Home Mortgages 101 (For First Time Home Buyers)
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- Опубликовано: 19 май 2024
- This video is the ULTIMATE GUIDE to home mortgages.
A mortgage is one of the biggest and longest-term loans that a household will ever take on, so it makes sense to understand it inside and out.
In this video we will talk about:
1. The 4 factors that make up a home mortgage
2. The 7 different types of mortgages
3. A live demo through my home affordability spreadsheet
4. A live example of an amortization table (15 years vs 30 years)
It's important to understand everything that goes into a home mortgage. It is also important to understand how adjusting the loan amount, term, and interest can affect the amount of money you pay overall.
In my humble opinion, this video is a great resource for learning about mortgages as a beginner or first time home buyer!
Enjoy, and please share this video on social media with a friend!
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
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*Don't make a potentially HUGE financial mistake by buying too much house...GET MY HOME AFFORDABILITY SPREADSHEET HERE:* www.patreon.com/whiteboardfinance
A person will only go broke on a 30 year mortgage if they buy too much, buy a bad deal or DON'T invest the different in their monthly payment between the 30 year and shorter term mortgage options. And those first two can happen no matter what financing someone chooses.
Thank you for posting these great videos from across the pond
Obviously all the details matter, but I'm curious if there exists any 'super basic' rule of thumb regarding the ratio of Principle to Net Income. Such as "Principle never more than 4 times Net income" etc ?
Mario, great spreadsheet! I really appreciate your classes, as many of the other finance topics shown on RUclips tend to lead to a credit card centric discussion. Although that is great and all, if you use it wisely, I think that there is much more value in topics like these.
I need some help. I downloaded your sheet, but I don’t see where I can put the percentage down payment in my sheet. I like to play with the numbers, but the version you provided only shows the sale price and automatically calculates what my 20% amount is. In this video, you put the 3.5% down payment and the numbers adjusted automatically on your sheet. How can add the highlighted box in C6 so that I too can calculate different percentages for down payments?
@@jonathanacosta1648 go to the down payment amount cell and change it from .2 (20%) to .035 (3.5%). you can change it to whatever you want percentage wise.
Why is this not taught in school?? Same with how to write checks, how to manager your finances, how taxes work, etc. This would help our younger generation be more prepared for life.
thats how to rich stay rich. SSSHHHHH. haha
The Rich want the poor to stay poor.
Most of that used to be taught in school.
Because the want u to rent
Mitochondria is the PowerHouse of the cell
I just got done building a house in Mexico for 50 grand 5 rooms 3 bath rooms two living rooms. Retirement home all set.
Nice! Where at in Mexico?
Ryan Brunson mazatlan where all Americans and Canadians live
That's all great till the cartel shows up Haha jk idk maybe it's not that bad mazatlan is beautiful though
You about to get deported 😂
@@FRAMEDSKATEKREW69 why would he get deported?
THANKK YOUUU SO MUCCCHH OMG my family and I have been in a dire need to move out, rent is expensive yet we don't qualify for housing, we're also looking to buy. We had applied for a mortgage loan however I told my mom at the end not to go with it cus quiet frankly she doesn't understand it, and i dont either. I told her it's not smart for either of us to do this in a rush without knowing what we're getting into. After all, a mortgage is a huge commitment. This makes me feel so much better on what to expect when buying a home and giving me a place to start on how to get there. Truly needed this, thank you sm!!!!
Marco is my Financial Advisor... and he didn’t even know it 😩🙃
didn't know what?
Daddy chill
This is a video I’m most definitely gonna share. Before watching your video, I was a little informed on how mortgages worked, but you pretty much broke everything down and I gotta say, I’m super happy you made this video Marko. Keep up the good work 😊✊🏻
Marko, I watch your videos with my wife, and even tho English isn't her first language she says everything you say is super easy to understand! Thanks for all the good info.
Your businesses will make you rich but your investments will make you wealthy. We all deserve to be rich and have financial freedom. I pray everyone here becomes extremely successful.
Most people venture into crypto to be millionaires, meanwhile i just want to pay for mortgage
Assets that can make you rich
Crypto
Stock
Real estate
Gold
@@JessicaRodriguez-bm7gq You're right, Fear is one of the factors that hinder most persons to invest into crypto, most persons say ignorance..
I'm enjoying working under a platform that brings good returns in my life and I've been making my weekly returns without stress all in crypto
Investing in crypto is the most profitable investment due to its current rise, huge profits and future benefits.
Excellent video! One that breaks down the complexities of mortgages for those just starting out or just wanting to learn more. Thank you so much!
I have never felt very educated/informed by a YT video until today, very concise!
Hopefully RUclips pushes this to #1 trending.
Lol please share!
Really needed this man. Your work is truly appreciated!
This was the best, most informative RUclips video I have ever watched! Great job!
Thank you! Marco for the service you are doing in this lifetime 👏👏
Dude! This is awesome explanation!!! I was hurting my head to understand USA taxes, insurance, credit score/history and mortgage!!!
Thanks so much, Marko! We're in the very, very beginning stages of exploring home ownership. So helpful, + you saved me hours creating my own spreadsheet!
Just started considering buying houses for the profit for first time and this vid taught me about mortgage so clear I gained confidence.
Great vid
This video made so much sense, and I don't even live in the U.S. But generally just helped me understand what goes into a mortgage.
Thanks so much for uploading this! Me and my fiancé just started browsing for homes and we’re so clueless! Definitely needed this
down payment: 10% is 35,000, 35,000 x 2 (10% x 2 = 20%) = 70,000.
mortgage amount: 350,000 - 70,000 = 280,000
Love that affordability spreadsheet. Great video man!
"If your in California..." - story of my life lol 😭
Move to Las Vegas or Florida
Beast from the East Vegas Florida is fkn gross haha
Mike Arredondo lol and California isnt. You got shit load of homeless people there and let’s not forget skidrow the land of STD’s
@@beastfromtheeast9318 @Beast from the East Why? And bring their bullshit politics to another State? Let them suffer...
I'm a real estate agent in Florida, I'm happy to help you move out of CA!
I don’t know anything about mortgages but, you explained it so well , so easy to understand, thank you so much.
like how neat and organized description links are
I learned that interest isn't paid last. Thanks for the good point
Thank you for the knowledge Marko, it’s always greatly appreciated!! 🙏🏽🙏🏽
Thanks so much. So many mortgage lenders gave me their explanation of all this, but your video really made it all make sense to me!
For the first, I get it.. Best video that broke all the myth surrounding mortgage down piece by piece in a user friendly form. Thank you.
Excellent -
I was going to do Excel spreadsheet for my daughter, first home buyer, you did so well - thank you! Also introduce the difference between Mortgage and Line of Credit (LoC) - essentially cost of capital, that comes in different colors!!!
Trying to turn up the heat and get rid of mine.
This is a great topic. People don’t realize that rents are tied to home prices, higher demand, inflation, and ultimately mortgage payments. Higher mortgage payments, higher rents. This stuff is important.
During a bear market, the headlines will focus on negative news, whether it's declining economic growth, geopolitical upheaval, cultural and legal turmoil, or some combination of all three. I listened to a podcast of someone that grew his reserve from $120k to almost $460k during this Red season, can you share tips on how to make such aggressive proceeds in short periods?
Any returns above the S&P 500 are just luck. People simply gamble their money investing and if they win they sell classes to fools. Of course there are plenty of investment scams too.
WOW! That insightfulness was relieving. Thanks for the wisdom.
New to ur channel today!! Wonderful info for me to plan to buy a first home in near future. Thank u so much for all ur efforts
I learned a lot from you. spreadsheet is amazing. Just perfect👍🏻
I love your tone and relaxed pace. Great video! Thank you for the information Marko.
All thanks to Alastair foreign exchange for helping me to trade my $450 into Bitcoin and I was credited with the sum of $5300 after seven working days of my trade with him now I’m debt free I can settle my bills without even touching my paycheck I’m so happy with Bitcoin life is easy 😊.
man this dude explain everything so smooooth!
Thanks for adding the link into the spreadsheet. Super useful! ;)
This was the best video about ever, yes you’ve created so much value. I appreciate you!
You have given such an amazing advice! Applaud-able. If you are in Texas and if you are a first time home buyer mortgage, then Texas homes by Z should definitely be your pick.
Wow, 🔥 such great points throughout!! I’m definitely going to keep this in mind💯
This was awesome! Thanks so much for running through this. Extremely helpful.
First mortgage video I've seen as I am sticking my foot into the buying a home door and woww this was helpful, God bless Marko!!
*VERY WELL EXPLAINED! Thank you for educating people about mortgages it is so important 🙏🏻🙏🏻👍🏻👍🏻*
As always great information Marco! Thank you!
I never understand why we never get taught things like this at school. Most of us go into the real world clueless
As always, excellent info for the masses.
I am looking to buy my first home and this video was very helpful. Thank you!!!
Yet another great video, Marko! Interest rates right now are amazing, and it's a great time to borrow if you're in a position to do so. I recently made a video about the 30 yr fixed rate mortgage I got on a Cleveland-area RENTAL property (rather than one I will live in myself), and got a rate that wasn't all that much higher than what one can get on an owner-occupied type loan!
Great explanation, especially the bit about amortization .
As a Nigerian, this made me understand the mortgage concept better than what I've known all my life.. Thanks man
Awesome video Marko! Your explanations and videos are always on point.
Great explanations!
This was very insightful to learn as a first time buyer!
Extremely informative ! You can be a teacher/professor. Thank you very much.
Glad you enjoyed it!
Very clear and precise....coming from you, it's that simple to understand. Thank you... SUBSCRIBED! :)
So I just finished the whole video. Holy shit, good job Marko.
You’re amazing Marco , thank you for your time and awesome video as usual 🔥💪🏽 .
Really amazing !
I was thinking to buy a house by paying 5% but your video is so detailed and open my mind. Thanks for making it with examples. It makes sense to me. Thanks again and you did excellent work on it and keep it up.
i'm also looking for a home to buy too, but the interest rates are too high so i'm waiting for the home prices to go down, or the interest rates to go down. i really hate how they always use the 300k home for an example (because they are really like 800k to a 1.2 million where I live), but a 1% interest increase is a substantial amount of money you pay by the end of it all.
This is helping me study the mortgage practices and concepts to pass my exam! Ty!
This explanation Helped me a lot. Thank you very Much!.
Excellent video. Simple and complete! I loved ♥
Great video Marko, just what new prospective first time buyers need to know. Very helpful sir. Good job for educating the people.
Help line ⤴️
Marko is the goat, so much great valuable information.
Thank you so much for this video it really simplifies things, First time home owner and this will really affect when we go take out a loan 👍
Seriously this was really great! Thank you so much for sharing. Very valuable information.
Thank you! My all in housing expenses is 29%. And it’s a 15 year.
Thanks Marco. This was very helpful. Looking to purchase my first home.
Hi Marko, Greetings from me. This video is very helpful for Mortgage concept learners. Hats off to you for this wonderful presentation.
A decent enlightening post that you have shared and appreciate your work for sharing the data. I value your endeavors and all the best. Praise your work and continue sharing your data.
Another very informative video! Thanks Marko for sharing this very important stuff, please keep it up!
Thank you!
Great info and advice. Keep up the good work
Nicely explained! Thank you!
Thank you so much for all this information my little sister is about to buy a house and I’ve been trying to tell them the way to go is 15 or 10 because you end up being off it’s a little sacrifice but get it done by your content is literally the best Contant in the entire world wide web thank you
Love the video Marko!! Explained it beautifully
💪💪💪
Great video. This was the first time watching your video and already subscribed to your RUclips channel
Thank you for this im about to be in the market for a new home this helped alot!!
I love your video. I enjoy every single one of them. You do have a very nice house. Great job on the video. Thank you.
👍 Great content, keep the videos coming!
That amortisation table was really interesting. It made me completely rethink interest rates. I was thinking about them purely as percentages but as the interest is front loaded and I would be likely to move within 5-10 years rather than 30, I would be paying far more in interest! 😮
Well, really only if your score is lower than average(at around 550 or so, they will start adding more and more to the rating because of how low of an average payer to loans you are)
Thank you, Dude. You have made it so simple
Thanks! This was helpful and easy to understand.
Marko, I noticed you did not mention debt-to-income ratios as a prequalification for loan approval. Thanks for your videos they are very educational.
Kevin discusses mortgages in his paid course but not even as simplified/meaty and no spread sheet calculator. Thanks huge value for RUclips video.
My RUclips videos aren't the most entertaining, but they are packed with value. ;)
Marko - WhiteBoard Finance don’t short yourself subtle comedy mixed in plus the ender always good, best in game (Graham doesn’t have me laughing as hard) 👍
Great information Marko. Thank you!
Thanks for sharing Marko! Making us a little smarter to become better humans and smarter buyers.
Happy to help!
Well explained, my buyer would be happier if everyone do simple explanations.
Appreciate your videos man. Really wish I was more disciplined 5 years ago. Never too late I guess 🤷🏾♂️
This video is great! As a first time home buyer this was definitely educational!
The ending was hilarious! Everybody broke! My wife and I finally have are 20 percent saved we live in SoCal which means we can but a sack for 400k or a cardboard box for 350. The Video perfectly applies to what we would want to spend. And we are strongly considering getting out of here! Thanks for all the video! I toon into them all!
Sophon I’m in riverside county. Yeah I was talking to a friend of mine in la also looking to buy and 600k is average
@@sophondanielm7377 I don't know, looks like the housing market is still going steadily up.
@@sophondanielm7377 but since you're a realtor maybe you would know this, I've heard that it's hard to get a loan for under 100k just because banks would usually prefer selling bigger loans, right? So what do people do, do people just maybe get a loan for say 150k so it's easier to approve?
Incredibly helpful video!
This video is SO helpful! Thank you for sharing, looking to buy a home soon and this answered a lot of my questions! 😊
Thank you very much for your clear and precise explanation for the first time home owner. Yes, I found great value in your video, only can further recommend.
Your hair looks great and you are handsome 😂🙏.
Interested in seeing how the real estate market looks as this unemployment and forbearances weigh on the economy 🤔
The interest rate will try to prop up the housing bubble.
Marko, this is the best explanation ever. Thank You! How do I get the spreadsheet?
Thank you for this info. I'm trying to buy my 1st home.
Very nicely done Marco!
Marko, you’re a pioneer.
“Mortgage Products!” Brilliant. Never heard anyone call it a product, but it is!
Great video thanks for sharing this! Very helpful
Great video on this topic!
Always great content.
Great presentation! Thank you.
Took a screenshot of your spreadsheet.
Finna make my own,