Higher Mortgage Payments Are Coming! | First Time Homebuyer Tips and Advice
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- Опубликовано: 28 дек 2024
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I'm glad I took the initiative 11 years ago to purchase, I looked at it as an investment. I was sick of apartments and landlords coming in when I wasn't home and also the noise of people kids running over my family head upstairs. My mortgage increased this year but I tell you father God id so good id rather pay this $900 monthly considering what others are suffering now paying $1800 a month in rent or even homelessness. I'm greatfil and won't complain
Yes, the earlier the better. Thanks for sharing and for watching.
I own a home and it’s paid off. I too got sick of renting apartments where people pour water on the floor and kids jumping on cars
@@ericmelvin8036 omg poured water on the floor??
Man… a $900 mortgage would be nice again. I sold my first house and bought land with acreage. Our property is pretty but the Mortgage, energy bill, and monthly maintenance has not been worth it.
My first house was $900 on a 15 year loan…. 🙄
Nice work 👍🏽
And?
I bought my first house June 2020 @ 49 yod. This was doing covid. It's a 1993 4 bedroom 3 full bath $199,000 house. My mortgage was $1195. The price of my home went up to $265k. My mortgage went up to $1230. I don't care because I was paying $1400 anyway. I started paying $2,030 this year. I want to pay off my house before I'm too old to work.
Thanks for watching!
Very good idea paying it off before you retire
@@hermanrogers1325 I will also save more than $70,000 dollars.
I’m curious, city/state is this?
Which state?
My mortgage went from $3200 a month (fixed rate) to $4,609 a month with one month’s notice. I feel like price jumps of that magnitude should be illegal. My mortgage company claimed there was an error in calculating my taxes and fees. I wish there was a penalty on their end for their errors. I had to sell my car and the majority of my belongings to keep up with my mortgage payments.
I agree to the penalty for errors, but when you sign all of those form at closing some of them address errors made in estimations. There needs to be a law change.
Very nice video. I am a home insurance agent. The reason for the home insurance increase is not based on the appraised value increase, it’s based on replacement cost increasing. Replacement cost is the cost of the bricks and sticks(lumber), labor and debris removal god forbid you have a catastrophic loss. These factor are effected by inflation and supply change issues. If the insurance carrier sustained a lot of losses, they may apply for a state wide rate increase which cause your rates to go up.
Thanks so much for adding the detail, good information!
They said Florida has the highest amount of insurance claims put in (half from fraud) which has caused premiums to increase.
@@FaithandNova Florida, Louisiana and Mississippi due to their hurricane past and future.
From what I heard is it because all three of those states water may eventually cover the whole state.
@@a_ya_la could be. The higher the risk, the higher the premium.
I didn’t know about homeowner exemption until three years after owning my home. Once I applied for the exemption, I was refunded the taxes I overpaid for the prior three years. That was the maximum refund time. This was in the state of Illinois in the south suburbs of Chicago. Just putting this out there for anyone who may not have had the exemption.
I just found out about it too and submitted my exemption. My mortgage payment has gone from 999.00 to 1328.76 due to the tax increase
I hope I get a check back and my taxes go back to what they were before
Thanks for sharing, good news on the refund. In Georgia they do not refund😔.
Thank you Neighbor I’ll be looking into that. I’m in the south burbs as well
@@iloveeeerihannaMAAM you do my makeup every year 😂
It’s an impound account,
Mine are separate, would rather deal with taxes and insurance on my own.
My home insurance was 57 a month 5 years ago, it is now 80 a month now and that’s cheap
Thanks for watching!
Your increase of $368 would be significant for someone with only a disability monthly income. Thanks for this post. I will definitely make note of property tax, initial estimates of taxes and discounts the previous owner may have received.
@yogiegemini2053 Thank you for watching
I canceled the escrow on my mortgage because every yr the insurance increases and I have to shop around for better rates better if I just handle it myself.
Thanks for watching and sharing!
OMG! coming across your video was a GOD send, I'm a new homeowner and I am LOST I'm learning things as I go along and I am a mess. Thank GOD I get by but this was such valuable info. thank you soooo much
You are so welcome, thanks for watching
With the internet you have no excuse for being loss. Do your research and read. Educate yourself. Take homeowners’ courses at your community college.
My mortgage increased as well due to an increase in taxes. You've provided a lot of helpful information, thanks for sharing!
Yes, I alot of us are getting that new year update. Thanks for watching.
Mines also increase..I have to homes and they both went up
the mortgage does not increase if you have a fixed rate.
Wow! I can't believe you explain this in 10 minutes. Thank you so much! This information was so needed and appreciated.
Thanks for watching!
Dang buying a house seems like a rip off they want this and that and then charge you more and more it's like they're making up stuff just to get more money out of you you want to breath? Hmm that's an extra thousand dollars to add on to your mortgage I'm starting to get discouraged smh
Don't get discouraged, my home value has doubled in value in the last 2-3 years, paying 79 more a month so nothing compared to these rent increases. You can handle it.
@@ShaheedahHill Thank you❤️
@@ShaheedahHill Rent! I’m buying and thought I’d need to stay ONE additional month. They asked for $4400! Changed that closing date!
Girl same. I’m absolutely terrified and I keep going down the rabbit hole of educating myself and it’s just freaking me out. Idk if I’m cut out for this
@@lacyrussell7812 it’s easier than think… take the first step in faith 🙏🏾
When i bought my home. I opt out of morgage insurance by paying $3500. Also you forgot to tell them. If they change their insurance. The old insurance company may send you a check. DO NOT KEEP THESE MONEYS. Foward them into your escrow accout. If ypu do not, your morgage payment will go up to recpup these funds. Great video👍
Thanks for sharing!
Answered a lot of my questions. I'm a first-time homebuyer and I was confused about the escrow and assessment.
Please look into your states First Time home buyer program
I saved up 20k on Cali and to some that might not be a lot but to live here it is.
I decided to give my mom all of it for medical cost. She is fighting for her life. I don’t regret my decision but I’m devastated that I won’t get a home soon because all I have saved now is 3k. By may I can save 14k but I’m concerned with mortgage payments and the recession. Life is expensive !!!! My husband and I are tired of living in our small apartment of 7 years. Our three children are growing but to think all my money is going to s home and my kids won’t have extra for sports etc makes me sad. At this point I may just go and rent s house in a nice area. I don’t know what to do anymore. I’m 30 a teacher and my husband is a manager at Amazon but also is a personal trainer. We are tired of this. We work hard. 😢
Dang, I hope your Mom recovers quickly. And what a gift you gave her.
Might need to get a fixer-upper? But honestly, kids will remember the time that they spent with their parents doing fun things and not necessarily the square footage of the house. I know buying a home can help with generational wealth but with your mom needing (your) money for medical issues I would focus on a healthy HSA and retirement funds and letting the kids do activities, so your kids can have a better chance at owning AND making friends, gaining independence.
@@Sunshine4 i needed this you have no idea. Thank you
Taking care of your mom does come first and of course you did the right thing. I used to be a teacher to so please think of some things you can do with you education background to make some extra income online. This could be a game changer for your family, here is a video I did on increasing your income - ruclips.net/video/W9PEaSvFxiQ/видео.html
Girl you might need to look outside of California so you can get your family a whole house. Dont be discouraged, it is totally possible, but it may look different from your original goal.
so sorry to hear that. go through naca for a mortgage. they don't require a downpayment and you can use any seller credits to buy down the interest rate. some people complain because the process is long but that's only because they go over your budget with you and help you get ready. the process is worth it if you're going to have difficulty saving up for a downpayment.
My house payment went up because of the taxes this year but, what they didn't know is that I had the senior freeze so all this extra money they took from me 200 extra month all I paid was 800 in taxes this year because of my home exemption and my senior freeze I'm going to get all that money back and my payments should be going back down even lower.. they really took way too much out.. I understand they need to protect themselves but my taxes were 1700 before the senior freeze and homeowner's exemption sure they went up in 2021..so I guess they were figuring they're going to go up even higher because of what's going on but ,instead I had the homeowners exemption an the senior freeze and instead of paying 1700..in taxes this year I paid 800 . they don't do my mortgage re-evaluation till August ..so not only are they going to owe me money but they are also going to have to lower my mortgage payment back to where it was if not lower
Such a big jump they took that was ridiculous and extra 200 a month and now they're going to have to give it all back.. and lower my mortgage back to where it was
So sorry you had to go through all of that. Thank you for watching.
@@ShaheedahHill I just love your videos keep them coming
Exactly what happened to me...those taxes and insurance jumped a couple hundred and I was PISSED.
I was too and CLOSED my escrow! I will just pay myself and get points on my credit card as I pay my own insurance/taxes!
@@phyllisharris2766 some lenders do not allow you to pay on your own 💁🏻♀️ from what I understand; maybe I'm misinformed.
It is the property taxes and homeowners insurance that increases, not the actual payment with a fixed rate.
Yes, exactly. Thanks for watching!
@@ShaheedahHill You are welcome. Being a homeowner teaches you a lot. Have a beautiful day 💛 .
Know exactly what you’re talking about! Been there and learned a lot when I first purchased my new build. It’s a difference between new and older homes. Make sure you ask the questions. Do your research and network with people. You’ll be surprised what’s happening. Stay woke and save your money faithfully!Thanks for sharing Mrs Hill! Definitely subscribed like and sharing..🥰
Thanks for watching and sharing Monica!
This happen to me and little by little until I woke up and I live in Omaha, Nebraska. If I don't have my business together, I will be taxed out of my house. Taxes are ridiculous from your home, food, gas and maybe soon taxed on the air we breath. But for me yearly, I reach different insurance companies to see if there is a better rate for me. And this last year I actually found out the same company I have my Homeowners through have a better policy I qualified for. I actually received a savings $1,516.00 yearly. I talked with my insurance agent asked all kinds of questions regarding my situation from my age, any upgrades to my house, things you really don't think you qualify for. I asked questions. I received a better quote. Now for property taxes that's a battle we have to fight within your city and state and I am learning to go to these City Council/Mayor/Governor meetings and listen and learn about what's going on in my community, and to be a part of the conversation. I now give my opinion for my situation and vote for things that will be better myself and for my family.
Thanks for watching!
You’re so right. I’m in Virginia and they charge us a stormwater fee. Yes we have to pay for water falling from the sky. They will get every cent they can from you!!
Thank you for all the valuable information. Home ownership is so complicated and seems to be a ever ending money pit!
You are so welcome!
I had a very small increase due to the property values in my area going up but nothing too crazy. I'm still cheaper than current renters from buying in 17' and refinancing at the 2.25% interest rate. Thank you for your dedicated and intentional content.
Thank you and thats an awesome rate!
Agree!
Everything is about money money money geeze its like u gotta work 5 jobs on order to afford anything and keep up with all these payments I'm still discouraged they the bank i banked with for years told me a month ago I don't make enough to qualify for a mortgage unless i come up with 10% or 20 which i do have but im not gonna give you my whole life savings as a down payment plus other payments thats crazy now I do know some banks be lying just tell me no insted of giving me a fake story by the time I work all these jobs I'm gonna be broke the hell down 😆 especially when your a widow a single mom over 50 now smh 😫😩 I'm still trying to be optimistic but this is too much for my aging brain
Shop around or bundle insurances (home + car, etc,) discounts annually to make sure you’re getting the best rate.
Thanks for watching!
I just got a letter in the mail today from my lender stating my mortgage will be going up to cover escrow costs. Property taxes in my county will be going up by $28 per month. Thankfully I can afford it, but it was a surprise.
Yes, it is happening to everyone. I think we should not see any major increases in the next few years.Thanks for sharing and watching.
This amazing woman came to my school and helped teach us about ways to get into youtube and make money I hope her the best
Thanks Andrew! I appreciate it, really enjoyed your class.
@@ShaheedahHill sorry my name is Collin Andrew is my middle name and this is my personal account on yt! I’m the white boy with the the black and blue hoodie
Thank you for this info. I am a new homeowner. Just closed in Dec on a new construction and this info is extremely helpful in helping me understand and plan for a potential increase in monthly payments .
Congrats. I closed in December as well and they told us some unknown amount to pay will come lol.
@@Mr.N0b0dy.202 wow some unknown amount lol. My sales person did warn me that taxes can increase with home value and so did my realtor. But video gives me a better understanding of what they meant and how it works. It went over my head when they mentioned it before but she broke it down well. I hope you applied for homeowner tax exemption. I completed my form last week and mailed it off. Not sure where you are but most states have it so you should be able to get it.
And congrats on closing to you too man.
Congratulations and thanks for watching!
I’ve been stacking my escrow and principle -
Our mortgage went from 2100$ 1st year ,2nd year 2400$ ,3rd year in home 2900$ that includes home insurance and taxes…this video somewhat explains what could be happening but we also had three loan modifications
Thanks for watching!
Did you get an ARM (adjustable rate mortgage)? That sounds like a huge fluctuation in payments...
Just curious but why so many modifications?
Did you not have a fixed rate mortgage or was it an adjustable mortgage which is the worse. Understand what you're signing, do the research it's more to it than saying I'm a homeowner. Owning a home can be very costly if you don't do your research.
Sounds like you have an adjustable rate mortgage. I recommend that once the mortgage interest rates go down you refinance to a fix mortgage rate.
I don’t know if you heard my husband and I wondering this same subject. This was right on time! Thank you for clarifying this for us!
So happy it was right on time, thanks for watching.
Listen to her. She knows of what she speaks.
Thanks for watching!
I thank THE MOST HIGH we paid our home off. Our mortgage went up the 1st 6 months and then again at a yr. Done. Save 12k in interest every yr now.
Amen and congrats!!
Thanks so much for this! Your channel is always SO very helpful
You are so welcome, thanks for watching.
still getting me over the hill and I'm so thankful, I purchased my house 1 year ago and I just had my taxes and insurance increase drastically---my mortgage payment will increase by $400 per month
Oh my God…I’m in the same boat. That will be a big hit my household. Look into see if debt consolidation will help you like if you have a car payment or any debt they can refinance you and roll everything into one payment. It ended up saving $300 a month doing this. Good luck!
Good advice, thanks for watching.
That is a budget changing jump for sure! Make sure you are getting any exemptions and look to see if you can save on the insurance side as well. Thanks for watching.
Why did your property taxes and insurance go up?
Wow! How?
Thank you so much for all your wonderful videos, they have helped me answer so many of my questions and have more confidence in the mortgage buying process. Especially for a first time home buyer. May God bless you always for helping others ❤️ you keep it simple yet informative
You are so welcome!
i love how i give the video a thumb up before watching because i already know it's gonna be great 😆
You're the best, I appreciate that.
About a month after I moved into my home I got a refund check of $59 from my escrow company than just last week my mortgage company advised that I was short $61 in my escrow account. I opted to just pay the $61 instead of increasing my monthly mortgage payment.
Thanks for sharing and for watching.
They do this all the time. I just deposit it and send the payment immediately back for escrow
Have u ever worked on purchasing foreclosure that a buyer rehabs. Would love a video on connecting with agents abd the whole bit
I have a video on purchasing foreclosures
Good information! My new home is a new construction townhome. I hope my mortgage won't go up. Thanks again!
Thanks for watching!
@@ShaheedahHill You're welcome!
That info about the new construction is great to know. I’m under contract for a new construction in Hampton Ga, I’ll definitely keep that in mind. Thank you!
Thanks for watching, most closing attorneys in GA do a pretty good job with estimating the taxes, but ask if they using the land or the actual completed home in their estimation. Thank you for watching
Great info!!! Especially the new construction information about taxes.
Glad it was helpful!
I'm going through this exact thing as I listen to you......crazy!
Thanks for watching!
Mine went up because of increased property taxes in Texas. Before my loan was sold to another company they were not taking enough taxes out so I had a shortage. I also have a homestead exemption but its at the max of 10 percent. Taxes are astronomical here. My house is appraised by county at 330K. My taxes are 6109!
Thanks for sharing & watching!
Texas property taxes are outrageous and we supposedly have billions of dollars in a surplus, yet the property taxes are still astronomical. We are literally in the Matrix of Greed and Corruption.
But, you're a homeowner stop complaining.
@@lizzieaftertaylor939 Hmm just stating my situation. Who said anything about complaining other than you. You will never escape taxes. You still pay them in your rent. I don't own the home the bank does.
@@allthingsdelightful8565 - You are complaining and don't know it. We own (have the deeds) 6 properties that we lease out and I'm well aware of taxes. To be frank we own nothing our names are attached to the homes and land while we're here and even when we pass it on to our son taxes will still be due so one ever stops paying but, one never owns anything due to the fact you cannot take it with you. Another thing I don't rent. We own the property and land to each home so I'm well aware of what it entails to own property. We pay over $14,000 in taxes and have no problems doing so. Many folks who have mortgages are always complaining about taxes, maintenance etc. In many cases people are better off renting until they can truly afford signing mortgage papers because it not just paying a lower monthly payment in takes money to be a homeowner period. But, most complain every yr. about taxes the more hm value goes up, the more taxes will too. Get use to it in 10 yrs or less you'll be paying close to $10,000.
Wrong caption- it’s not increase in mortgobut but in escrow for property tax and hoa which do increase overtime
Here's the thing, most 1st time buyers or renters thinking of homeownership don't know what an escrow account is, so I meet the audience where they are. Thanks for sharing.
My mortgage jumped almost $1000/mo due to taxes and insurance last year. My husband and I were completely blindsided by this! Thank God we paid off debt before buying our home and could afford to absorb this cost. 🙏🏾 This would have wiped so many people out!
Question: It’s been almost a year. When the prices jump like that, do they ever go back down significantly?
It is not likely to go down significantly, they history of real estate has increases over the year and has made up for any declines - www.investopedia.com/articles/mortages-real-estate/11/the-truth-about-the-real-estate-market.asp
Also, you can save money if you do a bundle package with car and home owner insurance.
Yes, thanks for sharing!
Thank you for this video. I've been watching your for a long time and I always learning. Your videos help me with my buying my first home and continues to help me.
Thank you so much!!
Yes this has happen to me twice it also went down 1 year
Mine in San Antonio increased almost $900 per month!!!! It is ridiculous!!
Why? Just taxes and insurance?
@@willaerley7140 yes, my taxes went from 7k to 9k. Insurance went up $47 per month... so I had a deficit of 2k on my escrow this year
We purchased 1 1/2 yrs ago. And the increase was substantial. We never received a letter of the increase
They said they paid all the necessary amounts. The only way we knew about the increase was when I called them.
THIS WAS EXTREMELY HELPFUL!
Thank you!
Thanks for watching!
Yup. Exactly what happened to me. An extra $230 per month to keep the escrow funded appropriately
Thanks for watching!
I wasn't allowed to send a lump sum. I live in River Forest in Cook County, IL.
This may vary by mortgage company, but reach out to them to see if you have options to make a lump sum payment to escrow. @MrsThollo Thank you for watching
This was really informative, I’m buying a new build and will definitely be watching this channel, subbed
Welcome to the channel!
I've never liked the idea of someone else handling my property tax and insurance payments. Escrow accounts work for some people, but it was never appealing to me. But we were always fortunate enough to put down over 20 percent, so maybe that makes a difference.
Yes, if you can avoid escrow all together that is ideal. Thank you for watching.
I would rather handle my own escrow as well. My latest purchase I wasn’t allowed to do so because it’s a VA loan🥴 To add insult to injury after the closing Wells Fargo bought the loan. I hate Wells Fargo 😂😂😩
Just found your channel and subscribed! Enjoyed your video!
Thanks so much Jeff
Your mortgage isn’t increasing, the taxes and insurance are increasing. If your lender is paying these items, then you payment to the lender, mortgage and taxes, insurance, PMI(if applicable) is increasing due to the non-fix elements of the payment.
Correct. Thanks for watching!
New subscriber here. Just wanted to say I thoroughly enjoy your content. I appreciate your knowledge and how you make things easy to understand. ♥️✌🏽✊🏽
Welcome to the channel! I really appreciate your support and feedback. 😊
Thank you cause I was finna have a WHOLE FIT!
Property values have dropped the past year…do property taxes readjust to match after the annual assessment?
Yes, they can adjust lower as values drop.
I just applied for my homestead exemption and once I get my disability rating I’ll reapply so I can add the additional 10% discount.
Awesome!
It most certainly did, but it shouldn't have because I am exempt from TX property tax. I am attempting to correct the status of our current Tax Escrow. It is clear to me after talking to our County Tax Office, they do not understand the difference between VA Disability Exemption and Homestead Exemption. Clearly, they are not the same thing.
Thanks for watching!
Thanks! Great video very informative as usual Shaheedah Hill good useful content.
Thank you so much for the super thanks! I really appreciate it. 😍
This is very helpful information. We are renting hoping to buy within the next few years and never knew that your mortgage payment increases. Yikes!!
Glad it was helpful!
Mortgage (Banks are a legal rip off) is not how you should purchase a home to begin with. You buy homes doing a 1st Position HELOC and let your house be the collateral and pay the daily incurred interest rate vs the 15-30 yr fixed rate. Can’t believe with all the information out there people are still using mortgages to finance home purchases. Dana please look into this not only for yourself to get rid of your mortgage immediately but for your viewers. FYI I paid mine off in under 5yrs(I was a little bit aggressive to knock it out) but the “norm” is about 5-7 yrs saving you hundreds of thousands of dollars over a 15-30yr mortgage.
Good afternoon.. I know you mean well .. But, my problem is zI never had any claims in 6 yrs and my Homeowners Insurance went up 5 times.. went from an affordable payment of $750. . Per yr to $4400.00 per yr talk about being mad and I have been trying to get this canceled.. Everybody in Florida is upset ..It’s affecting gas and groceries.. I’m in a single house hold 2 bed and 1 bathroom. This same Insurance provider has been reported for this same prob.,We might be going to litigation..
Yes, a lot of homeowners in Florida are feeling this right now. Hopefully law makers in your area will be able to get this cost under control for homeowners.
Your property taxes in your area went up and homeowner insurance
Correct, thanks for watching
Great information. My mortgage has gone up and down over the years by approximately $50-$60. I've gotten escrow refunds a few times. Itemized deductions for taxes and insurance help me pay less in federal taxes, too. I had an appraisal done, and the property was valued at nearly double the purchase price, so I'm afraid my payments will eventually go up significantly if the county does an assessment.
Prepare so you are not caught off guard, make sure you have additional funds to cover in the year ahead. Thanks for watching!
Curious what state you are? I know states like California cap it at 2%
@@allthingsdelightful8565 I'm in Ohio in a suburb of Cincinnati. I'll have to do some research.
yeah, that impound mortgage
(tax, insurance & pmi) will increase significantly in the 1st quarter of the year.
This is a very valuable and informative video. I definitely need to tell people I know that's buying their house.
Thanks so much for watching!
You are correct, I went through that my second year of home ownership. They told me to put some money aside each month for escrow to keep my mortgage from going up each year.
Thanks for watching!
Many people are complaining about rising insurance rates and taxes
Thank you so much. I had property some years back and every year, I was told there was a shortage in my escrow account. So every year around November I would get a bill and if I couldn't pay it in one lump sum, it would be spread out over the next year. My Mortgage went from $603.00 to $998.00 over 10 year time until I finally put the house on the market due to job relocation out of state.
I'm ready to purchase again and I do not want to run into that issue again 🙏🏽
Thank you in advance
GOD BLESS
This was a unique 2-3 years during and after the pandemic with values going up so much, so quickly. Prior the this year, my taxes and insurance only went up about $50 a month over 5 years. You can still get back out there, research tax exemptions and plan for some increases during ownership.
@@ShaheedahHill Thank you very much
@@ShaheedahHill damn you must be lucky. My insurance keeps going up by at least $380 every year from 2019 till now. I hate DWF
I love this, very informative! Thank you !🙏🏽
My question would be - is it possible you overpay and you have a surplus? If so, how is that credited? Would they keep it an apply to the following year of escrow or issue a check?
No, if you have an overage in your escrow, they'll send the surplus to you.
Joxze is correct if there is a surplus above the estimated payments + 2 months + $50 then it will be refunded to you.
Thanks for this post! 🙏 I had no idea that a mortgage could increase like this... I don't like these types of surprises!
Thanks for watching!
Yep my mortgage went up after everything was paid out of escrow. I just started paying extra towards my escrow. Hopefully this will create a cushion and stop it from going up another year.
Thanks for sharing!
Thank you so much for this information!!!! 💗
Thanks for watching!
Our lender locked us at a rate, where we need to buy 1.329 points for 9.6k. I computed that we will break even in 5 years. The difference in monthly payment will be $173 a month. Does this make sense?
Makes sense if you will live there a lot longer than 5 years. So you are giving 10K now to see benefit in 5 years, on average people stay in their homes 5-10 years. I like this better if seller is paying for the points. Here a video that might help - ruclips.net/video/ljMrubYfZQo/видео.html
Hi Shaheedah, thank you so much for replying!
Our offer for a house is 740k. Loan at 703k, conventional 30years. We are only offered 6.625% as the best rate. We don’t really want to buy points for 9.6k to make our interest rate be 6.25.
2 lenders are offering same rate and want us to lock.
Seller paying the points is not something my realtor told the seller.
We are now at Escrow day 9 today. We are very stressed about this. Please give us advice.
Thank you for the info. I had my home for 2 years now. I see exactly what your talking about my mortgage went up $300 a lot more than the previous year $30 buck.
Yes, hopefully you gained a lot of equity. Thanks for watching.
Thank u very much for the information. Iam planning to buy a house this year. Which company is the best mortgage lender?
I don't have a recommendation for one lender over another, but you should get 3 quotes/pre-approvals. You can use your current bank or credit union, a lender your agent suggests and a mortgage broker or online bank. Thanks for watching!
Interest,taxes and insurance all up
Is it wise to put extra into your Escrow thank you for your response
No, just save some money on your own if you think you will owe more. At least you can get some interest on your money.
In addition, legally your lender can only hold up to two months escrow cushion payments in your account so they’ll refund any overage
Depending on your state some only allow one month cushion
In Atlanta, my mortgage payment doubled, no arm, fixed rate. Due to increase in taxes and homeowners insurance. Ridiculous. From 745 to 968 to 1400 in 6 years.
Sorry to hear that...make sure you are getting all exemptions you are entitled to.
Thank you, this is a very helpful video. I am purchasing my first home I was unaware that something like this could happen.
Thanks for watching!
@@ShaheedahHill I truly enjoy your videos. Do you have any videos discussing different options on renovation loans? My next home purchase I would love to build but I feel I can get more bang for my buck doing renovations. I rather do a massive renovation before I fully move into the home. Do you work with your clients with any other renovation loan options instead Home Equity or HELOC? Thanks
Is there a comprehensive list of tax exemptions somewhere?! And how might one apply?
Yes, usually on your county commissioner's website or at the physical office you can typically speak to someone directly. Look on your tax bill they will have a phone number, address and website. You can use that to make sure you are getting all of your exemptions. @leisureandlabels2886 Thank you for watching
Talking to your homeowners insurance every year before your policy renews is a way to possibly keep your insurance premium from increasing folks should review their policies yearly for discounts and ways to prevent rising premiums
Thanks Kim!
Oh your insurance called you to explain the increase?! Must be nice. Mine did not smh I was shook when I saw that bill
I was surprised too, they called to see if I agreed witht he increase in value. Thanks for watching.
Please tell your viewers in Florida about the enhanced life estate deed, AKA a Ladybird deed.
Yeah, that happened to me. My taxes went up. Thus, my mortgage went up over 200 dollars.
This was very helpful. 👏🏽
Thanks for watching!
Very informative 👏
If you mortgage is a fixed rate. Your mortgage didn’t go up. Your taxes and insurance went up. But that much of an increase is nuts. It should be more that a few dollars up or down each year. And the $50 dollars is all they can hold in an escrow.
Exactly, my insurance and taxes went up. They are allowed to keep a cusion as well. - "In addition, the servicer may charge the borrower a cushion that shall be no greater than one-sixth (1/6) of the estimated total annual payments from the escrow account." www.consumerfinance.gov/rules-policy/regulations/1024/17/#d9866ab0d02861e52c1ca908deca192e824dc33851e630fbdcd52279
There was a bit of a snaffu with my escrow analysis. My mortgage payment went down by $200.
My mortgage was sold last year. The new company was not billed for the insurance and or they did not know who to send the payment to. So the escrow analysis was not based on the increase in insurance cost. Of course I know it will have to be accounted for on the next analysis. So I'll just send extra and have them apply it to the escrow account.
Smart, thanks for sharing. Yes, savings now will show up later.
Last year i got a hefty 150.00 a month increase. This year I got my analysis this February. It says I have a 94.00 balance due. I can either pay now , etc. Yet my monthly payment has gone down about 100.00 starting next month. Now that was bit confusing. So I guess insurance up. Property tax down?California, btw
Usually when you get any type of escrow refund they over estimated your taxes since they already had an insurance invoice from your insurance company. By law they cannot over collect past those extra 2 months and $50, so that is why you received your refund.
@ShaheedahHill its balance I owe. Not a refund. I can pay up front or over time. Its wasn't much. But I can't figure out why it's even owed. But overall, my payment has gone down starting I March.
Everything she said I've experienced with my escrow.
Thanks for watching!
@@ShaheedahHill my taxes went up too causing the payment to increase. Insurance went up also, but not as high as the taxes.
What age does senior citizens get a relief from homeowners insurance ?
Good question, I will have a home insurance agent on with me live, next week. I will ask.
My apologies I'm distracted by your mortgage payment. Mine is 3times that amount. Anyway, your videos are helping me. I'm in underwriting, right now.
I didn't mention my mortgage payment in this video, its around $1500. I included how much my insurance and taxes went up and how it will impact my monthly payment. Good luck in underwriting - you are almost there!
las vegas has a 3 percent cap that property tax can increase
Thanks for sharing.
I was so confused as a first time homeowner but contacted mortgage company they explained I paid the extra payment and my monthly payment went down link $15 I actually didn’t do my homestead last year and did it this year so after it was reassessed I think that’s why my payment was lowered.
Great job! Thanks for sharing
A lot of people don't realize that after so many years, you can write a letter to your mortgage company to request to remove the MIP. Also, I did my states First Time buyer program, paid $600 then at closing I received $2700. Also, our taxes were reassessed and my payments were reduced originally. Recently taxes increased very little but still less than the original amount when I purchased it.
Thanks for watching!
I think the law has been changed regarding PMI.
After 2008, I think you're required to continue the payment until the mortgage has bn paid off completely?
@@millertoyal I had mine removed in 2015. So not too sure about the law.
Excellent job
Thank you very much!