Dave Ramsey's Tips for First Time Home Buyers
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- čas přidán 1. 09. 2022
- Dave Ramsey's Tips for First Time Home Buyers in the 2023 Housing Market
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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 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?
I’d rather waste $150 a month on pmi then be on skid row till I got 20% down 😂
Yup buddy
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.
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.
@@user-eg5qo1qd5tofcourse 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.
You need 60% to afford a house.
Hey! I love your content! We are looking for speakers that would want to be a part of our events in Utah, Las Vegas and Arizona. Would this be something you'd be open to hearing more about?
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.
VA loan=non PMI
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).
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.
What about USDA LOAN 0% DOWN?!?
So who owns the house if the pmi pays the mortage company off?
The average forest timer isn’t walking around with 20% down
I tell people to avoid it if they can too
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.
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
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%.