Thank you for watching! If you enjoyed this video, you should watch - The Best Way To Buy A House Explained: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gz5LjPFO1NY.html
This video is spot on - you’re 100% right to shop around; right now a lot of financial institutions are offering purchase specials that can range drastically (ex: one institution is offering a purchase special of -.125% off rate, the institution I work for is offering a -.375% off the rate... TILA/RESPA made it much easier for the consumer to take advantage of competing products/rates/and fees - people need to take advantage of this red tape.
At 15:35 home affordability should also include Taxes, HOA costs, repair costs, operational costs, and furniture. When I first started looking at buying my home I hadn't considered some very real expenses. After resetting expectations we bought a more modest home and we've been able to do what's right long term instead of simply repair what already existed.
First, get your credit score up to 760+ so that you get the best rates on your loan. Second, go get prequalified before you shop around houses. Third, you want to have a 15-20% down payment. Fourth, you really should have some extra money on the side just for any unexpected expenses that might and will come up. Five, sure you get a good real estate agent to help you find the right property for you. Six, get a long term 30 year fixed rate loan.
I agree with most except the downpayment portion. I bought my home with min downpayment. If I would've waited until I had 20%, I would've never been able to buy a home without touching my 6 months EF or reducing my investments (currently 25% of gross income). Now, I have a home with equity, still invest 25%, and still have 6 month EF
Depressing and negative? Think about human getting taught a lesson that they don't own the Earth. Now feel uplifted and positive with a bigger picture.
99% of this should be taught in high school. great information. i bought my first home with a VA loan. no money down. sold it after 10 years. went to a bigger house. i have about 10 yrs left on a 30 yr. mortgage. living the dream.
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Again. Just imagine if this was taught in high school - even just a week-long course. If the students absorbed a quarter of the knowledge in this video...I mean...I can't even imagine how many lives would be completely different.
I had a personal finance class in high school ~15 years ago. It was mostly useless, with the most "useful" skills being antiquated crap that I've never needed, like balancing a physical checkbook and filling out paper IRS tax forms. If something is important, you really don't want to rely on your government or public schools to teach it to anyone.
@@ordinaryhuman5645 If you can balance a paper checkbook you can balance a spreadsheet checkbook. It's a basic skill. But polytricktians don't want citizens who have fecal cohesion; they prefer ignorant voters who are always in crisis and looking for others to fix their problems without changing their own life mistakes.
@@HiroNguy With online banking I don't think I've ever had to "balance" anything. I just review the line items and the totals, and look for suspect charges (which I have yet to find). I do aggregate account info into a spreadsheet for net worth tracking, but that was always more for fun (and running FI projections). It's a basic skill, but it's also antiquated in (and it was back then, too). When the most useful part of the course is something that was last useful 10-20 years ago if you didn't trust your bank, that's not a good sign. The only other thing I remember was a class talking about car purchases / leases, which painted car leases in a favorable light for typical consumers.
@@ordinaryhuman5645 Dude, that *is* balancing an account! Those things were all part of it before personal computers too. It's just that much or all of this was either unavailable in public schools, or only an elective.
As a banker, you are spot on! Everyone is commission based. Not all have your best interest at heart when making big purchases. Do your due diligence! I love this channel.
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"That's my DREAM LIFE"😋😋.Doing the (9-5) can be very stressful and not having investments is bad for my future(I should invest not save).Could you please emphasize on investing
While I'm a huge fan of stock picking in retirement I make consistent profits with the aid of an expert trade analyst..My portfolio rises positively,I have made a few rather modest investments in individual companies. There are so many stocks going to rocket in the long run..I put $200k into some growth stocks with my Financial advisor/broker in control of my portfolio Hovik Morten...some of my picks are, NNDM, NVR, LISP.SW , SEB ,DOWJ, BRK-A, AAPL, NYSE, TSLA, I've gotten 88% on returns so far(getting my portfolio at $2million),I'll keep holding to see where it goes.
My Investments with Hovik always come out profitable. It amuses me how he handles the complexity of the market and still manages to make profits on my behalf. I currently invest $10000 with Hovik in dividends and I yield ($25000-$30000) monthly..(Making money just got even Yummier😋)...Trading effectively is about assessing probabilities, not certainties.
The Stock/equity market has proven very lucrative to me..6 years ago in 2015 when I started investing in stock&bond my Financial advisor/Portfolio manager Hovik Morten suggested I bought some stocks he knows that will yield valuable profits and he also forecasted that these companies will triple their net-worth in a space of 8 years and they did because I'm a TSLA millionaire.I did not regret taking he's advice because I've made over $2 million in raw profits over the years.I started with 200k back then.
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I took a first time home buyer class in 2017. The instructor was very thorough and I am thankful. I actually have no PMI on my 30 year fixed rate plus a grant from the bank. The homeowner paid half of the closing cost because I needed to buy a new furnace. Yada Yada I only put down 2,000 for my 100k home and that was money from my 401k so I didn't suffer any penalties for taking that money out.
Started with a VA loan in 2013 Zero down (3.75%).. Refinanced in 2020 (2.75) with 40k cash for home improvements. All fees were in mortgage but paid less than 5k total all fees.
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My conworker said the internet was horrible because of the bullshit . I said it is perfect as long as you looked up the right information. This channel was on my mind the whole time
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Pnc was trying to screw me over in closing cost and switched lenders and saved 4k. Idk what the loan officer was trying to do but he was no help and a headache. He did the house appraisal without taking my payment or telling me they were doing it. Well the next day I told him I’m switching and he says now I gotta Pay for the appraisal. I talked to my new lender and they said it was his fault for not collecting the fee up front. Then he went on saying, if I didn’t pay it would affect my credit and blah blah. He just asked for card info not even a secured email.
Thank you! I've learned so much from your videos. You never try to sell anything to us or push anything. You just want to teach us! Love you. P.S. please offer your stock market course again. I missed the train last time but am ready now!
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Thank you Jaspreet for sharing this knowledge so people like me can become educated on being part of the Minority Mindset instead of the Majority Mindset.
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I'm glad you emphasize knowing what you can afford. Before this Pandemic, I had a debt to income ratio under 10 percent and I'm eligible for the VA loan. Unfortunately, my income went down and my credit card debt is too high. Hopefully, I'll bring that income back up so I can be ready to afford a mortgage.
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Great video! It came at the perfect time too. I’ve been doing research on mortgages. I’m planning on buying my first home in the summer. Keep up the good work!
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Wow dude I should start to use my CC in order to up my CS. But the problem is that the perks I'm getting kinda sucks when compared to the risk. First a 1% cash back, secondly free travel health insurance, thirdly a grocery insurance. (Which means that if my investments crash then I get all my groceries paid for in a month).
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You are the best ! Minority Mindset is my Favorite Channel. Thank you for sharing your knowledge with us. very educational i cant stop watching your videos! thanks Again and GOD bless you.
Quick fact, if you are a veteran with at least 10% disability from the VA. The VA Funding fee for the VA home loan will be waived. And I love the video.
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Recast of your mortgage is something to consider if you have been paying extra, but decide you want to lower the “required” monthly payment. I do that but also maintain the original payment to further accelerate my share of the ownership.
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I feel that a lot of first buyers don't think about property taxes and home owners insurance as part of a monthly or twice a year expense. If you have a rent payment of 1500 and the mortgage payment (principle interest) is 1500 it might cost 2000 or more a month.
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honestly man. I tell this to my friends everyday. it's good to save money but you gotta have that investing spirit if you really want financial freedom.
what if you dont know how to trade any of these? I mean, I see your point. Some people have the money and are willing to invest. But the problem is where to
if you think you're too busy to trade or learn how to trade. just know I have some friends Who dont even know a thing about trading but invest in a platform where an expert helps them trade. and they get paid profit every week
@@liluniadomoczowski5783 my annual salary is 200k, i save 100k in an year.i have 2 kids 2 paid off cars. Spend moderately. Dont buy brand new cars, go on vacation every 2 years , rest of the time take day trips to parks n beaches. And dont show off. Lastly give charity.
I hope that for you, since you have taken the Minority Mindset course by watching these vids, that your primary home is just the first of many big investments that you will make!
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You give me the motivation to keep saving for the 20% down. I just had my first daughter and my family is pressuring me to buy one now but I only have enough for 10% down + my 6 month emergency fund (Dave Ramsey)... I just need to hold out for 18 more months
Hey bro, just wanted to point out that with a VA Loan, if you have any type of disability through the VA (0% - 100%) you are automatically waved from paying that insurance fee. Just wanted to point that out, thanks for the great content! Love your videos!
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@@jamesharper8373 Hi as a loan officer, that is correct no PMI or MIP for VA Loans. What he is trying to say is the VA has a surcharge that is waived if you have a 10% disability rating.
@@jamesharper8373 Yessir - What he said. But I did hear that you don't even have to have 10%, idk @eduardo correct me if i'm wrong. Anyways, its a good deal if you got out and claimed anything that's forsure!
5:25 I am confused. I thought even in a fixed rate mortgage, the rate is only fixed for the term of loan (typically 3-5 years), not for the entire amortization period (typically 15-30 years). A typical borrower will have a term of 3-5 years, and at the end of that term they will need to renew their mortgage with their bank. The interest rate at that point can change. Fixed rate does not mean you have the same rate for 30 years.
Fixed rate from my knowledge always was for a long term 15 or 30 years terms. Jaspreet is talking about fixed term mortgage on your entire term until you pay your mortgage, but maybe a new changes were put in place to screw new owners cause new digital era is coming and new policy which are not in support of the new investors.
Thank you for the vid Jaspreet. These videos are very helpful. You explain things very well & add visuals that help too. I needed this knowledge. So many choices. Have to pick the right one. Goal is to pay less in fees & have all the money for the house... invested & saved after the purchase for that opportunity cost
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FHA loans pmi is for the life of the loan. My wife and I refied at 15 years for 2.5% through a regular bank with 20% equity because we hated wasting money on pmi.
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If you get approved for a loan then any hard inquiries ran in a 3 week window are considered one inquiry If you are not approved for any of the loans then they are each an inquiry which could murder your credit for 2 years
It's still better to shop around and take a hit on your credit report, rather than a higher interest rate for years to come. (lowering your credit score temporarily is not as big of a concern)
I was hoping to hear something related to having a home to sell and buying a house to move into, like relocating. Surprising hard to find information in this situation.
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I really like your videos. Your videos should be shown in junior high school. I think it would be helpful to explain that there are more expenses than a down payment when buying property.
25% of your *take-home* for a monthly mortgage? A 100k a year salary = ~75K take home. (75k / 12) *.25 = ~$1400 a month for a mortgage. In NJ good luck finding a home for under 400k that isn't a shit box. Which already puts you in a shit box, if at $100k per year you can only afford a $1,500 per month mortgage payment. And to add to that, a $100k per year job is by no means unattainable, but far from the average. Now with COVID forcing all the people out of New York City houses are selling for 15-20k above asking, and there's limited supply in the housing market. What we're seeing right now is the biggest transfer of wealth in over a century. I might as well move to Italy and buy a cottage in the mountains and wait for Amazon drone deliveries.
Investing question for you, Jaspreet, if I may. Do you have an article/video on what kind of legal/CPA help I should get for protecting my assets as I get started with investing? You've helped inspire me to get started, but I want to be sure to have things set up in the best way. I know you're not MY attorney (as you so often say), but how to find the right one for that is something I am struggling with. Thanks.
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the only part I'm not familiar, and you kind pointed out here is debt to income. I did list all my properties and they're making money, so the debts on these properties are no longer debts, thus decreasing my ratio?
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Just yolo in meme stonk and no mortgage thank for the hedge funds. 4 of my friends did that on gme stock and mortgage free plus extra cash. Diamond hands
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🤔 So stack the gold. Buy a manufactured home out right for a lot cheaper once I sell the gold. And since I don’t care about the value going up on my mobile home cause I just want to die with a roof over my head, all I have to worry about is a 509 a month lot fee. And if I make 4K a month and don’t have a car payment I should be all good. Then I can stack the gold all over again 😃. I totally get it now !
So if we can get a VA loan and can also put down 20% should we side with conventional for lower fees or VA for lower interest. Is there a rule of thumb for how much lower the interest rates on VA loans are?
Several advantages of a VA loan: No money down No mortgage insurance required If you deal with a major realtor, there will be a mortgage broker in-house. The broker will shop for you, and give you several choices. Pick the one with the lowest interest rate of course.
I’m going to be spending 50% of my net pay on my mortgage after a 5% down payment. I feel like I’m okay with this because I live very frugally and I’ll have savings left over after the down payment - 3 months of pay. I’m certain my job is very secure. I would love to be able to put down more and downsize, but it’s just so expensive in my area. $150,000 for a 980 sq ft condo... it doesn’t get lower than that. I want a mortgage because I want to build equity with monthly payments instead of building my landlord’s equity, but it puts me in a tough spot. What do you think Jaspreet?
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Is the debt to income ratio based on the total debt I owe, or the amount Im required to pay in a year? Because I have student loans but no other debt and the total debt is close to the amount I make in a year. So my total would be around 63%..... but if it's (what I owe in a year/what I make in a year) then my ratio is 8% ..... Which is a massive difference
