What's the Magic Number? | How Much Should I Save To Buy My First House?
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- Опубликовано: 5 апр 2023
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By the time you save the down-payment, the house you want will be even more expensive.
😂 Come on E, you killing my Hopes & dreams with Facts lol
There are a lot of grants out here for 1st time home buyers and there are grants for people with specific banks that they use. My state offers $15000 for 1st time home buyers as a down payment
That part! Plus, you need to have some money saved to furnish your 1st home, at least with the basics.
@@radiantlibra87 and an emergency fund
@ E Travis it is best to have patience and wait. Interest rates will eventually go down. Just save in the meantime and pay the 20%.
I inform my buyer clients to save as much as you can. Down payment and all of closing costs just in case the seller is not willing to provide a concession. Always be prepared
Great advice
Hi Shaheedah! I have been watching your videos for a year. I bought your first time homeowner’s guide and purchased my first home on April 5, 2023! Thank you so much for all of your videos! They were very informative!
Congratulations Cindy!!! Thanks for your purchase and bringing me along on your journey. Many blessing on your new home. What did you think about the guide, was it helpful?
@@ShaheedahHill Thank you so much Shaheedah! ❤️
Your videos in the package were very helpful! The fact that the videos are in order of the buying process was helpful. The interviews with the underwriters, inspectors, appraisers, etc. were very helpful. Example: The interview with the inspector prompted me to have someone inspect the sewage line which is not a normal inspection. My realtor asked me “why”. I said because “I watched a video that said I should”. I am glad I had the sewage done.
The appraiser explained what is appraised which is the space above ground. The underwriter explained that if you owe the IRS, that pops effects debt to ratio. So to be on the safe side, I filed after closing.
So many great tips. The checklist was helpful to determine how long appliances last. The package was so worth the price. Thank you so much. ❤️
I have been watching you for the last 4 months and have gained so much information, gotten rid of anxiety and move forward in my process. ❤ Truly grateful for all you do. BLESSINGS
Thank you so much
It could also be 10%... you ALWAYS need residual cash for the unaccounted for things that happen
This helps a lot, you making it clear for us.
This is such an important question to answer before diving into the home buying process. It's easy to get caught up in the excitement of searching for a new home, but understanding how much you need to save can help you avoid financial stress in the long run. Thanks for sharing your insights and tips on how to calculate the magic number!
Thanks for watching!
❤ thank you for sharing this information
Glad it was helpful!
Thank you for that information Shaheedah.
Thanks for watching
First!! 🎉 Awesome video! Thanks Shaheedah
#1 thank you😊
Great information ℹ️👍🏾
Thanks for watching!
I've been stressed that I wouldn't be able to save enough to put 20% down by the time I had hoped to buy, so hearing that its not the end of the world to put down less than that is really comforting. This makes me realize that I'm doing better than I thought I was on savings.
Thanks for watching
Thanks Shaheedah very informative content as always.
So nice of you
Thank you!!
You're welcome!
Lucky number 7🍀 Very helpful video yet again!!! 💯
Side note: Cute top/dress! 💁🏾♀️
😊 thank you
great information
Thanks for watching!
Thank you so much
@Niyasutton Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
In Los Angeles its at least $40,000 in the bank.
@AD Blackwell - In New York as well.
I swear I hate living in NYC because none of these rules apply here. To buy a co-op minimum down payment is 20% and cost can start at 500K so that’s $100,000 minimum you need to put down. SIGH I’m jealous of everyone who lives in low-medium cost areas. Ok end of rant.
Lots of Co-ops and condos in Florida require 20/25% down, depending on how much HOA has in reserves could disqualify u from getting a loan.
Thank you Shaheedah! I’m looking into Downpayment assistance programs for New Hampshire!
Thanks for watching!
Now try doing all of that while you’re still trying to pay rent,car payments and other living expenses..🙄
I saved 100% stay hard.
Well done, thanks for watching
❤
20% for a $250,000 house….no 🥴 I have 10% down and I ain’t giving more than 3.5% 😵💫 Either way thank you! I wish you were my realtor 😢
Thanks for watching
This may be a strange question but how does the 7% change if I want to include buying down rate (whether seller or buyer paid) to lower monthly cost?
If you plan to buy down your rate you will need to save more, it is usually around 1% of the loan amount to save a quarter of a point. But you need to make sure it makes sense to buy down your rate. Here is my video on points. ruclips.net/video/a2T0a-0gzsw/видео.html
What should you do if you aren't approved for down-payment assistance? My mortgage lender said since I make above the average I can't get down-payment assistance.
Other options: Chenoa, 100% financing, USDA, try to save at least 3-3.5 and get the seller to cover the rest. More details on all of these in my mortgage options playlist
How would you recommend asking your lender regarding your monthly payments, how do I make sure they aren’t adding anything extra
Get a loan estimate from all lenders at the time of approval, don't wait until you are under contract.
Can you talk about zero down loans
ruclips.net/video/K2r3K3IiAfE/видео.html Here is one video and I also have a few USDA videos.
Do you think the interest rates will go down or will it stay the same?
Same or lower, but not drastically. Join me live next week.
Very informative. But let’s say you put down 5% down payment, how many years will you paying PMI?
I believe she said if you pay less than 10% you pay PMI for the life of the loan. Check out right around 4mins she states it.
For FHA loans you will pay PMI for the life of the loan, unless you put at least 10% down. If you put 10% down you will pay for 11 years. For conventional when you reach 20% equity you can get the PMI removed. Thanks for watching!
Correct, thank you.
I'm a international student. Can I buy a home with 7% too? Please, tell me what is the procedure for foreign to buy house
It would be similar, find an agent in the city you want to move to and get pre-approved with a lender.