Excellent advice!!! Newly weds have a lot to learn about each other the first year. Enjoy each other's company, travel, & have a lot of fun really getting to know each other!!!
The only issue I see for them in terms of buying is they don't have jobs yet. She needs to figure out what school she's teaching at before buying a house on the other end of the state and having a 4 hour commute to work each day. I don't think there's a timetable to be set before buying but rather a circumstance benchmark that says you need a job before you have a mortgage.
I'll never understand the mantra of not living together before marriage. It sounds entirely counter-intuitive to get to know someone AFTER you've made a lifelong commitment. To me it's akin to buying a car without taking a test drive.
What Dave said is very good advice. I would also spend your a year renting looking at houses some that you have no business buying and others that you do. This way you can get a bunch of ideas of what you like and what you don't like and then you can incorporate those changes into your new home. I and my wife did this when we got married in 2013. We rented and bought our house in late 2014 and closed on it in January 2015.
Rent for atleast a year for sure. That way you atleast know you’re going to stay at your current jobs and are sure you want to live in whatever area you’re currently in.
This is REALLY good 2 know. Thanks 4 sharing. Were 2 yr newlyweds in the same position- but - w/ the fires Maui had-& inflation- were actually being forced to move out of state. Were on close terms with my parents,& have been living with them to save & get as far as we have on the baby steps. His parents dont want us living out of state& say wed have to rent first& mortgages take this & that& we have 2 check this or dont forget to do that- so idk that theyll ever understand that our goal is to buy a small, old home outright. W/ out a mortgage.
Wow literally me and my husband! Both new nurses. I wasn’t sure if we should rent for a year or buy a house since we are “financially ready “ in the book.
I will save the money and buy a big enough home to start a family.renting doesn’t save u money because you won’t have enough down to buy a home in the future
I'm a newly wed and the curtain rod part is so accurate! hahaha We took 7 months after the wedding to decide on the "perfect curtains" for our bedroom. They make me happy every time I look at them so it was worth the wait! 😂
Also...... Where do you see yourself in five years? The caller mentioned that his future wife is obligated to teach in inner city schools as a condition of her college scholarship. They may have to live there with the intention of moving after she is done. Also, don't try to buy your "forever home" on the first purchase. You may wind up "house poor" and live to regret your decision.
15 year mortgage @2.55% interest and 20% down payment with household income $69k (US average) would mean you need to find a home that costs $140k......... where do you guys live to find a home that cheap? You can’t even buy apartments in Utah for that price unless you live in rural....
You also should ask yourself WHY you want to buy a house? Not even counting mortgage vs rent, buying a house is MUCH more expensive than renting. You buy more furniture because you usually have more rooms to fill. Your utilities are usually more expensive because your house is usually larger than the apartment. You have to buy appliances, pay property tax, and of course maintenance both in money AND time. Don't buy a house as an "investment". Sorry guys, but unless you're flipping the house, you're much better off taking all that extra money you're saving and dumping into mutual funds. All these people who think housing is an investment clearly never ran the numbers. That said, I DO own a house. There are pros to it which have nothing to do with money, such as privacy from your neighbors, cranking the stereo as loud and you want, the ability to living on a parcel size which you want, the freedom to do to the inside whatever you wish. Oh, and DONT BUY IN AN HOA!!!
When you're trying to figure out child care having close inlaws can save you a lot of money sometimes if they can watch the kid(s) every Tuesday or whatever.
Just wanted to say my wife and I bought our house straight away when we got married (in London) it was the best decision we ever made. Not too sure why you'd ever rent if you have the money to buy. Interest rates are high and would be fixed in the US for 15 years so that may influence my decision though
Don’t you have to refi your mortgage every 5yrs in London or something crazy? 15yr fixed leaves the option to refi in the US if rates drop but it’s not a requirement for the term of the loan
getting to know each other well is another reason couples should live together before engagement and marriage. and no, there is nothing sinful or immoral about that
It's called manual underwriting. He mentions it in a ton of different videos. You need a lender who knows what they're doing. Many don't offer it, they just click the buttons. I've done it though I didn't intent to at the time. I had a high credit score and was going through a normal loan process when my loan officer with 17 years experience screwed up because he didn't know what he was doing. I tried talking to my credit union who couldn't help me but they pointed me to a lady at Fairway. The lady handles manual underwriting for urgent scenarios, and she got my loan approved in 6 days during Thanksgiving week. Amazing lady, great experience, and my credit score did not help me at all. I learned a lot about the truth behind credit scores and mortgages at that time and eventually got on the Dave Ramsey bandwagon because it's 100% legit.
My original mortgage during 2nd year of marriage was FHA with a 3.5% bond down (2nd mortgage) down. It worked out because a few years later we got it to a conventional with 20% down (built up equity). Would not recommend because we were definitely house poor at the time.
The notion that homeownership is a blessing is so overblown. Renting is great and offers enormous flexibility if one doesn’t feel the need to be anchored. If one wants to buy a home for a family or utility value, fine. But it is not even remotely a requirement to become financially successful. A residential home produces zero income, and so many Americans have a gigantic portion of their wealth tied up in an asset that produces no income. You can make money obviously on appreciation when you sell, but how does that help during life if you don’t sell? I prefer to mimic what wealthy people do, I put most of my wealth in income producing assets as opposed to trapped equity.(i.e. rental real estate, stocks, bonds, REITs, etc).
works for some but for them i think this was the right advice. no careers yet and of course they may feel different in a year. I wish I didn't rush to buy. I will make a much better decision in the future.
I am from India, in India home floating home loan interest rates are 6.75% more than twice the US rates. In India rates may go down, what should I choose floating or fixed rates?
Floating would constantly make you worry a lot of interest rates and you would become miserable if rates hike. Home is where you want peace. Better get that fixed and have mental peace ✌️
Is Mississippi State a clown college? You graduated college and you can't figure out your living arrangement?SMH. Its time to put on your big boy pants and make your own choices.Does everyone that calls into this show need a DAD?
Like listening to someone about to get into a car crash. Rent make sure the marriage is gonna "work 🙄" more than a year delay as long as possible. Men don't get married there's is no long-term benefit.
Excellent advice!!! Newly weds have a lot to learn about each other the first year. Enjoy each other's company, travel, & have a lot of fun really getting to know each other!!!
Get to know each other *after* you´re married? Sounds like a bad idea...
Rent first before buying, brilliant advice Ramsey
Thanks for the review
+1
The only issue I see for them in terms of buying is they don't have jobs yet. She needs to figure out what school she's teaching at before buying a house on the other end of the state and having a 4 hour commute to work each day. I don't think there's a timetable to be set before buying but rather a circumstance benchmark that says you need a job before you have a mortgage.
Amazing example from Dave that married couples should spend their first year together knowing each other.
Thanks for the review
+1
Or live together first
I'll never understand the mantra of not living together before marriage. It sounds entirely counter-intuitive to get to know someone AFTER you've made a lifelong commitment. To me it's akin to buying a car without taking a test drive.
@@OneShotProduktions you can’t really “test drive” marriage without the commitment, as commitment is the engine.
For newly weds, it’s the perfect time to rent out a small apartment and work hard for a few years
That's what we did. We rented for three years after we got married.
@@jimroscovius nice!
What Dave said is very good advice.
I would also spend your a year renting looking at houses some that you have no business buying and others that you do. This way you can get a bunch of ideas of what you like and what you don't like and then you can incorporate those changes into your new home. I and my wife did this when we got married in 2013. We rented and bought our house in late 2014 and closed on it in January 2015.
I should clarify that the house we bought is not the duplex that we rented.
Rent for atleast a year for sure. That way you atleast know you’re going to stay at your current jobs and are sure you want to live in whatever area you’re currently in.
Another gem of an advise from Dave
That mother in law line..was Classic Wow'...I know what you said brother...😁😇😇
Gee September 10th, that's my parents wedding anniverasry and also one set of aunts and uncles. Hope they meet their goals the Dave Ramsey way!
This is REALLY good 2 know. Thanks 4 sharing. Were 2 yr newlyweds in the same position- but - w/ the fires Maui had-& inflation- were actually being forced to move out of state. Were on close terms with my parents,& have been living with them to save & get as far as we have on the baby steps. His parents dont want us living out of state& say wed have to rent first& mortgages take this & that& we have 2 check this or dont forget to do that- so idk that theyll ever understand that our goal is to buy a small, old home outright. W/ out a mortgage.
Wow literally me and my husband! Both new nurses. I wasn’t sure if we should rent for a year or buy a house since we are “financially ready “ in the book.
Without kids, renting for several years is excellent when young. Many, many hidden expenses with home ownership, financially speaking.
Thanks for the review
+1
@Subiendo Voz with this kind of thinking it is no surprise we have so many broke house owners
I will save the money and buy a big enough home to start a family.renting doesn’t save u money because you won’t have enough down to buy a home in the future
That was one of stupidest comments I ever heard
I'm a newly wed and the curtain rod part is so accurate! hahaha We took 7 months after the wedding to decide on the "perfect curtains" for our bedroom. They make me happy every time I look at them so it was worth the wait! 😂
Wouldn't hurt to wait a bit given how inflated the housing prices are.
It may only get worse though.
@@tonypeters3320 it can't get worse forever
@@NSER164 no one lives forever. Plus the cost of homes don't go down very often.
Thanks for the review
+1
@@NSER164 Population growth is exponential, land is finite
Since when did Dave ramsey become Dr Phil 😂
ever since money influenced relationships
Also...... Where do you see yourself in five years? The caller mentioned that his future wife is obligated to teach in inner city schools as a condition of her college scholarship. They may have to live there with the intention of moving after she is done. Also, don't try to buy your "forever home" on the first purchase. You may wind up "house poor" and live to regret your decision.
Thanks for the review
+1
Nice work 🎆🎇✨
Enjoy being married get an affordable rental and stack up for that house for a few years.
Thanks for the review
+1
We bought ours for our first year anniversary..no bills..no kids..lol..long time ago.
You got kids now ?¿?
15 year mortgage @2.55% interest and 20% down payment with household income $69k (US average) would mean you need to find a home that costs $140k......... where do you guys live to find a home that cheap? You can’t even buy apartments in Utah for that price unless you live in rural....
MISSISSIPPI, Even in a metro area, houses under $100K, with a little effort under $60K
USDA loan (no skin in the game home loan), Under $300/mo.
MOVE
@@aolvaar8792 Yeah but when you live in Mississippi you don't make very much money lol.
@@dedalliance1 I'm Retired, I get a fixed income (Gubment pension) anywhere in the world.
@@aolvaar8792 Yeah that works but most people have to work for a living.
@@dedalliance1 "most" people have to work for a living,
I would do some research about Mississippi
You also should ask yourself WHY you want to buy a house? Not even counting mortgage vs rent, buying a house is MUCH more expensive than renting. You buy more furniture because you usually have more rooms to fill. Your utilities are usually more expensive because your house is usually larger than the apartment. You have to buy appliances, pay property tax, and of course maintenance both in money AND time.
Don't buy a house as an "investment". Sorry guys, but unless you're flipping the house, you're much better off taking all that extra money you're saving and dumping into mutual funds. All these people who think housing is an investment clearly never ran the numbers.
That said, I DO own a house. There are pros to it which have nothing to do with money, such as privacy from your neighbors, cranking the stereo as loud and you want, the ability to living on a parcel size which you want, the freedom to do to the inside whatever you wish.
Oh, and DONT BUY IN AN HOA!!!
He's right about living close to your in laws 😂😂. See how much you enjoy being around them. Waiting a year is a great idea.
Thanks for the review
+1
When you're trying to figure out child care having close inlaws can save you a lot of money sometimes if they can watch the kid(s) every Tuesday or whatever.
@@dedalliance1 don't have kids if you are counting on other people to watch them.
@@perotal facts!
@@saulgoodman2018 true. They don't have to be annoying to not want them to live too close.
Just wanted to say my wife and I bought our house straight away when we got married (in London) it was the best decision we ever made. Not too sure why you'd ever rent if you have the money to buy. Interest rates are high and would be fixed in the US for 15 years so that may influence my decision though
Don’t you have to refi your mortgage every 5yrs in London or something crazy? 15yr fixed leaves the option to refi in the US if rates drop but it’s not a requirement for the term of the loan
If your outcome exceeds your income, your upkeep will be your downfall!
Thanks for the review
+1
getting to know each other well is another reason couples should live together before engagement and marriage. and no, there is nothing sinful or immoral about that
Nothing wrong with short term renting, but they are in a position to buy & rates are only going to go up
How do you get a mortgage without a credit score? How does Dave answer this question? I honestly want to know.
It's called manual underwriting. He mentions it in a ton of different videos. You need a lender who knows what they're doing. Many don't offer it, they just click the buttons. I've done it though I didn't intent to at the time. I had a high credit score and was going through a normal loan process when my loan officer with 17 years experience screwed up because he didn't know what he was doing. I tried talking to my credit union who couldn't help me but they pointed me to a lady at Fairway. The lady handles manual underwriting for urgent scenarios, and she got my loan approved in 6 days during Thanksgiving week. Amazing lady, great experience, and my credit score did not help me at all. I learned a lot about the truth behind credit scores and mortgages at that time and eventually got on the Dave Ramsey bandwagon because it's 100% legit.
Manual underwriting. They discuss it a lot if you watch the show enough.
I was pregnant when we got married.. we had a baby, got a house, and did a full remodel within a year.. do NOT recommend. We stayed married, PTL.
Thanks for the review
+1
My original mortgage during 2nd year of marriage was FHA with a 3.5% bond down (2nd mortgage) down. It worked out because a few years later we got it to a conventional with 20% down (built up equity). Would not recommend because we were definitely house poor at the time.
They’re getting married on my birthday can I get that invite?
Yup, in our case, not close to either MIL. O_o
My wife hung our curtains and curtain rods. I helped by holding things 🙂🙂
Rent for a bit...i don't regret renting because you learn alot the first year. When you have the money and don't buy a dream home.
thanks for watching and being subscribed :)
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The notion that homeownership is a blessing is so overblown. Renting is great and offers enormous flexibility if one doesn’t feel the need to be anchored. If one wants to buy a home for a family or utility value, fine. But it is not even remotely a requirement to become financially successful. A residential home produces zero income, and so many Americans have a gigantic portion of their wealth tied up in an asset that produces no income. You can make money obviously on appreciation when you sell, but how does that help during life if you don’t sell? I prefer to mimic what wealthy people do, I put most of my wealth in income producing assets as opposed to trapped equity.(i.e. rental real estate, stocks, bonds, REITs, etc).
How about if the couple is already living together before marriage?
Easy answer. After they invested into amc or gme. They will be able to buy a bigger house with cash.
You could get rid of that newly wed clause because anybody should buy their house when they can easily afford it and are ready to settle down.
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So are you saying buy when not married?
Spammer
In this situation they have no establishment in their careers yet.
works for some but for them i think this was the right advice. no careers yet and of course they may feel different in a year. I wish I didn't rush to buy. I will make a much better decision in the future.
Ayyy they are getting married on my birthday 🥳🎂🎉
Buy a 🏡 first
I am from India, in India home floating home loan interest rates are 6.75% more than twice the US rates. In India rates may go down, what should I choose floating or fixed rates?
Fixed
Floating would constantly make you worry a lot of interest rates and you would become miserable if rates hike. Home is where you want peace. Better get that fixed and have mental peace ✌️
@@nakulg now I get it... It’s all about getting financial peace ✌️. Thank you 🙏.
U.S. had interest rate like that in early 90s.
Thanks for the review
+1
Be fruitful and multiply
Thanks for the review
+1
Never! People should never get married in the first place. When you get divor6your ex wife will take the house.
When you ask people "what do you make a year?" , do you mean before or after tax?
Thanks for the review
+1
I guess if it's on a show like this then after taxes, among friends before taxes
@@cryptosrus59 I'm confused.
@@lucifer7200 I am not from US, that's why i'm asking..
@@izil1fe that's a fake account
Who owns a dishwasher these days?
not common there? everyone has one here in canada (pretty much) unless you are up north.
After they get divorced
Not all marriages end in divorce
Yup wait till divorce
Someone making about 100K and a take home of 85K... a 15 year mortgage...thats a 230K house. Ok good luck !! Lol
It took me about 30 seconds to hop on redfin and type in their city and see that they had several great options at their price point.
LOL 1/4th of your salary on 15 year mortgage
In my opinion that’s only possible if you have a huge downpayment (almost 50-60%) or you find an incredibly cheap house
Is Mississippi State a clown college? You graduated college and you can't figure out your living arrangement?SMH. Its time to put on your big boy pants and make your own choices.Does everyone that calls into this show need a DAD?
meh those are trash career paths
Teacher is 3rd most common career among millionaires.
The caller should be more concerned about the financial risk of getting married than the timing of when to buy a house.
😎🖖✌👌👍😁
Like listening to someone about to get into a car crash. Rent make sure the marriage is gonna "work 🙄" more than a year delay as long as possible. Men don't get married there's is no long-term benefit.
Is no one going to address the massive elephant in the room. They are WAY too young to get married.