*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.
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?
@@jonnybaseball98 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.
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!!!!
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
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.
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.
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me.
Wow that's awesome, Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
So glad I found this video ❤ me and my fiance are starting to look for a home and we weren't sure how it all worked.Thank you for doing this video it will help so many people for years!
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
My CFA 'Grace Adams Cook' , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
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.
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 😊✊🏻
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.
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!
@@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?
Mortgage rates are at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is the same, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
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
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) 👍
This is very very great video ! We just bought a house $255,000 was the cost.... 30 year loan and I figured I will try paying it off in 15 years even tho our percent is 3.3 I believe but let me tell you: owning a house is fun, but you have to pay the price
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 😊.
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 😂🙏.
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!
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!!!
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👍🏻
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.
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.
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.
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.
Great content as usual Marko. I live in Fl prices are super inflated so I’m waiting to buy. 20% down is the way to go, but I will take a 30year fixed but make extra payments monthly towards principal. Life happens so if you can’t pay extra you continue paying your 30yr fixed rate monthly payment. Any extra cash go towards principal. Still can pay off early and save 💰💰on interest. That’s my plan🤞🏽🤞🏽
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)
For those of you wondering why mortgages can be so "front loaded" for the first few years of the loan. The interest rate is calculated on the principal amount every month. Even though your monthly payment could be the same amount throughout the life of the loan, the percent towards the interest will decrease every month, usually minuscule. So that's why it takes years to finally get your interest amount lower than the amount towards the principal.
Correct on both first two comments. It's just interesting how in the mortgage with the 30 Years the loan payment begins with more of it going towards Interest than principal YET I'm the mortgage for 15 years it's the opposite, which is best for the borrower/customer. Not sure Why there is such a difference between the two term loans. I wish I would have known that detail when I got my house almost 15 years ago. I just did the math and I could have definitely afforded the monthly payment for the 15 year term, and saved alot in interest as well, not to mention I would be about to pay it off as well. Knowledge/Education and Timing escaped me. Oh well, I did refinance the loan for 15 years a few years ago and will be paying it off in about 2-3 years from now. When it's all said and done, I'll have paid the house off close to 15 years From when I originally got the loan and will end up saving a few thousand dollars in interest....not as much as if I had started straight off with a 15 year mortgage but something is better than nothing.
@@JohnPaul-ol5zli know someone that is losing their house because they got a deferred interest mortgage. After 30 years they now owe a $70k balloon payment because they were basically illiterate when it came to finances, and never refinanced.
Hey Marko, I am from Russia and do real estste business here, but we plan to move to US for a while and your videos very informative for the firsttimers like me and my wife. Also very nice that you are addressing normal people, not funny yangsers who want to become millioners overnight (haha) by just watching youtube motivation videos )) Keep on that way and plus (no, PLUS) into your karma, man.
That’s the point! You real estates investors don’t know real estates investments is not as flexible as investing online commodities.. it might be way profitable in for longterm but trust me it’s not as liquid as investing online commodities.. exploring the prospects of passive income through investing online commodities is way liquid and can be way profitable aswell, i say this because it’s something I’ve been into for over 6 months now after I almost lost all to real estates investments
![BLACK BAG - Official Trailer [HD] - Only in Theaters March 14](http://i.ytimg.com/vi/Du0Xp8WX_7I/mqdefault.jpg)
*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?
@@jonnybaseball98 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.
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!!!!
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?
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call. Thanks for sharing
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.
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 have never felt very educated/informed by a YT video until today, very concise!
I'm so happy I made productive decisions about my finances that changed forever. I'm a single mother living in Vancouver Canada, bought my first house in October and hoping to retire soon if things keep going smoothly for me.
Wow that's awesome, Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Thanks!
Dude! This is awesome explanation!!! I was hurting my head to understand USA taxes, insurance, credit score/history and mortgage!!!
So glad I found this video ❤ me and my fiance are starting to look for a home and we weren't sure how it all worked.Thank you for doing this video it will help so many people for years!
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA 'Grace Adams Cook' , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
As a Nigerian, this made me understand the mortgage concept better than what I've known all my life.. Thanks man
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.
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.
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 😊✊🏻
Thank you for this video. I explained all of this to my students, but they really loved your video.
Thank you, Dude. You have made it so simple
I don’t know anything about mortgages but, you explained it so well , so easy to understand, thank you so much.
Marco is my Financial Advisor... and he didn’t even know it 😩🙃
didn't know what?
Daddy chill
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.
man this dude explain everything so smooooth!
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
I learned that interest isn't paid last. Thanks for the good point
I have a little to no knowledge about mortgages! After watching this video. I feel a lot confident after watching this video. Thanks for your info ℹ️
Glad it was helpful!
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?
This was the best, most informative RUclips video I have ever watched! Great job!
Love that affordability spreadsheet. Great video man!
Mortgage rates are at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is the same, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you
Research Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
On her page, she appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
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!!
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.
This was the best video about ever, yes you’ve created so much value. I appreciate you!
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!
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
like how neat and organized description links are
Marko is the goat, so much great valuable information.
Really needed this man. Your work is truly appreciated!
Thanks so much for uploading this! Me and my fiancé just started browsing for homes and we’re so clueless! Definitely needed this
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) 👍
Hopefully RUclips pushes this to #1 trending.
Lol please share!
This is very very great video ! We just bought a house $255,000 was the cost.... 30 year loan and I figured I will try paying it off in 15 years even tho our percent is 3.3 I believe but let me tell you: owning a house is fun, but you have to pay the price
Why? What do you mean you have to pay the price?
@@Lannie74 pay the price of maintenance and everything
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 👍
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 😊.
thank you so much. This was an actual class and something I should've known at 38 years old
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 😂🙏.
👍 Great content, keep the videos coming!
"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!
Great video. This was the first time watching your video and already subscribed to your RUclips channel
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!
Thank you! Marco for the service you are doing in this lifetime 👏👏
Thanks for sharing Marko! Making us a little smarter to become better humans and smarter buyers.
Happy to help!
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!!!
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👍🏻
WOW! That insightfulness was relieving. Thanks for the wisdom.
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.
So I just finished the whole video. Holy shit, good job Marko.
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.
This is helping me study the mortgage practices and concepts to pass my exam! Ty!
That part at the end was necessary bro…helping people to wake up
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.
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!
I am looking to buy my first home and this video was very helpful. Thank you!!!
Thank you for this info. I'm trying to buy my 1st home.
Why get a mortgage when you can live in your car.
It's hard to live in your car .
Unless you don't have kids .
you can sleep in your car, but you cant drive your house... hah
@@AdrianGarzaVlogs home sweet motor home
Technically I think it is illegal to live in the car, well at least I know that as a fact in some states.
@@danny1103 why live in a car when you can live on the street
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!
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.
Thank you so much white boy finance very good vid
You are very welcome
Great content as usual Marko. I live in Fl prices are super inflated so I’m waiting to buy. 20% down is the way to go, but I will take a 30year fixed but make extra payments monthly towards principal. Life happens so if you can’t pay extra you continue paying your 30yr fixed rate monthly payment. Any extra cash go towards principal. Still can pay off early and save 💰💰on interest. That’s my plan🤞🏽🤞🏽
Same plan. Not all of us are born with a silver spoon in our mouths.
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.
Seriously this was really great! Thank you so much for sharing. Very valuable information.
This was awesome! Thanks so much for running through this. Extremely helpful.
Hi Marko, Greetings from me. This video is very helpful for Mortgage concept learners. Hats off to you for this wonderful presentation.
Thank you for this im about to be in the market for a new home this helped alot!!
Well explained, my buyer would be happier if everyone do simple explanations.
Wow, 🔥 such great points throughout!! I’m definitely going to keep this in mind💯
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)
Thanks for adding the link into the spreadsheet. Super useful! ;)
Great video Marko, just what new prospective first time buyers need to know. Very helpful sir. Good job for educating the people.
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Another very informative video! Thanks Marko for sharing this very important stuff, please keep it up!
Thank you!
For those of you wondering why mortgages can be so "front loaded" for the first few years of the loan. The interest rate is calculated on the principal amount every month. Even though your monthly payment could be the same amount throughout the life of the loan, the percent towards the interest will decrease every month, usually minuscule. So that's why it takes years to finally get your interest amount lower than the amount towards the principal.
Also, banks want to be assured they are making their money back before end of loan through interest rate, just in case borrower tanks on repayment.
I got biweekly stubs from Premier Credible and bank statement to proof my income while applying for my loan and I was approved
On IG I got his number
Correct on both first two comments. It's just interesting how in the mortgage with the 30 Years the loan payment begins with more of it going towards Interest than principal YET I'm the mortgage for 15 years it's the opposite, which is best for the borrower/customer. Not sure Why there is such a difference between the two term loans.
I wish I would have known that detail when I got my house almost 15 years ago. I just did the math and I could have definitely afforded the monthly payment for the 15 year term, and saved alot in interest as well, not to mention I would be about to pay it off as well. Knowledge/Education and Timing escaped me. Oh well, I did refinance the loan for 15 years a few years ago and will be paying it off in about 2-3 years from now. When it's all said and done, I'll have paid the house off close to 15 years From when I originally got the loan and will end up saving a few thousand dollars in interest....not as much as if I had started straight off with a 15 year mortgage but something is better than nothing.
@@JohnPaul-ol5zli know someone that is losing their house because they got a deferred interest mortgage. After 30 years they now owe a $70k balloon payment because they were basically illiterate when it came to finances, and never refinanced.
Thank you! My all in housing expenses is 29%. And it’s a 15 year.
Incredibly helpful video!
Thank you for the knowledge Marko, it’s always greatly appreciated!! 🙏🏽🙏🏽
Great explanation, especially the bit about amortization .
Outstanding video!
As always, excellent info for the masses.
As always great information Marco! Thank you!
This explanation Helped me a lot. Thank you very Much!.
Hey Marko, I am from Russia and do real estste business here, but we plan to move to US for a while and your videos very informative for the firsttimers like me and my wife. Also very nice that you are addressing normal people, not funny yangsers who want to become millioners overnight (haha) by just watching youtube motivation videos )) Keep on that way and plus (no, PLUS) into your karma, man.
That’s the point!
You real estates investors don’t know real estates investments is not as flexible as investing online commodities.. it might be way profitable in for longterm but trust me it’s not as liquid as investing online commodities..
exploring the prospects of passive income through investing online commodities is way liquid and can be way profitable aswell, i say this because it’s something I’ve been into for over 6 months now after I almost lost all to real estates investments
For more information contact him on wh=at=sapp
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Lego City
Thanks Marco. This was very helpful. Looking to purchase my first home.
I never understand why we never get taught things like this at school. Most of us go into the real world clueless
It's done that way on purpose so you are forced to either pay for the service to be done by someone else, or pay to learn.
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Marko, you’re a pioneer.
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.
You’re amazing Marco , thank you for your time and awesome video as usual 🔥💪🏽 .
Really amazing !
Very clear and precise....coming from you, it's that simple to understand. Thank you... SUBSCRIBED! :)
Thanks! This was helpful and easy to understand.
Thank you, very simple and clear.🎉🎉🎉🎉
Appreciate your videos man. Really wish I was more disciplined 5 years ago. Never too late I guess 🤷🏾♂️
Excellent video. Simple and complete! I loved ♥