Do You Make $50k/yr? Here's How Much House You Can Buy

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  • เผยแพร่เมื่อ 22 ธ.ค. 2024

ความคิดเห็น • 737

  • @mine1685
    @mine1685 3 ปีที่แล้ว +228

    Finally a person who is aware that some people make 50K a year. I am sick and tired of other youtubers assuming that we all are making 100K and they make all of their videos around this assumption. Thank you for seeing the reality!

    • @Doors067
      @Doors067 3 ปีที่แล้ว +37

      most people are lucky to even be making 50k

    • @mine1685
      @mine1685 3 ปีที่แล้ว +23

      @@Doors067 I agree, not many people can make 50K nowadays. People are lucky to have food in their stomach and a roof over their head nowadays.

    • @chrisfamos
      @chrisfamos 3 ปีที่แล้ว +4

      All depends where you live. It’s relative.

    • @bluesky5384
      @bluesky5384 2 ปีที่แล้ว +11

      Honestly creators should be assuming most people make around $50k. That’s what I make as a teacher .

    • @mine1685
      @mine1685 2 ปีที่แล้ว

      @@Doors067 Exactly!!

  • @shola7987
    @shola7987 4 ปีที่แล้ว +517

    If all math teachers were this calm and clear the world would be a better place.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +17

      Haha! Thankfully I had a very calm math teacher

    • @teesthoughts6717
      @teesthoughts6717 4 ปีที่แล้ว +2

      I agree!!!

    • @shawnhumphreys3504
      @shawnhumphreys3504 4 ปีที่แล้ว +1

      Except most of us that stay up at night would fall asleep😂 but still love it!

    • @whatoyou
      @whatoyou 4 ปีที่แล้ว

      ahhhhhhh

    • @jaysee8810
      @jaysee8810 4 ปีที่แล้ว

      Emphasis on clear. Agreed

  • @financecoffee8797
    @financecoffee8797 4 ปีที่แล้ว +158

    I've worked in the mortgage business for over 3 years and this has to be the best explanation on how to afford a property! Great Video!!!

  • @Trixims
    @Trixims 3 ปีที่แล้ว +45

    This channel is the Bob Ross of real estate investment channels. So soothing and educational.

  • @mskrazie
    @mskrazie ปีที่แล้ว +3

    damn this is beyond sad. knowing damn well that with 50k (now a days) you pretty much DONT qualify for almost anything. it's heartbreaking :( its like now a days EVERYTHING is pushing people to just HAVE to rent for the rest of their lives. it angers me.

  • @tb718w
    @tb718w 4 ปีที่แล้ว +133

    Man, is anyone else falling asleep listening to this guy?? This should be called “the soothing sounds of house buying”

    • @brianakins83
      @brianakins83 4 ปีที่แล้ว +6

      Same. And I mean no disrespect... it's just a fact, lol.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +12

      Hahahah hey as long as it's helpful in some capacity, it doesn't both me

    • @meganwatson5540
      @meganwatson5540 4 ปีที่แล้ว +1

      @@WinTheHouseYouLove you could do meditation videos.

    • @B1GJOHNSTUD
      @B1GJOHNSTUD 4 ปีที่แล้ว

      facts!!

    • @Shawna_Show
      @Shawna_Show 3 ปีที่แล้ว +7

      I kind of like the calmness. It makes me feel like everything is gonna be alright lol

  • @johnnyboy13642
    @johnnyboy13642 4 ปีที่แล้ว +40

    Kyle, I just wanted to say a big thank you. We are first time home buyers and knew absolutely nothing of the process, and we started watching all your videos over weeks. We must have watched 95% of every video you uploaded. Because of your help, we were able to find a lender and actually work with the lender with some of the advice you have given, as well as the realtor. We found a house and made an offer above the asking price, then asked for the difference in closing costs from the seller, which gave them the exact asking price they wanted. They accepted on the 2nd. This is an FHA deal, and we got 2.875% rate and are closing on Thursday. We submitted EVERY single document we had in our possession, bank statements, to date statements, pretty much everything before the lender even asked for it and it actually went into underwriting first of all without the underwriter even needing any more documentation other than what we submitted within days of being in contract to our lender. We received our Clear to close today and Thursday is our closing day. I know things can still go wrong, but I am very impressed with the timely turnaround. It took under 30 days from offer acceptance to closing on FHA, and the good news is the house appraised for 5k higher than the purchase price! We are days away from this being our time. Without your videos, we would have taken our time and not realized the importance of everything involved. I got my partners credit up from 580 to 669 (Fico 2) in a week and then our lender could lock us in at a lower rate. It has been awesome thus far! Anxiety high, but awesome.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +4

      Ah, this is such an incredible comment!! I'm so glad the videos were helpful for you in the buying process!

    • @johnnyboy13642
      @johnnyboy13642 4 ปีที่แล้ว +5

      ​@@WinTheHouseYouLove Thanks again, Kyle. 10am tomorrow (fingers crossed) the house will be ours!

  • @HawkinsZhu
    @HawkinsZhu 4 ปีที่แล้ว +24

    Love that you spent time on some calm moments! Makes the whole subject of real estate more personal and humane.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +2

      I'm so glad you like them!! Thanks for watching, I'm glad you're here :)

  • @WinTheHouseYouLove
    @WinTheHouseYouLove  4 ปีที่แล้ว +106

    SURPRISE: I turned this into an auto-calculating Google Sheet for you → www.winthehouseyoulove.com/max-mortgage-payment-download
    Don't forget, this is about how much you COULD buy, not SHOULD buy. Just because a lender will give you money doesn't mean you should take it.
    Make sure you budget, budget, budget, and only buy a home you can comfortably make a payment on :)

    • @therealtombrokaw
      @therealtombrokaw 4 ปีที่แล้ว

      sounds exactly like my friend's situation. Except he did spend this and he did stretch himself thin. Dumb.

  • @donluz1522
    @donluz1522 4 ปีที่แล้ว +317

    Does no one else see a problem with an average middle class American ($50,000/yr) barely being able to afford a house.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +122

      Definitely a growing issue. Home values are rapidly increasing while average wages have remained static.

    • @tigerrx7
      @tigerrx7 4 ปีที่แล้ว +47

      50k/yr is not middle class anymore buddy.

    • @donluz1522
      @donluz1522 4 ปีที่แล้ว +83

      50k a year is $24.04/Hr. Federal minimum is $7.25. How is 50k not middle class?

    • @mr.clapyourcheeks8496
      @mr.clapyourcheeks8496 4 ปีที่แล้ว +23

      Koda Vision depends on where you live that 50k a year is middle class.

    • @ordinaryhuman5645
      @ordinaryhuman5645 4 ปีที่แล้ว +9

      There's not really a problem. The median US household income was like $63,000 back in 2018, and a median US house is like $250,000. Since home ownership is generally not for everyone, you'd expect median or costlier houses being owned by above-median earners only (since the lowest earners are going to be renting instead of buying, or living with Mom and Dad).
      But in this example, we see a 80%-of-median earner is able to afford 92% of median priced house with 5% down ($230,000 @ 10:00). It seems like housing is more affordable than it needs to be, particularly considering that the lowest earners are firmly in the rental market instead of the buying market.
      It's also worth considering is that there are plenty of below median-priced houses out there for below median earners. My house cost ~$100,000 back in 2018, less than half of the median price.
      It's also worth considering that house prices have gone up as interest rates have gone down (i.e. prices are going up to balance out how *easy* it is to buy a house, as a natural way to keep demand in check for the given supply of houses we have). And in places with plenty of supply to meet demand, e.g. outside of areas that constrict the supply of housing like SF/NYC, prices tend to be more on the median-or-lower side.

  • @Marchymarchmarchypan
    @Marchymarchmarchypan 4 ปีที่แล้ว +7

    My husband and I are looking to buy a house within the next 2 years and I’ve been binging your videos! Such amazing info, the process is so confusing and you’ve been such a help

  • @cancel.lgbtq.6892
    @cancel.lgbtq.6892 4 ปีที่แล้ว +38

    Your voice is so soothing. You could read people names from phone book and I would still listen to.

  • @victerrios6509
    @victerrios6509 4 ปีที่แล้ว +38

    How are u blessed with a voice like this....

  • @YoungGrizzly
    @YoungGrizzly 4 ปีที่แล้ว +58

    11 seconds in I feel at ease and ready to learn. I already like this guy.

  • @bettyc931
    @bettyc931 2 ปีที่แล้ว +2

    Wow! you are calm and collective. This is my 3rd video (binge-watching). You gave an actual number that the most make. Thank you for this informative and useful information. Gained a follower indeed!

  • @madamsecretary123
    @madamsecretary123 4 ปีที่แล้ว +8

    Your calm voice kept me engaged through the entire video 😁🙌🏾. Thank you for sharing your knowledge with us.

  • @Cir_Supreme
    @Cir_Supreme 4 ปีที่แล้ว +13

    Easiest and simplest explanation I’ve seen so far great job!

  • @rtldulin
    @rtldulin 3 ปีที่แล้ว +4

    Love your voice and calmness because finances can be very stressful. By the way, you just described my scenario. You were sent from heaven.

  • @RosieGirlRose101
    @RosieGirlRose101 4 ปีที่แล้ว +24

    Not really in a place to buy a house but his voice is sooooo soothing. :)

  • @khristyle24
    @khristyle24 4 ปีที่แล้ว +15

    It's like every time I have a question about something, you make a video before I reach out to my potential lender. This helps me to understand the different pre-approval worksheets I received because my "max" was different with each lender.

    • @RaineyLomo
      @RaineyLomo 4 ปีที่แล้ว +2

      Haha same! It's pretty eerie 😅

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +4

      Hahah! I'm so glad to help! I answer every comment, so it makes it easy to see what videos everyone wants to see next :)

  • @malikadavis6791
    @malikadavis6791 4 ปีที่แล้ว +10

    Just want to let you know that these calm moments are the best!

  • @truevizard
    @truevizard 4 ปีที่แล้ว +9

    Just when I’m starting to look at property, and it’s definitely within my annual income range. Thank you and bless you! (New Subscriber)

  • @deem6930
    @deem6930 2 ปีที่แล้ว +4

    I know there has to be a logic explanation as to why some people can pay a higher rent but cant buy a house. That's me. Im crazy to buy a house but I cant afford it. Meanwhile I educate my self on this process and keep working hard. Fingers crossed, maybe soon.

  • @mmmmmMuffinz
    @mmmmmMuffinz 4 ปีที่แล้ว +35

    this guy is highly underrated! wow

  • @callmeroyaltytiara451
    @callmeroyaltytiara451 4 ปีที่แล้ว +25

    Can you do a video on buying a multifamily unit with an FHA or down payment assistance?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +11

      I have this video on FHA multi families: th-cam.com/video/sSIVP-SLVQM/w-d-xo.html
      And planning on a DPA video too :)

    • @Andy1595100
      @Andy1595100 4 ปีที่แล้ว

      @@WinTheHouseYouLove Love this guy, literally going to the same process right now. Thank you!!

  • @AahilMakhani
    @AahilMakhani 4 ปีที่แล้ว +2

    you have the calmest, most soothing voice i have ever heard

  • @roybrown9507
    @roybrown9507 4 ปีที่แล้ว +2

    your channel is going to be huge man. You were to the point and very calm and collected and come off as if you are a good friend giving advise to a friend going through the process for the first time

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      Thanks so much!! I'm glad to hear it's helping and being received well :)

  • @Bison162
    @Bison162 4 ปีที่แล้ว +1

    I really like the calm, quiet, soothing aesthetic. We need more of this in the world.

  • @runningrabbit04
    @runningrabbit04 4 ปีที่แล้ว +3

    Love the Calm Moments! Very smart to explain the next couple steps and lessons learned.

  • @firewolf171
    @firewolf171 3 ปีที่แล้ว +4

    I had to subscribe to your channel! You make everything seem more calming when it comes to wanting to learn to buy a house. I just started a teaching job and am looking to buy a house (hopefully within a year) and your videos have helped me learn more about the entire process. I want to say thank you for help everyone in these types of situations! Thank you sir!

  • @TheVp1894
    @TheVp1894 4 ปีที่แล้ว +19

    Wow, I can't believe how I just came across your channel. You're great man! I said the same thing to Graham when he had 40k subscriber and I am saying the same for you, I can actually see how good you are at this youtube finance thing. Good luck brother I want you to be succesfull!
    +1 Subscriber

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Thank you so so much!! Haha I doubt I will get to Graham's insane level!

  • @tinajoyner8147
    @tinajoyner8147 ปีที่แล้ว +2

    This was a excellent video and made it very clear to understand the process ❤

  • @jcashtr02
    @jcashtr02 ปีที่แล้ว

    New to your channel but this was very helpful. I have a million questions and this is a really helpful starting point

  • @piplup10203854
    @piplup10203854 4 ปีที่แล้ว +3

    This gave me a good sense of what I was looking at, I don't make that much a month but close to it and my expenses are a lot cheaper than the example. I am in process to build a home next year and I am pretty happy that the morgage payment looks well within the limit so I hope that will mean I won't have too many issues lol

  • @robthomas5827
    @robthomas5827 4 ปีที่แล้ว +3

    Bought a house 20 miles away from my office for $400,000 (pre-COVID commute was 3 hours roundtrip per day).
    1,000 square foot house has 1 bathroom, an unfinished garage, a small yard, no vapor barrier or insulation in the crawl space, moldy aluminum windows, and a leaking roof. Gonna cost close to $30k to fix all of that, and make the house livable.
    I guess if I move to Nebraska or Arkansas I could find something close to the numbers you presented here.

  • @finlaysutherland9683
    @finlaysutherland9683 4 ปีที่แล้ว +1

    Good video!
    Would like to see a bit of content on how to prepare if you had a variable mortgage rate? In the U.K. the usual rule of thumb when buying a rental property at least is to see if you would make a profit with a 4% mortgage rate, so a loss is less likely in an economic downturn

  • @MsJasmineMartin
    @MsJasmineMartin 3 ปีที่แล้ว

    I LOVE your videos. The visuals are aesthetically pleasing. The camera quality, modern background, displays for examples. Not to mention the way you explain the information so simple. I appreciate your videos.

  • @ruddyflores8871
    @ruddyflores8871 4 ปีที่แล้ว +2

    God bless you for sharing all this knowledge with us, I new to your TH-cam channel and after 2 video I already knew you was the person I was looking for to educate my self about this topic

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      Thanks so much!! I'm glad you're here :)

    • @ruddyflores8871
      @ruddyflores8871 4 ปีที่แล้ว

      @@WinTheHouseYouLove which one its better for 1st time buyers like me Trulia or Zillow ? & thanks for your time and knowledge

  • @RaineyLomo
    @RaineyLomo 4 ปีที่แล้ว +3

    Very helpful video, that Trulia calculator is great.

  • @premendersingh2499
    @premendersingh2499 3 ปีที่แล้ว

    Hi, I just accidentally discovered your channel and will admit that I am learning a lot, sometime back I had done a few years as realtor, am going to buy a house soon and this helps a lot thank you Kyle.

  • @whoabrian
    @whoabrian 3 ปีที่แล้ว

    Love the calm explanations! It makes all the difference. Thank you!!!

  • @Aliusmi
    @Aliusmi 3 ปีที่แล้ว +1

    Omg, you are so calm and great speaker. Wow I am impressed 👍

  • @crosby10able
    @crosby10able 4 ปีที่แล้ว +3

    Kyle, this was really helpful and easy to follow. Thank you!

  • @jellyrcw12
    @jellyrcw12 4 ปีที่แล้ว

    LOVE your channel. Honestly your 10 min videos give more information than most books.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      Thank you so much!! I'm glad the videos are helpful :)

  • @RomaKTLlll
    @RomaKTLlll 4 ปีที่แล้ว

    Thank you for all ur videos. I m new in this country, came less than 2 years ago and you helping people like me.

  • @fayeinwonderland
    @fayeinwonderland 3 ปีที่แล้ว +1

    Thank you for this excellent video. Based on these calculations, I know I can afford a house in Florida in the area I'm looking to move in the near future. Currently I'm in LA and can't even afford a garage. Anyways, subscribed!

  • @mckensiemagee900
    @mckensiemagee900 4 ปีที่แล้ว +1

    I'm so glad TH-cam recommended me your channel!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      Me too!! I’m glad you’re here, thanks for watching!

    • @mckensiemagee900
      @mckensiemagee900 4 ปีที่แล้ว

      @@WinTheHouseYouLove also are you hiring 🙂

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      @@mckensiemagee900 personally, not right now, but our office might be open to it! Feel free to shoot me an email at kyleseagraves@hey.com

  • @sara1841
    @sara1841 4 ปีที่แล้ว +1

    Your video actually proves a major problem in society. I currently rent paying $1380 a month with a Gross income of 36,000 a year. Banks tell me I can't buy a house for more than 389,000 to put me at about 1,275/month. I would have to move hours away to buy a house and already pay 105 more than this in rent. So many people would love to own there own house but pricing market makes it next to impossible even in small cities in Ontario with 80,000 population you pay 600,000 and up for almost anything and prices are only going up with more and more people moving north. Great video!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Absolutely, housing cost is becoming insane. I'm working on a video talking about the affordability issue soon.

  • @flpnblk
    @flpnblk 3 ปีที่แล้ว

    Kyle you are the best! I was able to calculate with ease and could actually help another with there numbers Thankyou!

  • @drearocks1021
    @drearocks1021 3 ปีที่แล้ว +1

    Hi, i have a question. Not sure if you have done this yet or not but i was wondering if you could make a video about online mortgage lenders vs, in person mortgage lenders.

  • @d1andonlyed
    @d1andonlyed 4 ปีที่แล้ว

    Man, I wish you practiced in NY (NYC specifically). Your calmness and expertise puts me at ease. The pressure and anxiety of purchasing a home is so stressful.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Me too! I'm glad to at least help in a small way through these videos :)

    • @soulo263
      @soulo263 4 ปีที่แล้ว

      I was just thinking the same thing, I’m also in NYC!

  • @ndayembidi6781
    @ndayembidi6781 2 ปีที่แล้ว +1

    250K for houses. How much for closing costs gonna be? Please reply

  • @PrimitiveAK
    @PrimitiveAK ปีที่แล้ว

    just out of curiosity...why use Gross to calculate affordability...wouldnt it make more sense to calculate based off of what is actually hitting your bank?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  ปีที่แล้ว

      That is just what lenders use

    • @PrimitiveAK
      @PrimitiveAK ปีที่แล้ว

      @@WinTheHouseYouLove no I totally get that, I mean for personal budgeting trying to figure out affordability

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  ปีที่แล้ว

      Yes for your own budgeting net is better

    • @PrimitiveAK
      @PrimitiveAK ปีที่แล้ว

      @@WinTheHouseYouLove gotcha. Ty

  • @DoctorFashion
    @DoctorFashion 11 หลายเดือนก่อน

    I thought someone was in my house 😂 but then I realized it was voices in the background of your audio ,. I thought I was TRIPPING! 💀💀 Overall, great video! I will be sure to share this out

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  11 หลายเดือนก่อน

      Hahah I used to record in a fairly busy office!

  • @UnwanaUdoh
    @UnwanaUdoh 4 ปีที่แล้ว

    You make it look so easy, this is one of the best illustrations I have seen. Thank you 😊

  • @cowgirltapatilla
    @cowgirltapatilla 4 ปีที่แล้ว +7

    I make 40k and car payment of $230 no other debt, good credit, was PRE approved for $230k in California 🙄

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Just make sure the payment fits in your budget comfortably :)

    • @chevys26s12
      @chevys26s12 4 ปีที่แล้ว

      Which was ur credit score?if u dont mine im in process to get pre-approval ill know the answer till tuesday

    • @cowgirltapatilla
      @cowgirltapatilla 4 ปีที่แล้ว

      chevys26s I believe it was 736 at time they checked

    • @cowgirltapatilla
      @cowgirltapatilla 4 ปีที่แล้ว +1

      Win The House You Love I wish homes were cheaper here, thank you!

    • @chevys26s12
      @chevys26s12 4 ปีที่แล้ว

      @@cowgirltapatilla u have a good credit did u already buy a house

  • @Anxiety_AF
    @Anxiety_AF 4 ปีที่แล้ว +36

    ---DAVE RAMSEY LEFT THE CHAT---

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +7

      Hahah! Dave Ramsey definitely wouldn’t like lending guidelines

    • @Zayworking1
      @Zayworking1 4 ปีที่แล้ว

      😭😭

    • @funstuff9153
      @funstuff9153 4 ปีที่แล้ว +2

      @@WinTheHouseYouLove also would not like IBR for student loans

    • @TJ-fi7cb
      @TJ-fi7cb 4 ปีที่แล้ว +1

      😂

  • @jamesd493
    @jamesd493 4 ปีที่แล้ว +3

    I'm going to make sure my grandchildren SUBSCRIBE to this channel. Hopefully, they won't learn about this aspect of life The Hard Way. Thank you for sharing your knowledge!

  • @sparklecartledge9134
    @sparklecartledge9134 2 ปีที่แล้ว +1

    Thank youuuu!!! New subscriber

  • @MegaShivee
    @MegaShivee 4 ปีที่แล้ว +3

    I pay my credit cards off every month, what should I use for a monthly payment in your calculations?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +4

      If you never carry a balance, then you’ll use $0

  • @armyretguy7365
    @armyretguy7365 4 ปีที่แล้ว

    I’m planning to buy next summer on my va loan. Some notes for veterans: 1) If you’re on VA or other non-taxable income, your lender will add 25% for a gross adjustment since you’re tax free. 2) You can do no money down but if you use an affordability calculator don’t forget to mark zero for down payment, most calculators default to 20%. 3) You’re limited on how much closing costs you can cover, so try to offload to the seller by letting them use your earnest money and they cover the rest. 4) When you make an offer, make sure there’s a contingency that it must pass VA inspection and Appraisal. 5) No down payment doesn’t mean no money spent. There’s a VA inspection, VA appraisal, VA funding fee unless you’re 10%+ disabled, AND earnest money 1% of home’s value. That’s a nice chunk of change you need to cough up during the buying process.

  • @flisfinance5680
    @flisfinance5680 4 ปีที่แล้ว +3

    Wow I love how you walk through it nice and slow!

  • @michaelday6987
    @michaelday6987 4 ปีที่แล้ว +2

    Yet another great video for future home buyers.

  • @teachersherrie8420
    @teachersherrie8420 4 ปีที่แล้ว

    Came across your video and subscribing not because of mortgage but because I want to use your video as my white noise to go to sleep at night😌

  • @cjroj7214
    @cjroj7214 2 ปีที่แล้ว +2

    Question: if you get denied during the underwriting process can you just choose a cheaper house or do you have to start the process all over again thank you so much!!!!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  2 ปีที่แล้ว

      I just recorded a personal video reply for you: share.descript.com/view/qJr4GrjcVMS
      Feel free to email me at kyle@winthehouseyoulove.com
      Schedule a call with my team: www.winthehouseyoulove.com/lender

    • @cjroj7214
      @cjroj7214 2 ปีที่แล้ว

      @@WinTheHouseYouLove thank you. Your videos are so helpful.

  • @jimerickson542
    @jimerickson542 3 ปีที่แล้ว +1

    I loved this. This was projected perfectly 🙇‍♂️

  • @rurycastillo428
    @rurycastillo428 4 ปีที่แล้ว +1

    Good and clear information🙌🏻 thank you for the calculator link.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      Thanks! You're welcome!! Thank you for watching and commenting :)

  • @bella2432
    @bella2432 ปีที่แล้ว

    Hi there, EXCELLENT VIDEO. Question if you apply for a loan as a couple and you both make 50K would you do this calculations on a 100K salary?

  • @datgirlshay
    @datgirlshay 4 ปีที่แล้ว +7

    Thank you for making these videos! My brother is a realtor so he helps my understanding of the whole homebuying process. But, with the information you add, I am really starting to become more comfortable with the idea of buying a home.
    That said, are conventional loans the best option for working with DTI that involves in-school deferred student loans at a high balance ($100k+ 😥)? And do lenders take into consideration potential future earnings based on a degree you're working on? Thanks!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +3

      I'm glad it's getting more comfortable for you! Yeah, Conventional is going to be the best for deferred and income-based payment programs.
      Future earnings aren't considered unless you're in med school and you apply for a physician's loan.

    • @datgirlshay
      @datgirlshay 4 ปีที่แล้ว

      @@WinTheHouseYouLove Okay, thanks! Appreciate the reply back!

  • @kbos0310
    @kbos0310 4 ปีที่แล้ว +1

    Great info!!! I’m in Los Angeles and there’s no way a mortgage can be $1,300-1,500. Unless I move to the out skirts !!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Thanks! Bummer, those high cost areas are killer!

    • @kbos0310
      @kbos0310 4 ปีที่แล้ว

      Win The House You Love average home price $520k

  • @wittynprttyprettygirl9453
    @wittynprttyprettygirl9453 3 ปีที่แล้ว

    Your channel been such a huge blessing thank you so much!

  • @Maria-qm9cg
    @Maria-qm9cg 3 ปีที่แล้ว

    Great explanation, you made it so simple. Thanks for making this video 👍

  • @missadams1330
    @missadams1330 4 ปีที่แล้ว

    Wished I saw this before I just signed a purchase offer on a home 2 days ago. Great info 👍🏻👍🏻

  • @HungNguyen-se8dn
    @HungNguyen-se8dn 2 ปีที่แล้ว

    Is it possible to live in the Villages for retirees who live on Social Security benefits?

  • @mzmonicaallday6615
    @mzmonicaallday6615 4 ปีที่แล้ว +1

    Good stuff! I absolutely love your calming demeanor and your voice! #ImSold #Thanks

  • @LilTAT100
    @LilTAT100 3 ปีที่แล้ว

    Just subscribed 🙌🏽🙌🏽🙌🏽 Love this channel and all the info!!! 😎 thank you!!!

  • @andrejerry2778
    @andrejerry2778 4 ปีที่แล้ว +4

    I could watch his channel all day

  • @BlessNurse
    @BlessNurse 4 ปีที่แล้ว +1

    Thank you very much for the video.I'm trying to buy my first home june 2021. New subbie😘

  • @jeremyarcus-goldberg9543
    @jeremyarcus-goldberg9543 3 ปีที่แล้ว

    5:54 Huge important information about what goes into your monthly payment. Your mortgage lender will probably not tell you this detail and you may attempt to buy a house that will crush you in total monthly payments.

  • @dbanks8995
    @dbanks8995 4 ปีที่แล้ว +19

    I Can’t even buy a mobile home in my area for that price

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      I'd suggest adding a co-borrower to increase your income.

    • @dbanks8995
      @dbanks8995 4 ปีที่แล้ว +3

      Living on Goleta , CA median housing is 750k ... Making 110k year, is like making 45k based on cost of living

    • @ramonr3921
      @ramonr3921 4 ปีที่แล้ว

      @@dbanks8995 run away!

    • @smiller225
      @smiller225 4 ปีที่แล้ว +2

      Drive to the next town

  • @lifeisbeautiful9455
    @lifeisbeautiful9455 2 ปีที่แล้ว

    Thank you for explaining this!

  • @jalettem4627
    @jalettem4627 2 ปีที่แล้ว

    I am confused. I thought monthly income was calculated as hourly rate X 40 x52 / 12? Let's say you make $20/hr. I thought it was $20/hr x 40 hours (if it were FT)=$800 x 52 weeks = $41,600/12 months = $3466.67 as opposed to $20/hr x 160 hours (month) = $3200. I work in Mortgage and this is how we were calculating income. Am I wrong? I'm asking because I have these same questions/concerns as a consumer. Thank you for these videos, they are definitely a help!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  2 ปีที่แล้ว

      It depends on the type of income. This video is assuming a $50k/yr salary (i.e. $4,166/mo).
      If the income was not salary and was hourly then you would do the calculation you suggested. That would only be one income calculation though, you'd still need to calculate income trending to decide on the income formula being used because most people who work hourly don't get exactly 40 hrs/week.
      I swear by getblueprint.io/ to calculate income. It's the best tool for loan officers to get the income right without having to do all the math.

  • @abotello8320
    @abotello8320 4 ปีที่แล้ว +2

    Thank you Kyle this is very helpful!

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +1

      Glad it was helpful!

    • @abotello8320
      @abotello8320 4 ปีที่แล้ว

      @@WinTheHouseYouLove It really was, and thank you for replying to my question that I asked you on IG the other day, I took your advice and spoke to a lender to see how much home I could afford and they helped to answer a lot of questions that I had.
      Thanks again Kyle!👍

  • @VanTran-rq3vz
    @VanTran-rq3vz 4 ปีที่แล้ว

    thanks for the explanation. I thought conventional loan used 28/36 for frond-end and back-end ratios. 45% seems high ....

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      28/36 is for manual underwrites. Automated underwriting on a higher credit score loan will actually approve up to 49.99%

  • @emmanuelibarra1913
    @emmanuelibarra1913 4 ปีที่แล้ว +12

    I highly dislike giving people a budget off their gross income. Stick with net, after every bill, and after healthcare/401k/etc.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +5

      I agree. This video is not about budgeting. It’s about the mortgage guidelines.

    • @victerrios6509
      @victerrios6509 4 ปีที่แล้ว

      R u slow?
      HE LITERALLY not only addressed this but explained this.
      Like... at 1 minute mark... meaning RIGHT OFF THE BAT!

  • @karig1224
    @karig1224 4 ปีที่แล้ว +1

    EXACTLY WHAT I WAS LOOKING FOR
    THANK YOU !

  • @ljolivet1777
    @ljolivet1777 4 ปีที่แล้ว

    For condos does the mortgage company include HOA dues in your expenses\debt ratio?

  • @ezmi0820
    @ezmi0820 4 ปีที่แล้ว

    Thanks for the video and also for including that calm moment 😌

  • @goldenj1981
    @goldenj1981 4 ปีที่แล้ว +1

    Such great information. Thank you!!

  • @GC-kk4et
    @GC-kk4et 4 ปีที่แล้ว +1

    This is very helpful, currently in the process of looking. Haven't started the pre-approval yet just because it gives me anxiety, what if I get pre approved (which I'm confident I will) but then can't find a house that I really like in that 60-90 day period? I don't want to feel pressured to pick one just because time is running out. Also, what microphone do you use? sounds really good.

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +2

      I'm glad to help! If you don't find a home, most lenders will need credit repulled to make sure nothing big has changed. It would affect your score that much. Anywhere from 0-5 points.
      I use a Neumann TLM 102

  • @asumadu1
    @asumadu1 4 ปีที่แล้ว +7

    why am I just now finding this awesome guys page? 😭

  • @rainbowsunshinekitty3953
    @rainbowsunshinekitty3953 2 ปีที่แล้ว +1

    So you're saying I need to get a better paying job. Cause houses in decent neighborhoods are 100k more than what my little 50k salary can buy. Add up all my monthly expenses (gas,food, internet, etc and the things that are subtracted from my check before I see it) plus the mortgage and I am in the red.

  • @leri3365
    @leri3365 2 ปีที่แล้ว

    should we subtract our other debts(phone, internet, gyms, other monthly fees we pay during every month) to be safe on the actual cost we can afford

  • @niaanderson7124
    @niaanderson7124 3 ปีที่แล้ว

    Your videos have been so helpful thus far for the road to purchase a home. Does car insurance count in DTI?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  3 ปีที่แล้ว +1

      Thanks for watching!
      No, insurance is not a debt.

    • @niaanderson7124
      @niaanderson7124 3 ปีที่แล้ว

      @@WinTheHouseYouLove Thank you!

  • @esantana30
    @esantana30 4 ปีที่แล้ว

    HI would this be the same for a CO-OP or condo? Could do a video for condos/co-op?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว

      It would! You would just need to make sure to include the monthly HOA fee in your housing payment.

  • @MJ-ke1hn
    @MJ-ke1hn 3 ปีที่แล้ว

    You explain it very well. Thank you

  • @andygarcia3585
    @andygarcia3585 4 ปีที่แล้ว +3

    Kyle, great content! New subscriber here.
    Question: I never carry a balance on my CC as I auto-pay in full each month. I do however pay monthly ($200) on my student loans. If I changed my loans to income based, will a lender determine I have $0 in monthly debt?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  4 ปีที่แล้ว +3

      Thanks! I'm glad you're here!
      Since your credit card won't show a balance on your credit report, it won't be in your DTI. If your student loans are income-based and have a $0/mo payment, then you won't have to include it in your DTI on a conventional loan.

  • @TheGrahamFamily0524
    @TheGrahamFamily0524 2 ปีที่แล้ว

    This video is very informative and helpful… I learned a lot, thanks 🙏

  • @kyounglee-teruya9410
    @kyounglee-teruya9410 3 ปีที่แล้ว

    I’m trying to find mortgage lender, Trulia is recommended lender?

    • @WinTheHouseYouLove
      @WinTheHouseYouLove  3 ปีที่แล้ว

      Trulia is not. I recommend lenders through my site → www.winthehouseyoulove.com/

  • @LooseArrowBoy
    @LooseArrowBoy ปีที่แล้ว

    Basically none where I live. I just got a new job with 100k salary and it's the only reason I can even consider buying a house around 150k-180k.
    Considering 25% of NET income for affordability really gave me perspective on what I could actually afford. Initially I thought I could afford 200-250k.