13:32 One of the best pieces of advice I never considered! 👏 “So don’t ever think for a moment “I can afford the house payment, I’m good, everything is going to be fine.” No! Every homeowner can tell you you’re going to have to do some repair that was unexpected. You’re going to have some unanticipated costs, whether it’s plumbing that needs to be done, electrical work, a leaky roof, or something else. Which is why it’s a smart idea, if you can swing it, to have a cash reserve where you have 1-2% or so of the value of your home put aside to deal with emergencies, repairs, upgrades, renovations, other things that you might want to or need to do to maintain and to keep your home.”
I was initially thinking this would cover things that I've heard repeated time and again. But was surprised to find some useful advice. Adding rent history and Bill payment to boost fico score as well as being added to a credit card as an authorized user. Huge hacks.
Many of the things you mentioned that banks don’t know or ask is because it’s against the law to ask (marital status, family status, disabilities, etc.). So this is good advice. Also don’t forget utilities, gardening, property taxes, insurance, and maintenance. I definitely didn’t remember (or budget) for many of these costs on my first house.
Trash, sewage, water, Are you going to have a lawn = $. Roof, plumbing, paint, insurance, do you want a pool = $. Carpet maintenance or tile, do you want new cabinets or a new bathroom. Are you handy with tools or will you hire people = $. Are there trees in your yard they will need to be trimmed. Bottom line maintenance is not free even if you DO IT YOURSELF materials cost money. Also do you want to travel. Are you making just enough to cover your mortgage or are you able to save money in the bank for a possible rainy day. There are alot of factors to consider beside the basic loan and qualifying credit and money to consider.
I'm just a broke ghetto boy but I enjoy learning the truth about what is going on in this clown world and smart ways of handling finances. I hope to find a way to get my family into a house someday. Thank you for your great insight. Stay up and God bless.
Really interesting, thank you for sharing, we appreciate the effort you put on this videos, keep going. The hardest part is to have a good credit, that’s why most people can’t afford to even try to buy something in current economy and inflation.
Nah, the hardest part by far is affordability. There's no starter homes so first time buyers have to come up with $90k+ cash for closing/moving/etc. + not getting grifted for PMI, assuming the seller would even hear your bid against some empty nester downsizing or investment bank with 100% cash offer. My credit score is 840ish and it's completely meaningless--folks in my position will never own a home after 15 years of drastic underbuilding leading to an unprecedented shortage.
I have a good credit score but no credit history as I never had debt and paid all my cards off on time. How important is credit history vs credit score?
I heard that there are houses for sale at only 1 Euro initial reaction was wow wonderful but after digging into the process thanks eventual reaction was not so wow painful😂😜 moral of the story is nothing comes free there always a cost attach to it .✌️
No theory is applied perfectly to everyone.. It will apply to where and who it fit That's just how life works - that's why I don't force anyone to do what I do to succeed. Follow the theory and apply accordingly to your situation
Can you blame them! The reign of the bully is finally coming to an end.. America shot itself in its foot the day they removed the dollar to be backed by gold under president Nixon.. It's a fiat currency now - a promissory note Once respect is lost, your promise means NOTHING And that's in any relationship
STEP BY STEP 01.04.2023. The Russian fighter aircraft shot down a Ukrainian MiG-29 near the village of Koptevo in the Donetsk People's Republic. The pilot is dead. Also, a Ukrainian Mi-8 helicopter was shot down near the Novovasilevka settlement in the Donetsk People's Republic. The pilots also died in the crash.
13:32 One of the best pieces of advice I never considered! 👏
“So don’t ever think for a moment “I can afford the house payment, I’m good, everything is going to be fine.” No! Every homeowner can tell you you’re going to have to do some repair that was unexpected. You’re going to have some unanticipated costs, whether it’s plumbing that needs to be done, electrical work, a leaky roof, or something else. Which is why it’s a smart idea, if you can swing it, to have a cash reserve where you have 1-2% or so of the value of your home put aside to deal with emergencies, repairs, upgrades, renovations, other things that you might want to or need to do to maintain and to keep your home.”
I was initially thinking this would cover things that I've heard repeated time and again. But was surprised to find some useful advice. Adding rent history and Bill payment to boost fico score as well as being added to a credit card as an authorized user. Huge hacks.
Many of the things you mentioned that banks don’t know or ask is because it’s against the law to ask (marital status, family status, disabilities, etc.). So this is good advice. Also don’t forget utilities, gardening, property taxes, insurance, and maintenance. I definitely didn’t remember (or budget) for many of these costs on my first house.
The extra costs can be shocking when going from renting in an apartment to owning something.
And that is why most banks put that debt to income ratio in the low 30s % for their requirements..(wiggle room)
Trash, sewage, water, Are you going to have a lawn = $. Roof, plumbing, paint, insurance, do you want a pool = $. Carpet maintenance or tile, do you want new cabinets or a new bathroom. Are you handy with tools or will you hire people = $. Are there trees in your yard they will need to be trimmed. Bottom line maintenance is not free even if you DO IT YOURSELF materials cost money. Also do you want to travel. Are you making just enough to cover your mortgage or are you able to save money in the bank for a possible rainy day. There are alot of factors to consider beside the basic loan and qualifying credit and money to consider.
I'm just a broke ghetto boy but I enjoy learning the truth about what is going on in this clown world and smart ways of handling finances. I hope to find a way to get my family into a house someday. Thank you for your great insight. Stay up and God bless.
Don't discount yourself with those words. Keep your head up king, you'll make it.
I wish this information is taught in schools.
Really interesting, thank you for sharing, we appreciate the effort you put on this videos, keep going. The hardest part is to have a good credit, that’s why most people can’t afford to even try to buy something in current economy and inflation.
Nah, the hardest part by far is affordability. There's no starter homes so first time buyers have to come up with $90k+ cash for closing/moving/etc. + not getting grifted for PMI, assuming the seller would even hear your bid against some empty nester downsizing or investment bank with 100% cash offer. My credit score is 840ish and it's completely meaningless--folks in my position will never own a home after 15 years of drastic underbuilding leading to an unprecedented shortage.
why buy when you can break in a house that has been locked for years and live in it for free?
The first white sand you come to traveling east from Texas is Mississippi 's beautiful Gulf Coast... and it's actually still affordable.
Good advice
I have a good credit score but no credit history as I never had debt and paid all my cards off on time. How important is credit history vs credit score?
I heard that there are houses for sale at only 1 Euro initial reaction was wow wonderful but after digging into the process thanks eventual reaction was not so wow painful😂😜 moral of the story is nothing comes free there always a cost attach to it .✌️
Hahahaha, worst time to get a mortgage in the US under current market conditions
Timing, timing ,timing
Is as important as location? Location, location😊
Buying a home possible still?
Theory is always contradiction with practice. Practice is real facts so sometime the theory can't be applied just studied
No theory is applied perfectly to everyone..
It will apply to where and who it fit
That's just how life works - that's why I don't force anyone to do what I do to succeed.
Follow the theory and apply accordingly to your situation
Countries around the globe are dropping the USD like a BAD HABIT
Can you blame them!
The reign of the bully is finally coming to an end..
America shot itself in its foot the day they removed the dollar to be backed by gold under president Nixon..
It's a fiat currency now - a promissory note
Once respect is lost, your promise means NOTHING
And that's in any relationship
Yeah, heard that since 1980 😂😂😂😂, what a clown
11:47 wow, that's a hack!!
"Just make more money." Haha. American dream is dead for all but the wealthy.
Mortgage insurance :(
Always try to buy a home with 20% down payment. Leave some extra cash for repairs, don’t be a house broke 👍
Was this video made by AI?
The flag of PMC "Wagner" was hoisted over the building of the City Council of Artyomovsk/Bakhmut. A good purchase, isn't it?
STEP BY STEP
01.04.2023. The Russian fighter aircraft shot down a Ukrainian MiG-29 near the village of Koptevo in the Donetsk People's Republic. The pilot is dead. Also, a Ukrainian Mi-8 helicopter was shot down near the Novovasilevka settlement in the Donetsk People's Republic. The pilots also died in the crash.
Hugely.important