HOW MUCH MONEY TO SAVE BEFORE BUYING A HOUSE + HOW TO SAVE FOR BUYING A HOUSE
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- Опубликовано: 10 июл 2024
- Welcome to my homebuying journey! I cannot wait to share this with you and answer any questions about the homebuying process. Today's video is about how much you need to save before buying a home, what you need to know before buying a home, and how to save money before buying a home, and how I saved $80,000 to buy a house!
time stamps:
0:00 - 1:38 Intro
1:38 - 3:52 What can you afford?
3:52 - 6:12 How much will you need for a down payment?
6:12 - 7:23 Closing costs
7:23 - 8:10 Other things you need
8:10 - 10:11 Monthly costs
10:11 - 12:05 How much do you need to save?
12:05 - 14:37 Budgeting
14:37 - 16:16 How much I saved + outro
The mortgage company I worked with: www.dhlmortgage.com/
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FAQs:
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Хобби
this was SO helpful! excited for this series since we’re looking to buy a house within the next couple of years
Ah so excited for you two!!!
IM A BIT LATE BUT I WISH U THE BEST OF LUCKKK!!!
Hi everyone! Hope this helps anyone out there who is in the homebuying process, going to be soon, or just curious! Here are some additional notes that I didn't mention in today's video:
- People should look into an FHA loan (federal housing administration) in some cases you can put down as low as 3.5%. Like I said, you do NOT need 20% down. There are many other options.
- If you put down less than 20% you can either pay PMI or pay a higher interest rate (without PMI). This is an option people can look into.
- You can include your closing costs in your loan!
Time stamps:
0:00 - 1:38 Intro
1:38 - 3:52 What can you afford?
3:52 - 6:12 How much will you need for a down payment?
6:12 - 7:23 Closing costs
7:23 - 8:10 Other things you need
8:10 - 10:11 Monthly costs
10:11 - 12:05 How much do you need to save?
12:05 - 14:37 Budgeting
14:37 - 16:16 How much I saved + outro
Hope these additional tips help!
Loved that you talked about closing costs...I lays wondered how much those would be! Hyped for you to go through this process...I can’t wait follow along ❤️
This was so helpful thank you! Can’t wait to check out your budgeting video. Side note- what lens do you use?
It absolutely blows my mind you are buying a house at 24! IM SO FREAKIN PROUD OF YOU!!! This is so exciting!
I LOVE YOU!!!! Thank you!
Awesome advice. Thank you for the last part about not feeling bad due to age. I'm 45 and just now saving for a house. No shame in it. Thank you.
❤️✨ I’ve been so excited for this series!
Love this content, keep it up! This year, I'm focusing on paying off my student loans before buying & it's truly a lifestyle and just minimizing you expenses, going out, shopping *cries*
Good luck!! ❤️❤️
yess this is so helpful !! definitely can’t wait to see more of the series !
This is so so helpful! This is such important info and something you don’t learn in school so I’m so grateful to have this to look back at when the time comes!
YESSSS I needed this video! I really want to buy a house within the next couple of years but the saving process just seems so daunting. Also, I really want to just say how refreshing it is to watch someone on RUclips who is smart and intentional with the way they spend their money. Thanks so much for this 🤍
I'm currently in the home buying process too, so this is super helpful and encouraging to see what your process is like!
Glad it was helpful!
Good luck with your home buying process
@@sabothebooklover1978 thank you!
Exactly what I need rn!!🏠
Looking to *buy a home* 💵 in Charlotte too and this series is going to be so helpful, thank you thank you!❤💃
Im so glad!
So helpful and motivating! Can’t wait for the rest of this series ☺️
Love this series!! Learning way more about real life things than I did in high school and college 🥴🤯
Girl me too lol I wish I was taught this
Glad to see your new style of informative videos... Keep them coming ...❤️❤️❤️
I just want to say Thank you for putting this video together! I have the goal to buy my mom a house because she deserves it. I was stressing out about where to begin and this has helped so much!
I am literally SO excited for this series! It's so interesting to follow along on this journey with you and I feel like a lot of this information is really inaccessible (I have literally no idea what the home buying process is like). Can't wait for more! 💕
It was so hard finding all this info. Honestly, if I didn't have parents who worked in the housing industry, I would be so lost so I really hope this helps you out.
Natalie Barbu ❤️
Wow this information is GOLD!! Thank you SO MUCH, Natalie!!!
definitely watching ♥️ so inspiring for buying a house this young
Thank you for this video! Seriously you have helped me through so much through youtube and your podcast. Really inspiring and makes me want to keep going 💕
These are great suggestions, and its such an important topic to be discussing right now, I really enjoyed the video!
Yay!!!! Can't wait for this series
Thank you for the summary and simple explanation. You have really motivated me.I just subscribed!
I work in finance and this was great, spot-on info for people just getting started & saving for a home! Love what you’re doing with your channel. ☺️
Thank you!! I got someone working in mortgage lending to look over it as well :)
I'm starting my search in buying my first home in new york city! Thanks for sharing this Natalie
I'm not even buying a house in the near future but looove this type of videos, they're so informative and I feel like a learn a lot and I mean its never to late to even start sooo
Thank you!! Yes it’s always good just to know
so excited for this series and to learn along with you!!!
Yay I’m so glad!
This was a great video on explaining the topic. Can’t wait for the other videos
so so helpful! im definitely looking into buying a home wishing the next few years! 💖
Thank you for sharing this information and advice! This is so incredibly helpful!
me: is literally still in highschool
also me: ehhh its never too early
- honeypot films
Thank you for posting this. What was helpful is the breakdown you gave for saving monthly. This was very helpful because I normally budget this way and having a set monthly amount to save that will equal up to my downpayment and closing cost is very helpful when budgeting and motivating.
Thank you, Natalie! All the numbers you used literally applied to me. It was really encouraging. ❤ Thank you!!
Great video, thank you for sharing your journey with us!
This is sooo helpful!!! So badass my gal🙌🏽
Thanks Elena!! ❤️
Practical, to the point, easy to understand, and good sound quality. Thumbs up
Interesting video and I can't wait for the whole series :)
thank you for doing this video! so much to learn and absorb when it comes to buying a home
This was so informative and helpful!❤️❤️
Another good thing to clarify is that private mortgage insurance can usually be cancelled once you reach 20% equity in your home, aka once the total amount you’ve paid including the down payment and monthly mortgage adds up to 20% of the home’s original value. I’ve also heard if your house goes up in value, you can get a new appraisal and they’ll drop the PMI if your equity at that point is also at 20%. Just based on my research since I live in Seattle where housing is suuuuper expensive and I’m looking to buy a house in a couple years so that 20% on an average home can easily get into 100k 🙃 but love your video and all the great info, excited for future ones!
Amazing! Noted!
Love this series and such valuable content! :) Something I'd add that's important is thinking about furniture costs, along with when the windows were last replaced, roof was last done etc. so that there are no surprises a year down the road and the emerg fund is big enough! Otherwise I think its amazing that you touched upon the importance of not depleting savings to $0!
This was an informative video on the home purchase experience. Very helpful!
Super helpful!! My desire is to buy a house in 3-5 years :) this is good for me to start planning and saving! Also CONGRATS!!
This was so helpful! I love Dave Ramsey! 💚💚💚
I didn’t even watch the video yet but I know that I will love it because you really really motivated and inspired me to buy a house ❤️❤️❤️ thank you ❤️
Your videos and tips are always great ✨🌼 very helpful
I love your videos so much you’re so inspiring love 🥰
Such a great video!! You are so pretty! Super informative, thank you!! 🎉❤️
Appreciate this !!
Such a great and informative video! Thank you Natalie!
You and this background are just glowing 😍
I’ve been loving these finance oriented videos!!!! I’m trying to get myself more educated in this and your videos are helping so much
If you have other suggestions lmk!
So helpful! I also think it's interesting to think about saving for FURNITURE as well! I never hear anyone talk about that part.
Oooh that’s a very good point. I did not think about! I guess everyone is different with bringing stuff, buying secondhand, getting it gifted etc
Loved this!! A new subscriber :)
I just bought a house and all these tips are on point!
Lol finally ! Props to you for including closing costs . Thanks for the video
Thank you .. this is helpful!
yes! I just stopped my retirement fund so that I could focus on paying my student loans to prevent more interest, and to start saving for a future car or house! (I work with financial advisors and they told me this was smart)
Good for you! I think its an option and definitely consulting financial advisors for your specific situation is the way to go.
This was really helpful!
You are so mature for your age, very wise beyond your years. Very helpful video. Wish I would have had a video and advise like this when I was younger. 👏👏
Thank you my fellow romanian, great video!
can i just say how much i LOVE this thumbnail???!!
Thank you!!!
This was very helpful Natalie! Wish I will be able to buy a house one day too 💕
Good luck ❤️ thank you so much!!
Great tips!
Idk if it’s different in every state but I was wondering if the real estate agent price percentage is included in the 2-5% closing costs?
This was so helpful! I’m saving to buy a house in Charlotte, hopefully in the summer!
Ah good luck!
I'm not planning to buy a house yet and I don't even live in the US but I'm still watching 🥰 your hair looks so good in this video!
Thank you ❤️ I’d love to know how it’s different than other countries
Natalie, you need to come work with me.....you are so on point with your information and I say the same things to my first time buyers. They still can't believe the cost of a home inspection or PMI but if you have a good lender working with you and your realtor the process can be so seamless....Love your content, Thank U
What made you choose to buy a house in Charlotte? Also is there a lot of maintenance you'll have to keep up when renting it out? This is a super helpful video and I hope to do the same in the future!
Proud of you perfect time and your having yr first holidays
this was so so helpful! thank you!! for a future video, could you do one on saving for retirement? maybe compare the benefits of a company sponsored 401k vs a roth IRA, etc.
i JUST got an apartment but this was so great to keep in midn for the future
@@joel0990 I have videos on mine and my friends rent on my channel
Is house insurance like flood, wind, etc damage separate from the costs you said at around 8:45?
Wow I’ve heard so many great things about movement mortgage. So crazy that it took them that long. I’ll be looking into DHL once we decide to buy
This video was very interesting to watch.
Genius idea!!
Wow girl! Congrats!
thank you!!
I'm 12 but my dream is to move to new york with my cousin and play hockey, I didn't understand half the stuff but some of it made sense thanks!
I am watching this video late but I live in the UK and when I heard earning$5000 dollars a month, I wanted to pack my bags and move over there. But when I looked at jobs I realised that is not so true.
Exceptionally mature young woman. Great job.
… 2,000 a month is what i make working a physically demanding job; and i’m in maryland.
Hi Natalie, thanks for ur advice (to me) on buying a house. You mentioned that it will be needed a 2 income tax returns from the previous couple years. Can i know if it matters to work permanently (with company) or temparaly (with agency) during those tax returns?
great video
Well done. This was very helpful. I am just wondering if the seller can the closing costs for you and just add it onto the price of your house?
We are personally having the sellers pay for our closing cost. This is not an abnormal act either, it’s actually very common. Another thing to save for is home inspection and appraisal fees
Very very nice video
Great video!! I just did one on my channel about the same thing. I love doing home buying process videos on the channel. People love to see then!! Keep up the good work and hope you are in your home already!!
Me, living off student loans in law school for the next two years, watching this entire video with popcorn hahaha
Do you still have the template for your budget anywhere?
Can you do a budgeting video please ? Love your financial videos 💕💕💕
I have done one! Its on my channel!
Hey girl! Great video. The advice regarding saving money, I would just like to add that it is fine to put your money in a mutual funds account, which is a mixture of stocks and bonds. Bonds are very safe, won't fluctuate, and is the base of your money. Stocks are what fluctuate and help you grow. You can talk to a financial advisor, and they will help pick what % bonds and what % stocks are best suited for you. Once you have enough, and it's a safe time to pull your money, you can take it out and put it into your savings account. Just putting money into savings is great, but there are ways that you can help grow your money with others' help. Just some food for thought :)
This is great advice too! I def recommend speaking to a financial advisor!
Hey am here ❤️
Not sure if you are already planning on talking about the different types of loans, but it would be good to mention VA home loans as well as FHA, USDA, and conventional.
I added in a pinned comment!
Your hair looks extra cute at that length! Mu best friend and her fiance are in the process of buying. They're about 30 days away from getting the keys!
Ah so exciting
Hey Nat this was such a helpful video! Do you have any tips or stories on saving towards a house while paying off student loans?
i guess it’s better to focus on one thing at a time. try to pay off your student loans quicker then you can start on your home buy saving
@@marieshan9377 Thanks for the advice!
What about high APY savings accounts or Roth IRA?
Are you staying in NC?
I’m in the same boat my 24 about to start house hunting and no one is giving me info! Even mortgage broker gives me no senders
😍😍 love your blazer! Where did you get it?
I also want to add on, please do not put your short-term savings (if you're planning on using it within less than a year) into stocks or prematurely pulling out of CDs, there will be fees, additional taxes and penalties