Literally changed my whole perspective. We are looking at a 3 month ish overlap while moving out. So that lines up perfectly with not having to pay rent AND the mortgage during that time!
Life hack. Closing costs don’t matter if the house you are looking at went up 120k in 2 years with double the interest but your wages are relatively similar so you can’t afford the house anyway
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Because they are used to bull markets, most people find it difficult to handle a decline, but if you know where to search and how to get around, you can make a sizable profit. It depends on how you plan to enter and leave.
@@AshtonGrace Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@MariusNatt It was run by Yvonne Annette Lively, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
Bro, this video couldn’t come at such a perfect time. Last weekend, I put down an earnest deposit for a new build. Right now, in the process of shopping around for a loan after being pre-approved. The estimated closing date is at the end of next month *fingers crossed*. After seeing a couple loan estimates, knowing exactly what the closing cost and title transfer cost is, is like pulling teeth. Hopefully, it gets better since this is only day 4..Thanks for all of the information you share. It is very helpful and kept me motivated when keeping my eye s on the market.
Got my mortgage approved literally yesterday...so perfect timing for this video. What a nightmare of paperwork.... now with my lawyer trying to set up the closing date. Also did not realize I won't have a payment until roughly 1-2 months after. EDIT liked the second example. Here in Long Island NY my closing costs are around $29K. My lawyer caught the additions to the home did not have certificate of occupancy and got them to pay for the certificates. But the closing process sucks...
I agree about the home warranty. It's better just to save yourself. During the inspection, you should have a good idea of what major repairs (water heater, hvac, roof) would need to be done soon vs what was replaced more recently. I only took the warranty because my realtor bought it for me as a gift for the first year. I didn't renew it after that, since I was contributing to my house fund all the year instead.
Wow!!!! Thank you so much for educating me. I’m so thankful for ppl on RUclips like yourself that cares enough to teach things you guys have learnt ❤be blessed
My city is finally looking into regulating short term rentals! 🥳 Signs of a local housing correction/crash are finally here. When student loans resume in June, that should really kick things off. I can finally start looking for housing again by then.
I’m in Texas too and the property tax for 200k home outside of Houston is going to cost me $5400 a year. Property tax and insurance cost is insane here.
In California not sure about AZ you will get a (one time) supplemental tax bill that is NOT part of the closing cost estimate. Several thousand dollars depending on house price. The tax estimates in closing costs is a poor process that won't give you the real amount and that's why the adjustment comes your way. Do Not be thrown off guard.
My friend's neighbors across the street got into their home for $1,500 total during the pandemic. It would've cost me $15,000 to get into a home when I was looking last year. I feel like I missed my best chance of owning a home with the way things are going. Should've bought a house years ago lol
Hey Javier. Thanks for explaining these closing costs in an itemized list! I wanted to ask, since you've listed hazard/home insurance twice on your prepaid list, if the hazard insurance prepaid (for the first year) is pro-rated for the first four months since you've already paid the lender (in case #1) for the first four months of the insurance?
Why didn't you use Lubbock Texas?😭 I'm a First-time home buyer and an immigrant living here in Lubbock since last 6 years. I started researching about buying a house here just last week.. currently addicted to your vidoes lol 😅.. I make about $70K and wondering if I should go for houses around $250K here.. I know the interest rates are high right now but I was thinkning I if I could offest it by doing AirBNB or having roomates.. what do you suggest? Should I go for it now or wait? My apt lease expires in August.. Also any thoughts/opinions about the Lubbock housing market? Thanks for the videos - very informative for first timers like me - great content!
It greatly depends on the rest of your debt. if you're making 70k and spending every dime on cars/student loans/credit card debt, then i would try to change your lifestyle first and save. You probably get 3300 after tax and 401k so if your payment is like 1100 or less then it might be okay to get the 250k house. Lenders will give you more than you can 'afford'. Keep in mind you need several thousand dollars for closing costs (mine was 12k split evenly) and the down payment and also things like yard equipment/termite control/furniture/fixing broken stuff that add several thousand dollars more. Also the utilities will make that 1100 payment turn into 1400. Keep in mind that 1100 should include the insurance and property taxes if in escrow (if you put less than 20%). Lastly you want that emergency fund left in case more big stuff breaks. for example, 10-15k for replacing a full HVAC system and 7k for water heater. Also never worry about the housing market if you're in it for the long term and buy when it's right for you. Hope this helps!
Congratulations on your new baby! Hopefully you and your wife will have some help so you both get to sleep! Best of wishes! Also I had to start drinking all of my hot beverages with a lid for the exact same reason!
Can you go more into the pre-approval? Are they soft pulling your credit if you look into a couple different lenders for a quote?..then pull it again when you actually find a house, or just the ladder? I appreciate more details as to the process and the step by step .. thanks!
I heard from a loan officer that you can shop around the loan with different lenders, and because is a mortgage loan it will only count as one pulled credit. Besides it only goes down around 3-4 points. I’m thinking of doing that
Basically what you need to do is determine what city you plan on buying in and fill out a loan application with a brick n mortar bank/credit union, a direct lender, and a mortgage broker. This will require them to look up your credit and other personal information but you only take a small hit and can continue to have your credit pulled for 45 days. Theres also no penalty for having multiple hard inquiries. Once you fill out an application, they are legally required to give you what's called a loan estimate within 3 days. Take those and compare section A to see what the lender is specifically charging so you can get a sense if the loan is right for you. I highly recommend shopping around because if you only stay with one lender and they think you arent looking they have zero incentive to give you a great deal.
Just bought my house 🏠 with the seller, giving me what I asked for, like 2 one buy down and closing costs in Hemet California and the house was listed at 485 and got it at 470 it's a 2005 built 🙃 my interest rate is 3.5 for the first year
Crazy idea but mabey they should apply a 10% sales tax to institutional buyers and any private citizen buying their 3rd or more residential property. But not apply the sales tax to new construction so that if the institutions want to be involved in real estate they are paying towards fixing our crumbling infrastructure or fixing the problem with new construction.
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Mrs Karen Norton.
Nah I'm the boss. But brave of you still doing vids about real estate while every clowns that did it during covid time have moved to do dancing on tiktok. But for now short housing until everyone forget buying a house then you buy prices are still bubbly so much flippers and clowns are still trap.
can you make these calculations for home buyers who use no money down and VA? I would love to see more realistic scenarios for those like me who will not put money down as I am using VA loan...
![BLACK BAG - Official Trailer [HD] - Only in Theaters March 14](http://i.ytimg.com/vi/Du0Xp8WX_7I/mqdefault.jpg)
Didn't know about the first monthly payment being on the 3rd month possibly. *Birdman handrub*
Literally changed my whole perspective. We are looking at a 3 month ish overlap while moving out. So that lines up perfectly with not having to pay rent AND the mortgage during that time!
Mine was a month and a half
@@DashOfSalt84 Love this for you. I'm close to closing and just hearing I'll have month free is music to my ears.
😂 you go sis , 🙏🏾
Life hack. Closing costs don’t matter if the house you are looking at went up 120k in 2 years with double the interest but your wages are relatively similar so you can’t afford the house anyway
Bingo
Lol
Lmao true
@Jack-fr9bk wasn’t talking about me. It was just a lil joke.
I paid $17,135 dollars plus down payment for 200k house lol I was shocked how expensive the closing costs were.
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Because they are used to bull markets, most people find it difficult to handle a decline, but if you know where to search and how to get around, you can make a sizable profit. It depends on how you plan to enter and leave.
@@AshtonGrace Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@MariusNatt It was run by Yvonne Annette Lively, who I learned about and got in touch with thanks to a CNBC interview. Since then, it has served as the point of entry and departure for the games we have emphasized. A search on the internet can be done if tracking is necessary.
You are killing us Texans on your pronunciation of Lubbock. Say it like Lub-ick. Much love from Texas
Bro, this video couldn’t come at such a perfect time. Last weekend, I put down an earnest deposit for a new build. Right now, in the process of shopping around for a loan after being pre-approved. The estimated closing date is at the end of next month *fingers crossed*. After seeing a couple loan estimates, knowing exactly what the closing cost and title transfer cost is, is like pulling teeth. Hopefully, it gets better since this is only day 4..Thanks for all of the information you share. It is very helpful and kept me motivated when keeping my eye s on the market.
Got my mortgage approved literally yesterday...so perfect timing for this video. What a nightmare of paperwork.... now with my lawyer trying to set up the closing date. Also did not realize I won't have a payment until roughly 1-2 months after. EDIT liked the second example. Here in Long Island NY my closing costs are around $29K. My lawyer caught the additions to the home did not have certificate of occupancy and got them to pay for the certificates. But the closing process sucks...
Just wait for the actual closing date to see another giant mound of paperwork stacked in front of you lol.
Hell yeah man good shit! How's it feel to have been in the house for a little bit now
I agree about the home warranty. It's better just to save yourself. During the inspection, you should have a good idea of what major repairs (water heater, hvac, roof) would need to be done soon vs what was replaced more recently. I only took the warranty because my realtor bought it for me as a gift for the first year. I didn't renew it after that, since I was contributing to my house fund all the year instead.
I closed on Jan 13th and my first payment is due March 1. Luckily my builder paid my closing costs.
Wow!!!! Thank you so much for educating me. I’m so thankful for ppl on RUclips like yourself that cares enough to teach things you guys have learnt ❤be blessed
Man, you are the realest man out here... Farting Fees I spit my water out on my computer but your right and don't forget the breathing fees.
My city is finally looking into regulating short term rentals! 🥳 Signs of a local housing correction/crash are finally here. When student loans resume in June, that should really kick things off. I can finally start looking for housing again by then.
Have you started looking in June? Hows it been for ya?
Thank you for showing Texas. The house I’m getting in DFW the property taxes are $5500 a year for a $285k home.
I’m in Texas too and the property tax for 200k home outside of Houston is going to cost me $5400 a year. Property tax and insurance cost is insane here.
Come to IL , probably 7-8k lol
@@2wheeldom11 I just got my new property taxes and they doubled in my area. Due to them building $500k to 1.7 million dollar houses a 4 blocks away.
In California not sure about AZ you will get a (one time) supplemental tax bill that is NOT part of the closing cost estimate. Several thousand dollars depending on house price. The tax estimates in closing costs is a poor process that won't give you the real amount and that's why the adjustment comes your way. Do Not be thrown off guard.
Hey Javier can you do a video on buying raw land for building a home , or installing a mobile home.
My buddy bought and all he put down with a FHA was 5k for everything...
My friend's neighbors across the street got into their home for $1,500 total during the pandemic. It would've cost me $15,000 to get into a home when I was looking last year. I feel like I missed my best chance of owning a home with the way things are going. Should've bought a house years ago lol
Thank you for breaking this down. I am reviewing my redisclosure now and this video helps a great deal!
Hey Javier. Thanks for explaining these closing costs in an itemized list! I wanted to ask, since you've listed hazard/home insurance twice on your prepaid list, if the hazard insurance prepaid (for the first year) is pro-rated for the first four months since you've already paid the lender (in case #1) for the first four months of the insurance?
Can you discuss paying your brokers commission fee upfront versus it being buried in the lenders rate?
Bro, your 500k house example is the avg in NJ....closing cost is between 15-30k...something is missing
The mortgage insurance?
Lender fees?
Buydown / buy point fees ?
It’s chaoticcccc 😢
First of all Love the Video and thanks for the Info; But I heard nothing past " if the lender farted during the transaction' LMAO👌🏾
Not USDA (rural direct)! My payment was in 1 month from closing. I wish i had 2 months!
Oooof
Always love your videos, and come here for my own inspiration. What video editor are you using? It's just killing me.
Why didn't you use Lubbock Texas?😭 I'm a First-time home buyer and an immigrant living here in Lubbock since last 6 years. I started researching about buying a house here just last week.. currently addicted to your vidoes lol 😅..
I make about $70K and wondering if I should go for houses around $250K here.. I know the interest rates are high right now but I was thinkning I if I could offest it by doing AirBNB or having roomates.. what do you suggest? Should I go for it now or wait? My apt lease expires in August.. Also any thoughts/opinions about the Lubbock housing market?
Thanks for the videos - very informative for first timers like me - great content!
It greatly depends on the rest of your debt. if you're making 70k and spending every dime on cars/student loans/credit card debt, then i would try to change your lifestyle first and save. You probably get 3300 after tax and 401k so if your payment is like 1100 or less then it might be okay to get the 250k house. Lenders will give you more than you can 'afford'. Keep in mind you need several thousand dollars for closing costs (mine was 12k split evenly) and the down payment and also things like yard equipment/termite control/furniture/fixing broken stuff that add several thousand dollars more. Also the utilities will make that 1100 payment turn into 1400. Keep in mind that 1100 should include the insurance and property taxes if in escrow (if you put less than 20%). Lastly you want that emergency fund left in case more big stuff breaks. for example, 10-15k for replacing a full HVAC system and 7k for water heater. Also never worry about the housing market if you're in it for the long term and buy when it's right for you. Hope this helps!
Congratulations on your new baby! Hopefully you and your wife will have some help so you both get to sleep! Best of wishes!
Also I had to start drinking all of my hot beverages with a lid for the exact same reason!
Farting fees 😂😂 found your channel through your recent appearance on kristina smallhorn. Im in gilbert too, love your channel
Can you go more into the pre-approval? Are they soft pulling your credit if you look into a couple different lenders for a quote?..then pull it again when you actually find a house, or just the ladder? I appreciate more details as to the process and the step by step .. thanks!
Mines was soft pull then pull hard pull later
Love the BGM!
I keep rewinding the video to the coffee spill 🤣
I’m working with this company and I just noticed they are charging 6% closing cost to my clients, for me that’s abusive!
My transfer taxes in Pittsburgh were over $5K alone!
Farting fees sent me lmao
Your saying Lubbock wrong just to mess with us Texans now lol
❤yes closing costs can be quite shocking ❤
It is manufactured, some are charging way too much!
how much is Fee to secure Clear title?
Dang I might have to pay Farting fees too? That really stinks....
😂
Thanks for amazing content.
* The 8bit font is hard too read sometimes
Can you shop around for different lenders fees before you get your credit pulled?
I heard from a loan officer that you can shop around the loan with different lenders, and because is a mortgage loan it will only count as one pulled credit. Besides it only goes down around 3-4 points. I’m thinking of doing that
Basically what you need to do is determine what city you plan on buying in and fill out a loan application with a brick n mortar bank/credit union, a direct lender, and a mortgage broker. This will require them to look up your credit and other personal information but you only take a small hit and can continue to have your credit pulled for 45 days. Theres also no penalty for having multiple hard inquiries. Once you fill out an application, they are legally required to give you what's called a loan estimate within 3 days. Take those and compare section A to see what the lender is specifically charging so you can get a sense if the loan is right for you. I highly recommend shopping around because if you only stay with one lender and they think you arent looking they have zero incentive to give you a great deal.
Hi Javier, what is the typical loan origination fee amount you are seeing?What percentage of the loan?
good shit bro!~
Where do the realtor fees go?
Awesome 😎😎😎😎😎😎
What if you’re buying a house in cash? Is closing costs lower?
No closing cost for cash
Closing costs mean a big tip for the lender ( free bonus money ) for the lender
What if ur buying all cash
Bro thank you for playing pokemon gym remix in the back 😂
Like for the self inflicted harm & good info
He said your house bush 😆😭😭😭🤣
Just bought my house 🏠 with the seller, giving me what I asked for, like 2 one buy down and closing costs in Hemet California and the house was listed at 485 and got it at 470 it's a 2005 built 🙃 my interest rate is 3.5 for the first year
But you just paid half a million dollars to live in HEMET
@@christinehartunian9016 😂😂😂
What's the rate after that first year?
Crazy idea but mabey they should apply a 10% sales tax to institutional buyers and any private citizen buying their 3rd or more residential property. But not apply the sales tax to new construction so that if the institutions want to be involved in real estate they are paying towards fixing our crumbling infrastructure or fixing the problem with new construction.
How about 735 Az
😅😂 Dr. Evil😂😂
It would be a great idea to make this video for a cash buy.
HOAs: fine you when you're bush is too long!....
He holds up three fingers and says "two" 🤣🤣🤣.
*Later edit:* Oh no wait a minute he said three. I think.
😅 i changed it to 2 in editing
Your bush is too long!
House bush lol
I lost over $70K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I find one source to recover my money, at least $9k profits weekly. Thanks so much Mrs Karen Norton.
I'm surprised you know her too. I've been making a lot of profits investing with her for a few months now.
I'm new at this, please how can i reach your broker
@@samanthaprocell3844 You can communicate with her on telegam with the user name below
@@samanthaprocell3844 investwithnorton💯
@@Alexwilliamskenneth Thank you
Taxes have a peepee??
Your explanation is terrible but the idea is there
Dad is that you??
Nah I'm the boss. But brave of you still doing vids about real estate while every clowns that did it during covid time have moved to do dancing on tiktok. But for now short housing until everyone forget buying a house then you buy prices are still bubbly so much flippers and clowns are still trap.
A month later
..... I thought black rock came after you lol
Two weeks bro 🫣😂
can you make these calculations for home buyers who use no money down and VA? I would love to see more realistic scenarios for those like me who will not put money down as I am using VA loan...