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7 Must Know Tips All Home Buyers Should Understand
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- čas přidán 8. 08. 2024
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Thank you for making this video..I'm qualified for $280.000. Because of your video..I'm buying an house $200.000 or less..🙏🏽💛
How many people subscribe still didn’t get their first home yet
My husband and I live in the Seattle area and cannot stand the cost of housing here. We eventually want to move to the south. So until we are ready to make that move we are learning all we can and saving up for a good down payment.
@@sarahpyke307 all the west coasters and New Yorkers are driving housing prices up in the South. Please stop.
@@ternate333 So I shouldn't move to a place I can actually afford a house? I cannot afford housing in my area. My family moved out of Arkansas, Oklahoma, and Texas in order to have better job and housing prospects. Now it looks like we will have to move back to those areas in order to afford life again. This is the cycle of societies. Also, politically speaking, people are beginning to move to places where they more align.
@@sarahpyke307 Does your ability to afford a house in a different area of the country mean that people originally from that area should be pushed out of their own market or forced into the same situation you face now?
@@ternate333 I hear what you're saying. However what is the answer? Does everyone just stay put forever? No more moving for job opportunities? No more moving to a neighboring town because it's cheaper? What about those who buy raw land and build? Also should we factor in the reality that when moving to a cheaper place, that people's income will typically also be lower due to local wages? Also, we should ask how the people who live in the area got there. Did they move to the area and push others out? Not that these are good things, but they are the realities of how things happen. Based upon your thinking we should probably limit or ban immigrants, because they would cause more competition for housing. Where does your reasoning stop? Are only certain types of people allowed to move for their own good?
Thank you for taking the mystery out of the ins and outs of home buying because I had No Clue! the information you've shared is invaluable
i can’t believe this video is free. thank you so much !!!!!!🙏
This was some solid information more people need to know about. Gracias Javier!
For tip number 2…would you rather be house poor or renting? If you pay rent over the 28% most people here in California are paying like 2k for rent or more
house poor
Renting comes with the benefit of not having to foot the bill of any inevitable home repair costs. Things break, leak, etc. and it’s out of your pocket as the homeowner. A lot of people can’t afford any major issues (like say if you need to replace your HVAC or roof or whatever) especially if they are “house poor”.
I'm in a market (and income) with a similar situation. I'm going to risk the house poor BUT it's because I have debts that will be paid off within the next year, and a high likelihood of significant income increases in the next year. You are less restricted with owning your home than you are with renting, but like Jamie threw out, you'll be responsible for almost everything - and this is a 30 year loan. You can't save if you are house poor for an extended period, and you can't easily lessen this.
At least if you rent at over 28% of your income, it's easy to take advantage of it when the market swings back, whereas your loan is probably going to be 30 years - you can refi, but that's only going to 'help' so much, since you can lower the interest IF it drops and your credit is similar or better, and extend the term of the loan for a lower monthly payment, but likely potentially actually paying more over the life of the loan.
@@JamiieAllOver that's only if you have a landlord that actually fixes stuff lol. Most of my landlords would rather pinch pennies and let the property go into disrepair. They're not the ones living in it, why should they care? Or worse, put tenants in danger (not fixing heat during sub zero weather, not fixing fire hazard electric etc.). Might as well own your own place and be able to fix your own problems!
In this same situation and 100% rent not worth being house poor, my rent + total utilities sits at 27% of my income vs trying to get a home would sit me at 53.5% even with a 25% Downpayment and no debts!
Makes absolutely no sense to get a house I use my money to invest more in my retirement accounts + savings sitting in a HYSA to help out till I can afford a home🙏🏼
Really appreciate all the advice and information you give in your videos!
For this video alone, you are GOATED in my book! Thank you!
You’re so quick and simple I love it I subscribed after watching a video before this and watched this next
Thank you for the examples and walk through so visual etc.
I wonder if gross income is used because this number is more static and net income can be manipulated to be different based on pre-taxed deductions, tax form exemptions, etc. I personally don't feel 1/3 of gross is too generous but understand the safety of your thoughts on 1/3 of net. Thanks for sharing!! 💚
So helpful! I’m looking to but my first home at the end of 2022-I will def refer to this!
Did you ended up getting your house?
Thanks for creating this very helpful spreadsheet
Any vids on finding a good agent to work with?
Thanks for the recommendation!
Get your real estate license it’s only a few hundred dollars. That way you don’t gotta worry about any agent. This way you can save 1-6% on the closing cost.
@@JavyVidana He didn’t recommend you anything. He only asked any videos on a good agent question mark. Lol
@@peterortega716 thanks for the recommendation!
@@JavyVidana thanks for the recommendation!
Gawhdayum that Google Sheet 🥵
Cousin Edgar at Takuache Real Estate Solutions.
Buy a house cuh. My trocka needs some rims
This was a great video!! Loved your delivery.
As a good rule, reduce your top limit by 10-15%. This will keep you out of the weeds and give you much higher odds of getting the loan approved through underwriting. If you don’t like the numbers you see, you may want to wait on purchasing a home.
Great time line calculator! How would the timeline change if you are building a new house?
My husband jams out at the end of your videos, I never heard it but now I’m starting to hear the gaming sounds.😂
Wow! Hearing you say $1000 yearly taxes is mind boggling. I live in NJ and pay close to $10,000 SMH.
I'm in the process now of closing. Glad I found this channel
رائع جدا شكرًا على المعلومات
Very nice information I really appreciate all the advice
Could you possibly do a video on when you should do a rent to own, or the pro and cons of rent to own
I love how you use current or pass memes on your videos lmao you must definitely keep up with todays social media lolol
Great video!! Thanks
Awesome!!very informative
Hi, Javier. Thank you for this! I try to stay right around 25 to 28% for basic housing costs. Knowing what I qualified for and what I could afford were totally different. I always calculate based on money after taxes. I hope others are doing the same because I hate to see people spending 40-50% on their mortgage. No East Valley for me! 🙂😂
Awesome great information thanks
Great video thank you
We've accepted that having over 50% of your net income go to mortgage and insurance before bills and repairs are even factored in is ok. That leaves you one major repair or a short unexpected employment gap away from losing the closing costs and your entire investment made since to the bank in a majorly stressful life event. Given that there are institutional investors waiting on the sidelines to scoop up foreclosures during the inevitable crash, there may not be enough motivation to put any forebearance measures in place during the upcoming recession. It only gets worse if people find themselves underwater, owing more than the home's bubble-inflated purchase price.
This is why I have trouble committing.
Thanks for the video. Love your channel. When we are ready, I'm pretty sure I'll be contacting your team.
This video is very informative and the timeline sheet is super helpful! Thank you!
where do you find the timeline sheet?
@@elijahguel226 you can use the second link in the description box to resources and scroll down to the timeline too
Emperor's new groove is THE best!!
is there an interest rate thats good? or does that depend in the state? if so, whats a good rate in in north texas?
You did so welll 👍🏾
@15:56 i like that transition. pretty cool 😎
What do you think about first time RV home ownership or container homes? I love tiny living and tired of renting . Help 🥺
Gross income determines your financial reliability. The lender can easily determine what percentage of your income will go toward the mortgage.
Does the calculator work for building a home too ?
So me and the wife are getting our first home, and our gross is about $135k mortgage is $1900, so we are in great shape, I was scared of the monthly lol
In California that ‘might’ be a 2 bedroom and you hope it’s in a decent area
I am a single 26 year old woman making 80,000 (gross a year) with only a car loan as debt :) this made me feel so much more confident in my abilities! My plan is to save around $20,000 in five years in order to buy my first home. Love your videos
You can do it in less than 5 years with your income. My wife and I make $4200 per month combined (after taxes before expenses) and have saved our goal of $32k in 2 1/2 years. Putting down 10% predict 5% closing costs and have 3 month minimum emergency fund after purchase.
Plan is to live in it for two years and pretty it up/fix/replace things then sell it and put the equity towards the next home
I make a little less than that, with a car loan as my only debt as well and I’m saving $400/week. If you did that as well you could save 20k in a single year. Grossing 80k should definitely allow you to save more than 4k/yr, which it seems like is your goal
I’m in your exact situation. I owe 23k on a car and gross 80k my living if very cheap and I got 14k in savings. I’m gonna save and once the savings is like 3k above the debt for the car, I’ll pay it off. Then off to save for a house.
I'm learning credit repair right now so I can help people raise their credit scores to help them save $$ on loans and qualify for their dream car/home.
Before I start charging I need to find a few people willing to let me experiment with what I have learned.
I won't charge anything!
Comment or message me if interested!
You can save much more than that, trust me! If you’re talking about 5 year from now. Good luck!
Do you recommend having a realtor when trying to buy a new build home/condo
Absolutely. More so then with new construction
Thank you.
For a house in Florida which bank or loan company has the lowest interest rate that you have ever seen?
Great video
These videos are informative and quite funny/entertaining! Thanks for the great info! I plan to buy in 2024. Just getting my credit and savings in order. Might go VA construction Loan cause the thought of finding my dream home and losing it is terrifying tbh lol
Buy a small home first while you save up and pay it off then rent it out and get your dream home
Nice one editor guy!
How about some suggestions for retired person looking to buy a house?
How do I get access to this flexmls application if I am not a home seller?
In California that 28% rule is almost nearly impossible lol Unless you want to live in a really shitty area. Rent for a 1 bedroom apartment out here in SoCal is going for 1600-2200
The median rent is the US is $1500… you have to either be a 2 income household or make close to six figures to live comfortably. Average income in the US is 52,000…. Everywhere is Cali now
We're flying by the seat of our pants in this one boys!!
Why is this guy so lit
Don Javier, miss your videos.
Here in Colorado is almost like California. You need to use 30%+ a month.
Garage connected? No corner and no busy road?
So my husband & I have a car payment but it’s not in our name it’s in our father in law name & we are paying the not each month. Would we include this car payment in out DTI?
It won't show up on your credit report if it's ONLY in your father in law's name, so it won't be counted towards your debt to income the lender is looking at. HOWEVER, I would even more strongly consider it when you are looking at what you can afford for that reason.
I am trying to buy my first home. This is the scariest thing I have done financially as a young adult. I'm in a committed relationship who is willing and ready to help me at any instance, but if I do all the budgeting based upon my own pay and other bills, I could really only afford about $770 a month, maybe a little over $800 a month if I decide to push it. I ask my Loan officer so many questions and she tells me its okay to do so, but there's so much I don't know. I'm trying to budget everything the best I can and cut out unhealthy and unnecessary spending habits. I'm so scared I'm not going to budget things right and I'm either going to be house broke or end up with a foreclosure, unable to buy a home again for a long long time.
Do you usually recommend pre drywall inspections with new builds, Javier?
Please any input in this will be going through this process soon
@@benddover3093 yes. They may not have done it right
Will this affect your credit score when asking for several prequalifications
Yes if you don’t do within 14 days
No, not if you do it within a reasonable amount of time. Per Equifax, "If you’re shopping for a new auto or mortgage loan or a new utility provider, the multiple inquiries are generally counted as one inquiry for a given period of time. The period of time may vary depending on the credit scoring model used, but it's typically from 14 to 45 days. This allows you to check different lenders and find out the best loan terms for you.
All new auto or mortgage loan or utility inquiries will show on your credit report; however, only one of the inquiries within a specified window of time will impact your credit score.
This exception generally does not apply to other types of loans, such as credit cards. All inquiries will likely affect your credit score for those types of loans."
Should HOA, Mortgage insurance and home Insurance be included in that budget?
Yes
Is there a difference between single and married couples for buying
My mortgage would be 800? That is impossible to us.. 😭😭😭
More than rent huh hhahahha
You have to be shooting on a prime lens, righhht? What mm is that?
thank you man youre funny af but great content
i make 46k gross a year, would i be able to afford a home?
QUESTION: IF YOU ARE NOT HAPPY WITH YOUR LENDER, CAN YOU GO TO OTHER LENDERS WITHOUT TELLING THE CURRENT LENDER YOURE NOT HAPPY WITH???
Would you include private school monthly tuition payments? It's not a loan, we just pay the school monthly.
im at 40% dti
2:11 If my monthly payment should be AT LEAST 1/3 of my net income, what should the maximum be? 2/3?
No you misunderstood. Max should be 1/3.
Truthfully even 1/3 is scary, Dave Ramsey says 1/4 take home. That’s very conservative.
I was asked to provide a proof of income verification and Cyber Credible came thru with biweekly paystub and bank statement which got me approved.
On Twitter I found his page and texted his number directly
Lol 😆 the first tip he has for people who ask him for advice is "do not ask or call a realtor for advice"
Would you rather rent for 1800 or pay mortgage 3700 a month.
Hi Javier, That myreplan link goes to a page that's a full on security hacker scammer mess. I realize this video is from '21, but you should remove that from the description if you can do it.
I think if a month or two decides if you’re able to buy a house - you probably aren’t in a good place to do so.
I would rather take a chance on my own home than paying for an apartment where I know they don’t care. It can take months to foreclose. Hopefully things change for the better.
I'm starting to have a bad feeling about this Edgar and I don't even know him🤣🤣🤣
☎️🔔🔊, Bueno, cousin Edgar here 📞
Lol why couldn’t you use a regular person income lol I make 3 thousand and some change
Exactly . These types of videos always show unrealistic figures. Waiting for one for your mid class American.
😅😭 felt this
3K per month before taxes? That isn't much to be honest
@@hockeycentral1149 clearly that is after taxes
Well, let this help you. I make 26/hr, and my partner makes 20/hr. Net, I make around 3500 a month. In my market, at this time, if we get about a 370k house, our lender gave an estimated end payment of around $2600, including HOA, PMI, interest, etc. If you are looking at what you could buy, with one income at say $25-$30/hr, or 50k-65k ish, it's not gonna be much.
Normally, that would be pretty nice, but in my market right now, it's not that much. If I was trying to get a house on my own, that would be significantly lessened, and I probably couldn't afford anything in my market right now.
Bro what's up man , you got a hang over ? Gzzz
❤❤❤
First
Why not 10 tips?
Damn California market is nuts everyone is overbidding a ton of money
This was pretty much country wide last year. Slightly chilling in some markets this year, but it was a hard core seller's market in every area I talked to appraisers and realtors in, which was many states and markets.
I thought you were in TX when i first started watching your videos. Your videos are the best!
My net household per month is 5910. This at 28% would put me around 1654 dollars I can afford. When I multiply this out to 30 year loan it puts me somewhere around 580k to possibly spend on a house. But when I use a mortgage online calculator it says I should be at about 380k to 420k. How am I messing this up?
My only debt is a 20k car loan on a van
Because you're multiplying monthly cost x 12 x 30 and not factoring in insurance. Over the lifetime of a loan, a pretty big chunk of what you pay back is interest, especially in the first years of any loan. Looking at an ammoritization calculator and schedule for a hypothetical mortgage might be a helpful way to visualize and understand it!
Mortgage Calculators are usually wrong. Also I think you are confusing what I said, 28% Gross/35% net is the top threshold, not 28% of your net. You can not base what you can qualify based on your budget number, you figure that out first THEN you go talk to a Mortgage Officer and keep them at bay with the payment you want not qualify for.
@@JavyVidana even if it's not accurate for real numbers, wouldn't a calculator with an ammoritization schedule still give you a half decent representation of just how much of your payment is interest at the beginning vs the end of your mortgage?
you know the market is against you when even on a teacher salary, in a low income area, it's impossible to stay within the 28%
That's so sad, I'm sorry. Teachers are the backbone of society, I'm sorry we treat them this way.
U need only 90 hours to become a real estate aganent?!?!?! In texas u need 180!!!!! I stopped a month ago cause it was so much time!
I make like 10k a month and my wife 6k I would be stupid if I paid 5k a month that's stupid. I'm staying at $2500-3000 so I can save money.
I hate commercials
I need a better job
Not many good honest people as they bow down to money . I mean money is important and a tool but it’s not God
8:25 your eyes look red, did you record while high?
Frustrating to hear your comments. I used to be a big fan! Please stop stereotyping agents. There are many many excellent agents in my community who ARE advisors and put the customer’s best interests first.
Appreciate the intent, but didn't like the video. You should cut down on the jokes
Bro why couldn't you be in LA? 🫤