Buying This House in Everett, WA: The Real Numbers

If you're considering living in Everett, Washington, it's helpful to know what your mortgage might look like. In this video, I explain what it would be like to buy this house in Everett. I demonstrate two real possible monthly payments to show how much it would cost up front and on a monthly basis. I also explain a little about the process of buying a house in general for anyone who is unfamiliar. If you want to get a sense of what getting a mortgage might look like on a house in Everett, WA, this is the video.
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[@monohydrate2]

Can anyone explain why this home is worth $505/sq ft? Is it simply proximity to MSFT campus?

[@Chrisicola]

619K? C'mon, these prices are ridiculous.

[@randycallow3736]

Your personality, cadence and professional production make your video easy to follow and your on screen graphics are also very good as straight forward, easy to follow. It's probably worth mentioning to people who are ready to participate in the loan process that renting the property should not be seen as a safety valve. Lenders in this scenario have in writing that this home is your primary residence, and they do care if you rent it immediately or soon after getting funded on the loan. Insurance amounts are considerably different than regular homeowners insurance and the bank will require additional insurance if property is rented. Most lending agreements have multiple provisions about the home being your primary domicile. So if anyone involved thinks, well if it gets difficult to make the payment, I will rent the house and cover the mortgage, that is problematic to the lender and most contracts have stipulations if you move out and someone else moves in, lender has to be notified in advance.

[@HomesInWashington]

Thanks so much, Randy - really appreciate it.
As far as renting out the home, definitely important to understand all that goes with that. Here's a really good video from a great guy (my dad) on everything involved there: czcams.com/video/v2_qgUW-dAM/video.htmlsi=Fa_EUR7jx9hd6Kud

[@MortgageMasteryTheater]

Good stuff. Good clarification on the points / no points.

[@HomesInWashington]

Thanks! :)

[@seamusoreilly804]

This market needs to crash and reboot. The numbers for the pictured property are ridiculous.

[@idiocracyishere4531]

Probably not worth the price based on the msft expected salary.

[@ihmpall]

In 10 years this house is gonna be in the market for 1.2M .

[@jonathantaylor6926]

Something like 50% of homeowners couldn't afford their home if they had to buy it today, even with a 20% downpayment.

[@HomesInWashington]

It's a very tough time to get a home for sure.

[@Sidecutter]

The idea that a broker should be paid over 1.4M for this home just to loan you some money is absolutely indefensible. That's more than DOUBLE the total value of the house, and almost 2.5x the actual loan. Obscene is the only word that can be used. You cannot POSSIBLY come out ahead on this, ever, and this market is completely unsustainable. A lot of people are going to lose everything and a whole lot more houses are going to be gobbled up for well over a realistic price by giant corps who can afford to corner the market, making it even worse.

[@HomesInWashington]

Do you mean the lender being paid 1.4M? Interest goes to the lender, not the broker. You're right that it's definitely a tough time in the market with a combination of high prices and high rates (relative to two years ago, but not relative to anytime before the last five years).
That said, lots of people are working with the opportunity available and making it work. Not exactly sure what your point is, but it is a tough time in the market, no doubt.

[@cle_roknn3742]

4k a month for that. Yeah, the market needs a bit of a correction. Same size house 180,000 in some markets on the high end. No way that level of inflation is sustainable….

[@jonathanjacques7250]

620k for 1200 sq ft. Completely Ridiculous.

[@stephenfermoyle4578]

more talk

[@jaysmith3361]

The market won't crash, America will crash - everything is in place. Buy low, sell high, buy when they are selling, sell when they are buying - it's a religion.