I Can't Afford The Mortgage

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  • เผยแพร่เมื่อ 15 ธ.ค. 2024

ความคิดเห็น • 34

  • @VeronicaEdwards50
    @VeronicaEdwards50  5 หลายเดือนก่อน

    Looking for an experienced agent in your area? Please fill out the form or contact me directly - forms.gle/gkTmCQeTRWtu6Gzs9

  • @yellowbird5411
    @yellowbird5411 5 หลายเดือนก่อน +2

    Many were caught off guard with insurance increases and tax jumps. When the house is valued at a lot more than a few years ago, taxes and insurance are killers. Unless you are selling your house, you get little to no value from learning that your house has jumped in value, because all you're doing is living in it. The jump in taxes and insurance can force you out as you can no longer afford what you could easily afford just a scant few years ago. Even if your house is paid off, taxes and insurance can mean it's no longer affordable. Many houses are for sale just for that reason. I dropped my homeowners insurance and reduced the insurance on my rental house to liability only, because between the two of them, it became ridiculous. I cannot imagine how some are paying insurance when they also have to have flood insurance for their home.

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      Thank you for sharing your experience. It's a tough reality that many homeowners face with rising insurance and tax costs. The increased value of a home doesn't translate to cash flow benefits unless you sell, but it can lead to unaffordable living expenses. Your decision to adjust your insurance coverage reflects the difficult choices many have to make. It's important for potential buyers to understand these risks and plan accordingly. Your story underscores the need for comprehensive financial planning when it comes to homeownership. Thank you for highlighting these critical issues!

  • @maybenot1234
    @maybenot1234 5 หลายเดือนก่อน +5

    Purchased a house in 2022. We carefully considered the home price, our down payment amount, the interest rate, and the reported taxes and insurance. Yes, we could afford the house (total payment was less than 30% of our take home pay). In 2023 we were reassessed for country and local taxes and our taxes increased 23% (yes we appealed but you still have to pay until it plays out which takes at least 6-12 months we're told). On top of that our home owners insurance increased by 35%. So now our once affordable mortgage payment has increased significantly and we've only owned the home for 2 years. Note we are a dual income family with excellent credit and no insurance claims.

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน +4

      Thank you for sharing your story. It sounds like you did everything right by carefully considering all aspects of your home purchase. It's incredibly frustrating and disheartening to experience such significant increases in taxes and insurance, especially when you’ve made a sound financial decision. Your experience highlights the challenges many homeowners face with unexpected costs. By sharing your story, you’re helping others be more aware of these potential issues. Stay strong, and I hope your appeal process moves quickly and successfully!

    • @eliot5220
      @eliot5220 5 หลายเดือนก่อน +1

      I wonder if it’s over $400,000?

    • @glebb215
      @glebb215 5 หลายเดือนก่อน

      WOW..

    • @zanderstone2898
      @zanderstone2898 5 หลายเดือนก่อน +3

      I feel like this is pretty standard, especially if the prior owner bought the house many many years ago on the cheap (relative to today's prices).
      Example: original owner bought for $200k, taxes came out to around $6k annual, bought it for $650k. Started making my mortgage payments for almost a year, and when the new annual escrow taxes came out, it jumped up to $14-15k annually.
      I believe most people aren't aware of this about to happen and at such strange times as county taxes come in at weird months as it is. But what made it more obvious was that prices of the homes themselves jumped up so drastically that when the county re-assesses, it is a drastic price increase!

    • @PianoMatronNeeNee
      @PianoMatronNeeNee 5 หลายเดือนก่อน +2

      So sorry. Seems like so many are in the same boat. Sometimes the stress of keeping up with the payments and expenses isn’t worth keeping it.

  • @ec4221
    @ec4221 5 หลายเดือนก่อน +1

    In order to buy a home one has to realize there will be an escrow analysis done annually and to determine if the county and school taxes will increase. In order to pay the similar mortgage payment, one has to pay the shortage to prevent the mortgage payment to adjust

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      Thank you for your insight. It’s true that an annual escrow analysis is crucial in anticipating changes in county and school taxes. Being prepared to cover any shortage can help maintain a stable mortgage payment. Understanding and planning for these potential adjustments is key to managing homeownership costs effectively. Thanks for highlighting this important aspect!

  • @luisa_4120
    @luisa_4120 5 หลายเดือนก่อน +4

    Its the hard truth, and yet, most people buying their first homes are not looking into these videos. 😅 i sure wish i had seen something remotely similar when i bought my house years ago, my rate is below 3%, but my insurance has more than doubled, taxes? Oh man, i dont even wanna talk about it.

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน +1

      Thank you for sharing your experience! It's definitely a tough reality that many first-time homebuyers overlook. I'm glad you're here now, and I hope this video and others like it can help more people be better prepared for the full scope of homeownership costs. Your story serves as a valuable reminder for others to do thorough research beyond just the mortgage rate. Thanks again for your comment!

  • @MarkieGee2024
    @MarkieGee2024 5 หลายเดือนก่อน +2

    Very informational video, especially when checking the desired areas on the cost of taxes, great job 👏

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน +1

      Thank you so much for your kind words! I'm glad you found the video informative. It's definitely important to consider all the factors, including taxes, when evaluating home affordability. Thanks for watching 🤗

    • @MarkieGee2024
      @MarkieGee2024 5 หลายเดือนก่อน

      @@VeronicaEdwards50 you bet, and yes very good vid! 😀

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      @@MarkieGee2024 Thank you 🤗

  • @paullaak6685
    @paullaak6685 5 หลายเดือนก่อน +2

    Taxes on homesteads are capped at 3 % per year assessed value increase

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      Thank you for your comment. You’re right that homestead exemptions can provide some protection by capping the assessed value increase at 3% per year in many areas. Thanks for adding this important point to the discussion!

  • @alyross2850
    @alyross2850 5 หลายเดือนก่อน +3

    I think it’s fundamentally dishonest of Zillow to estimate property taxes on the basis of what the current owner pays.
    Zillow knows perfectly well that the new owners will certainly pay (usually a whole lot) more. Enough to change their minds about purchasing.
    Why would they not estimate the taxes on the asking price? 😮

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน +1

      Thank you for your comment. You bring up a very important point about property tax estimates. It can indeed be misleading for potential buyers when the estimated taxes are based on what the current owner pays, especially since new assessments can significantly increase the tax amount. Estimating taxes based on the asking price would provide a more accurate picture for buyers. I appreciate you highlighting this issue!...you don't want to know my thoughts about Zillow 😆

    • @sandtoy11510
      @sandtoy11510 5 หลายเดือนก่อน +1

      Go to the county assessor and look up the previous years tax for the home you're looking to buy, as well as the homes on the same block and neighborhood. It will give you a pretty go idea of what you're going to be paying..

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      @@sandtoy11510 Great advice! Checking the county assessor’s records for previous years’ taxes on the home and surrounding properties is a smart move. It can give you a more realistic idea of what to expect and help avoid any surprises. Thanks for sharing this helpful tip!

  • @kagnewcobra5228
    @kagnewcobra5228 5 หลายเดือนก่อน +3

    It's always someone else's fault.

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน

      I hear it all the time 🤦‍♀

  • @fiksman911
    @fiksman911 5 หลายเดือนก่อน +2

    Awesome video. Thruth bombs 😎

    • @VeronicaEdwards50
      @VeronicaEdwards50  5 หลายเดือนก่อน +1

      Thank you so much! I'm glad you found the video helpful. It's important to share these real-life experiences. Your support means a lot!

  • @stephenj5980
    @stephenj5980 5 หลายเดือนก่อน

    Sounds like she couldn’t afford it from the beginning. The insurance increase of unacceptable, but it’s her fault she can’t afford it anymore.

    • @eliot5220
      @eliot5220 5 หลายเดือนก่อน

      @@stephenj5980 A lot of people are trying to look like ballers. So they buy expensive things with payments. If something increases to the point where it’s no longer affordable it probably was a stretch to begin with.

  • @rogersw9
    @rogersw9 5 หลายเดือนก่อน

    car salesman, real estate salesmen, all go to the same school. Untrustworthy University

  • @MarkieGee2024
    @MarkieGee2024 5 หลายเดือนก่อน +1

    The ole bait and switch! 😳