on buying a home in a year or two with my wife and my mom. I’ll be turning 21 this year and honestly a 15 year lease sounds convincing for my age. I’m looking for a home because we’re expecting a kid on July and we’ll need more space. So I’ve been looking around but rent prices are high at the moment. It’s $2300 a month, minimum for a 2bd apartment, And damn near 3k for 3 bed apartment, so I’m thinking to myself that’s a mortgage right? So I’ve been looking at homes around my area and just matching the numbers, adding them up. With a 15 year mortgage for a houses around 250k -350k I’ll be stretching it a bit but I’ll still have somewhat money left over after every monthly payment so my plan was pay the full mortgage myself and have my Wife and mom pay the utilities and needs, and just thug it out for 15 years lbvs 😂😵💫. I feel confident about it, but still having second thoughts because with a 30 year mortgage I’ll be a bit more comfortable.
Buying down the rate to get a better interest rate only makes sense to qualify a loan and even then you should be getting seller credits because you’re probably buying an overpriced property to begin with especially for this market. You should focus on the payment you’re comfortable with. If it’s go higher your comfortable with the payment, if the go lower and you refinance to an even more comfortable payment.
When you are able to buy your first home never sell it when you want to upgrade your first home will help you and so on then many years up the real estate road you will have made a nice income stream say goodbye to your boss
I am spending more than I really wanted to, but I don't plan on moving for a looooong time if ever. We've been squishing our growing family into the same 1100 sq/ft for 16 years to the point we don't have enough room for the kids to have their own beds. Anyway, I'm willing to spend more of my income on a nice, safe place for my family and friends to visit. I want my kids and their friends to spend the night at my house where I know they are out of trouble instead of being at someone else's house where who knows what's going on. I've been planning, sacrificing, and saving for the last 6 years, the price is worth the piece of mind and happiness the house provides my family.
Very interesting. In the example you set for mortgage approval, you said the bank would approve you for $3375. Is that including mortgage and insurance or is that just the mortgage payment?
There are some restrictions, but in general, you can "buy down" the interest you're given. That means you can pay extra money upfront to lower the rate you end up with
They will drop. But it may take a a couple years to get to the ideal rate, even it’s not going to get down to the 2-3%. You might get something in the 4%.
People needs to stop it the whole investing idea in a home. you should only buy a house for long term needs like raising a family or retiring and having the home paid off.
I was thinking of buying a home, but with this illegal immigration going on, you have no idea when they will come to your town and bring down the value, plus need to move soon.
One thing about income too is if you have two incomes in your household, using both of them to determine how much you can afford puts you under far higher risk since if either one of you lose their job you may not be able to afford your bills. So it may be worth thinking about that when you go to buy to have even more cushion, just in case.
Or if one of you dies 😮
💯 we made a point of figuring out what we could afford on one income and worst case if I had to take an average pay job in my field. Anything more than that is dangerous. But we've been through 2 major economic bubbles and know worst case. The younger generation or fortunate ones, never felt that pain and are running like sheep through this.
ahhhh never thought of this....great point....so many things to think about.
Exactly, my husband and I make our financial planning only considering his salary, mine goes 100% to investments
Isn’t that still better than one income?? So you’d be left with 50% what you started with a spouse, but by yourself you’d be left with 0% income
I got a great deal from a builder and their lender and got my rate at 4.99 with closing costs covered. It was not until the deal was done that I had other lenders that were offering nothing and a rate in the low 7s when they started saying they could match the deal, to which I said "why on earth didn't you offer me your best pitch from the start". Screw those people. I bought by Laveen, Phx.
My husband and I are closing in 3 weeks. When he initially met with our lender and gave all our documents/financial info, she told us we were pre-approved for a huge amount. We then made her tell us what the monthly payment would be for that large sum and it was also very, very large. We had to knock her down a lottttt for us to be comfortable, and we still found an amazing house
Shoutout to my mortgage broker.
Him: okay your budget is x? Okay with taxes and whatnot, you can afford y. Im writing your pre-approval for 20k more because it looks better to sellers but we are not getting that much mortgage.
He really emphasized buying within our means and came in respecting our needs.
Thank you for making this video! It really spoke to me. I keep getting told " nobody stays in their home for 30 years" or "take the rate now and you can refinance as soon as rates drop". After moving across states twice, I might just not want to move again! And having a comfortable monthly payment without having to worry about refinancing, unless an amazing opportunity comes along, is important to me.
Thank you!
I agree Javier, after living for more than three years at my old apartment complex, out of the blue one day, my landlord decided to post a paper on my door that read "we are not renewing your lease, you have 30 days to vacate the premises" right in the middle of Christmas! They did not tell us why, they did not work with us or talk to us meaning... If I was changing the oil of my car, give me a warning, won't do it again... If I was doing laundry inside my apartment with a portable washer, then move me to a unit with a washer and dryer... If my downstairs neighbor is complaining about the noise level because my kids are running around, then move me to a downstairs unit... No answer is no, no, no, they did not even tell us why they were kicking us out, they lied to me and said that the owners are not renewing my lease and they did not tell them why... So, talk about having the rug pulled from under you, I was a prime example... In the middle of Christmas, in the cold, with 30 days or less, I had to buy boxes to pack all of my belongings, find another place to move, pay someone to help me move, rent a truck, unpack everything and organize everything, change all my addresses while still holding down my full-time job... Also, keep in mind that in order for to prevent from becoming homeless, I had to do come up with first month rent, last month rent, and security deposit for my new place, not to mention, application fees per adult!!!
Sorry I would have made them take me to court so I can have time to find a new place
Your to landlord is brutal.
basically buy the house for the house, not the investment.
Glad I got my interest rate at 1.375% with buydown back in 2021. I don't think rates will ever be as low as they were back in 2020/21.
Damn. Rates are 7% now. 2020/2021 was truly once in a lifetime
No we will never see that rate.
Wow. I've never heard of sub 2 mortgage rates. That's crazy.
5.3 for me
NGL brother, for some reason I have this obsession with this thought that I need to buy a home. Maybe it's because I'm the only one without a home in my family at my age. And I always hear people tell me that buying right now in So Cal is a good idea and these are people I generally trust too. I feel like the weirdo for feeling like you do. Hearing stuff like this from you grounds me for sure, and I appreciate that brother. Keep being the voice of reason for us!
Bro fuck socal, don't feel the need to buy shit. You will pay so much for so little.
Great advice Javier, I agree. All great points. Buy what you can afford now and for the foreseeable future. Dont worry about the noise.
Always buy with a monthly payment in mind...price and rates fluctuate. Bid whatever price gives you the same monthly rate your looking for the current rate quote
As someone who was a homeless teen and is now looking at buying, my big reason is to finally have a place I can call mine.
Automated underwriting will allow FHA and VA to go above 55% DTI in some scenarios. I’ve seen it as high as 58%…
Thank you so much Javier this is why we listen to you a lot. I keep hearing from other RUclips channels and people that we talk to that we can refinance later. Hardly anybody talks about keeping the mortgage for 30 years. My wife and I are starting late in life I’m 52 years old and have about 15 years left of working, give or take, and we want our house paid off by the time, with my budget at 25% for the house we can afford a certain area we’ve already scouted it and we love it. You just affirmed our thought of not worrying about the interest rate as long as we can afford it and stay within the budget it will work for us Thank you again buddy keep up the good work love your channel.
Just go get your house. I was so into this guys videos the one rental at a time and I was so against buying a house. Just scared to pay a huge amount monthly for my mortgage. As I’m paying rent that’s 2,500 a month. One day I’m like shit let’s see what we can afford and at like 6% that put us at 3000 a month…only 500 more than what we paid for rent. Man we put the down payment down so fast. Asked the sellers to cover the cost. I’m in Cali house was 427k we paid 318…in California!
My problem (as many of us blue collar peeps) if we "buy what's affordable " the property is too busted up or old to be insurable
#2- Real Estate is always a good investment.
A good investment is owning assets. A bad investment is owning liabilities. What happens when you buy a house and live in it? You turn an asset into a liability.
Unless you find something undervalued and buy it with equity built in, new home buyers are all walking a very thin line of risk by buying right now.
I bought a nice and modest home that was undervalued in 2016 and refinanced it at 3% APR in 2020. It didn’t occur to me at the time, but looking back on it now; I realize that it was a combination of correct timing and a bit of luck that put me in a comfortable spot today.
As a Millennial that has owned real estate since 2009, the best advice I can give today for the newer generations that feel that they’re “in a tough spot” is to simply look at your other options when it comes to investing. Use those avenues to save, gain capital and build wealth. I would revisit buying and owning a home after all of this dust settles.
There’s no shame in renting as long as you’re also working to build your wealth and net worth.
Moving is very expensive and I don’t like landlords micro managing.
Holy crap I needed to hear this! Keep up the great vids Javi!
I prequalified for a $475,000 house. My wife and I started looking at houses around $275,000 and thats what we bought at. Its an outdated house that we are putting a lot of work into, but we can comfortably afford it. If we would have bought a $475,000 house we would be drowning.
275 is what I'm listing mine for, it's a little dated, 20 years old, the market here for this house has stalled.
Do you live in alabama by any chance? Cause i cant find any house like that within 30 miles of nyc and i dont work remote so have to be close to the city.
Javi!!! 🎉❤ Shout out to you and Kyle! Monday will be my ONE YEAR Home-a-versary! Thanks for all your advice and support. Love to family. (Dog included.)
5:33 I like these resources you provide they are great calculations for what to spend on a home
thanks Javi. great insight. I feel that most people that listened to these crash bros are the ones now crying... should have done their own research instead of relying on these crash bros that are making money off people who are listening to them. All of them will not even back their claims. They use the get out of jail card by saying "I do not have a crystal ball", this way no one can hold them to their claim.
Shout out to Javi, delivering grest content while keeping it real.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Dec 2024, we've been looking for a new home for the last 6 years off and on. I've been working my ass off and we've been saving. Just used my VA loan and got 5.99% and a dream of a home for $40k under market value. I'm feeling blessed, and selling our started home from 2008 for 2X our purchase price. Nothing too crazy, but better than renting for the last 16 years and having no equity.
Our rent and daycare cost is at least 57% ($3800) of our after tax income... So once he is older and is in school I feel confident I can afford paying even 40% towards housing once he doesn't need daycare. Our rent is $2100 after utilities, unfortunately most houses are $500,000 in this area with $400+ HOA... 😭
He's going to have other needs as he gets older. The 30% thing is factoring in that you have kids, and that sometimes your house will break.
My partner and I make great money, no kids, and still stuck to 30%. Partially because we need to also save 12 grand for a roof budget and because sometimes floods happen.
Where we live, the average house is also 500k. We found a near perfect place that was turnkey ready for ~350k because we were selective and listened to javy.
I’m renting in HOA I would not ever recommend anyone living in HOA
Can you make a video about opting out of escrow? The pros and cons
The only reason why I want to buy, is because I don’t want to keep paying 150 dollar rent increase every year. We are already paying over 3k a month in so cal
Honestly in my personal opinion, the way to go nowadays is to buy a broken down home at a cheap price and fix it up yourself. If you don't know how then learn how to do some of the things. If you cant do electrical and plumbing thats fine but other things like how to put up drywall or floors, paint walls, etc. Can be learned to do, hell you can probably find someone who can do some of the stuff at a cheap price. I did so at the age of 23, everyone said I was dumb for not knowing what I was doing, guess what? I bought it dirt cheap at 15k, the house went up 80k in value just purely because of the market and now its worth a lot more since I cleaned up the place. I haven't even finished it and I already x10 my money, once I finished it will be x20 hopefully. But regardless I have increased my money just by doing so, and I have a cheap place to stay vs people fighting high interest and mortgage rates. And Im a school bus driver so my salary aint that high, so don't come at me with it cant be done.
It can be done, just this time its a lot more work but its worth the trade off.
Literal Crack houses, houses with fire damage, and unlivable mold infested homes near me go for 200k, for me, it can't be done
@@loosemoose5217 Keep looking, it may not be today or tomorrow. But eventually someone would be desperate enough to sell their property really cheap because they want to get out of there. My dad just found a two floor family house for 69k with similar damages you just mentioned. He's halfway done and with that alone already double its value.
@@loosemoose5217 It can be done but you gotta be open and flexible, if you want to stay where you are at because you love it there then either find a way to make more money or move to an affordable area with the same type of work you are doing. I moved out of Chicago to find my home, and I barely paid 1.8k in property taxes last year.
@Savrathmith yup! Just leave everything, uproot yourself, leave your family, and go to a place with no jobs! Don't worry it's cheaper their! I am in a cheap area and homes still start at 250k which I can afford but I would be house poor
@@loosemoose5217 Well buddy you can't always have it all, jobs are everywhere but you not want to work certain job is different. And being close to family is nice but if you want to own something, sometimes you have to fly the nest and be independent to make it.
Just say you don't want to leave your comfort zone which is keeping you stuck.
Shows you prefer people over profit, hope my realtor is like you
Home ownership is how the majority of families built generational wealth. Make sacrifices live further out to buy a home you can afford. As long as you live in a growing/developing area it should work out for you.
God Bless
So weird real estate agents and lenders wouldn't have a fiduciary legal requirement to look out for our best interest... imagine if that was the case for doctors, attorneys, and mental health therapists. SHOCKER!
Or our lawmakers
I like the Sonic the Hedgehog melody at the end!
How do you get loan officers to fight for your business?
The general qualification guidelines were 28/36 when the buy as much as you can advice started. Probably 40-50 years ago.
Is that a Nimbus 2000 or a Firebolt?
I feel like the National Cliché Board really whiffed it. They should have coined the phrase as "Date the rate and make the house the spouse"
25% of net Salary for mortgage payments is not for market in NJ
imo real estate agents shouldn’t legally be allowed to list properties as “investment properties”
There are certain certifications/licenses you have to have in order to give legal “investment advice” and I’m pretty sure that certification isn’t required for real estate agents
Yess ! Your videos are back
I would never do a temporary buy down. It's a waste of money. Just take whatever seller concession the seller is offering and lower the price. With a lower mortgage balance you will be in a better situation to refinance IF rates come down. If you NEED a Buy down or seller paid closing costs to get into the house, you probably shouldn't be buying. All you are doing is financing your closing cost.
Hello Javy! I really enjoy your videos! Quick question though, how much do new home builders loose 💵 daily when they are not able to sell the home?
I locked in 2.5% fixed on a house I had built in Indianapolis. I'm not going anywhere.
What’s the Pros and the cons on a mortgage for a 15 year lease and a 30 year lease ? I currently rent out a 2 bd apartment for $875 a month. And I plan on buying a home in a year or two with my wife and my mom. I’ll be turning 21 this year and honestly a 15 year lease sounds convincing for my age. I’m looking for a home because we’re expecting a kid on July and we’ll need more space. So I’ve been looking around but rent prices are high at the moment. It’s $2300 a month, minimum for a 2bd apartment, And damn near 3k for 3 bed apartment, so I’m thinking to myself that’s a mortgage right? So I’ve been looking at homes around my area and just matching the numbers, adding them up. With a 15 year mortgage for a houses around 250k -350k I’ll be stretching it a bit but I’ll still have somewhat money left over after every monthly payment so my plan was pay the full mortgage myself and have my Wife and mom pay the utilities and needs, and just thug it out for 15 years lbvs 😂😵💫. I feel confident about it, but still having second thoughts because with a 30 year mortgage I’ll be a bit more comfortable.
Buying down the rate to get a better interest rate only makes sense to qualify a loan and even then you should be getting seller credits because you’re probably buying an overpriced property to begin with especially for this market. You should focus on the payment you’re comfortable with. If it’s go higher your comfortable with the payment, if the go lower and you refinance to an even more comfortable payment.
Will you do a video including HOAs charging crazy amounts and if they are worth being a part of?
I can tell you they aren't. I briefly lived in an hoa and the only thing they did was threaten to fine us for having a mobility aid.
I’m renting in HOA and I would never recommend anyone buying in HOA.
We are looking are buying in 2025. What do you think rates will be then?
When you are able to buy your first home never sell it when you want to upgrade your first home will help you and so on then many years up the real estate road you will have made a nice income stream say goodbye to your boss
I am spending more than I really wanted to, but I don't plan on moving for a looooong time if ever. We've been squishing our growing family into the same 1100 sq/ft for 16 years to the point we don't have enough room for the kids to have their own beds.
Anyway, I'm willing to spend more of my income on a nice, safe place for my family and friends to visit. I want my kids and their friends to spend the night at my house where I know they are out of trouble instead of being at someone else's house where who knows what's going on.
I've been planning, sacrificing, and saving for the last 6 years, the price is worth the piece of mind and happiness the house provides my family.
How can real estate not be a good investment if land is a finite resource? Please explain so I don’t have to rely on cousin Edgar :)
Even when you buy you own nothing, they'll make sure to have you sign for that two dozen times at closing. When it's paid off only then you own it.
Very interesting. In the example you set for mortgage approval, you said the bank would approve you for $3375. Is that including mortgage and insurance or is that just the mortgage payment?
Insurance and utilities and Internet included
Javier, what's the PC spec? I'm curious if you made it faster using rgb parts too 😅
Javier what ten year time period was it that a house was a lower price ten years later?? I disagree with you.
Renting and moving does suck.
Is that a huge taco spear behind you?
What does it mean to pay down your rate?
There are some restrictions, but in general, you can "buy down" the interest you're given. That means you can pay extra money upfront to lower the rate you end up with
They will drop. But it may take a a couple years to get to the ideal rate, even it’s not going to get down to the 2-3%. You might get something in the 4%.
lol the 4090 never crashed.
You talking about the 🌵 in the background?
Hi Javi 👋🏿
People needs to stop it the whole investing idea in a home. you should only buy a house for long term needs like raising a family or retiring and having the home paid off.
Hey, Havi!😀
The Majora's mask?
Lmaooooooooo 80% boss. Many of us are barely getting 65%. Any job with a pension and good healthcare destroys us.
Looks like maybe a Master Sword behind you?
headshot from the 80s lol
You keep saying “quite frankly’ have you been watching old fresh and fit episodes
Javi won’t stop dunking on his cousin Edward. And no one is asking how Edward is doing…
Rent is almost as much owning a home
I rather own then a landlord to raise rent time and time again
in 5 to 10 years that 400k house will be worth 600-800k . money is losing its value
❤❤❤
I'm favoured $130k every 4 weeks! I now have a good house and can afford anything and also support my family
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker.
I'm not here to converse for her but to testify just for what I'm sure of, she's trustworthy and best option ever seen.
She's mostly on Telegrams, using the user name
EXPERTNICOLEFLYNN💯.. that's it
First Comment!!
8th comment
I was thinking of buying a home, but with this illegal immigration going on, you have no idea when they will come to your town and bring down the value, plus need to move soon.
You talk too much