Dave Ramsey's Tips for First Time Home Buyers
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- Опубликовано: 19 окт 2024
- Dave Ramsey's Tips for First Time Home Buyers in the 2023 Housing Market
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I put 3% down with a 2.75% interest on a $390k home and my PMI is 80 per month. Credit impacts the PMI you pay as I had a really good score.
If you dont mind me asking hiw much does that total up to for your monthly house payment?
@@slickwilly6868 On a loan of $378,300 @2.75% the monthly payment would be $1,544 then PMI would make it $1624 to service just the loan. Taxes and insurance would depend on location. If it were Texas they'd be looking at around $2200 total for the monthly housing costs.
The average first time home buyer isn’t walking around with 20%
Yeah, with the average home price of $480K, most Americans don’t have $96K sitting in their bank account. Which is literally 10 years of rent in some parts of America, so it kinda defeats the purpose of buying 😂😂😂.
@@FadeHook23which is why you put 3-10% down, and deal with PMI until your LTV drops to 80%
Never buy until you're ready. Also, there are still affordable homes out there just few and far between.
@@FadeHook23If you’re renting a 480k property for 800 a month, you should keep renting
@@TheBswanplz explain in baby terms
I’d rather waste $150 a month on pmi then be on skid row till I got 20% down 😂
Yup buddy
The truth is that if people want homes to be more affordable they need to stop leveraging so much. Then sellers would have to bring the price down. The reason why homes (and college) are so expensive is that people just borrow for the entire amount. It turns it into an arms race of rising prices to match the rising loan amounts to match the rising prices, etc.
Lol at skid row 😂😂
Last year (tax year 2021), we could deduct our PMI with our mortgage interest and taxes in itemized deductions. This year (tax year 2022) PMI can't be deducted. That has fueled me to start throwing extra dollars at principal payments so that I can ditch the PMI. PMI isn't forever. At 22% equity they are required by law to remove it. At 20% equity you can request it be removed.
Not if you have the FHA loan
@@MalluStyleMultiMedia You are correct! FHA loans will apparently have PMI for life. It makes sense because FHA is usually for low 500 credit scores. My example above was for a conventional mortgage (620 credit score and above).
In 2022, Put 5% down, bought a 530k house. My PMI is $73/mo.
What about your overall monthly payments? Are they higher because you put less than 20% down?
How much is your mortgage? I'm currently buying a house and rates are 6.5%....crazy.
@@Hello-816 I am planning on purchasing a property that cost around $650k. However I don’t want to put down 20%. I was just wondering if that means my monthly payments will be higher.
@@Kanwal-x1sofcourse it will be higher 😂 you are financing a larger amount of money for the same term, what was your thought process on this?
well, that sounds a lot more reasonable.
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Yall I need some advice, I joined the Air National Guard and graduated basic training 2 weeks ago. Now I’m in tech school. Family life stuff happened and now I don’t have a home to return to so I plan on buying a cheap trailer park home just so I have a place to live I don’t really care if the area is nice or not. I turned 18 while I was in basic training, I got no credit history but I got a good amount of money saved and the military gave me a massive sign on bonus that would be more than enough for a down payment on the houses I’m looking at. I graduate tech school and go back to my home unit in February, I don’t want to be homeless so should I start the buying process now even tho I’m in another state?
While I completely agree, conceptually with what David is saying here, I don’t know anyone that is able to put down 20% with the cost of homes these days. Even in my area, which is generally considered a very affordable area of the country to live in, That 20% would still be close to or over $100,000. Even with what I consider to be a decent income, I don’t think I could get to that number if I saved for five years and didn’t buy anything other than necessities.
PMI is definitely a waste of money and I don’t think anyone would disagree with that, but the reality is that it is usually the only path for the majority of people now to own a home.
Is all PMI calculated the same? I bought my house in 2021 for close to 500k using 5% conventional and only pay $117/month in PMI.
You need 60% to afford a house.
I tell people to avoid it if they can too
So who owns the house if the pmi pays the mortage company off?
What about USDA LOAN 0% DOWN?!?
So basically, if you don't have the 20%, don't buy. 80% of us don't. My advice, do you!😂
Yeah fuck this old man, just do whatever benefits you
@@21350ctwhe’s a financial expert that is giving advice. He didn’t lie. You’re going to pay an extra $75-$150 a month if you don’t have 20%. I’m glad someone’s out here tryna inform the ignorant because you know damn well most people are financially illiterate.
So is PMI avoidable? If so, how do you we go about not having to pay PMI?
Yes! You have to put 20% down as a minimum down payment to avoid PMI.
VA loan=non PMI
Dave really just wants you to make 250k a year so you can get that 15 year mortgage and having your payment be 25% your net income
Most people don't make $250k a year.
Has this guy ever used a 5% or 3.5% down payment?
The average forest timer isn’t walking around with 20% down
Dave’s a realtor at heart. 5% down? On a 30 year note. That’s debt slavery. But Dave’s sponsored by a mortgage company. 5% down on a 400k house is $25,000 in interest for year 1 and only $4,200 worth of principle.
RESIDENTIAL real estate values are declining YoY nationally. This decline will continue for years. Decade. God bless, America.
Number one tip for everything in life, NEVER LISTEN TO DAVE RAMSEY
5% down? Your monthly payment on a 2022 median home price, here Western WA would be over 5k per month. Are you smoking crack? If you can afford over 5k per month you should be able to come up with more than 5%.