Two things I love about your channel. 1. The visual break down you always display, more than just talking like similar TH-cam vids. 2. Your in-depth explanation of things are simplistic, yet highly informative. I am due to close on my first home in two weeks, thanks for all your insightful videos!
Currently looking into buying my first home and you have answered a ton of questions I’ve had! Not only are the visuals a plus, but I can actually understand what you’re talking about! You’ve got yourself a new subscriber. Thank you!
The best way I have found so far is just to build another source of income and do an additional principal payment. A couple bucks here and there don't really do much. An additional $1k or 2K principal payment helps a lot.
I bought a fourplex in January. I would like to add real value to the property. The units are pretty updated so not sure what I could do for inside renovations. The landscaping could be cleaned up. Just want to do it smartly.
Luv your explanations, thank you for making these videos, May ask a question? I recently purchased my first home in September. However, I’m really addicted now to the feeling of purchasing property, I want to buy a duple or triplex, would it be too early to start looking? Any advise? Thank you
Hi. I have a rental property I paid cash for and need repairs. What’s the best option to take money out the house to do repairs and maybe purchase another rental?
Great information in this video! I feel that the way you explain everything is very easy to follow. You speak clearly and quickly enough that I don't lose interest. I think that you are awesome and an "up and coming" financial youtuber. You have a new subscriber in me.
@@WinTheHouseYouLove I don't know if this has been a topic that you've covered yet, but I would like to know your opinions on using a HELOC, specifically for the purpose of "chunking" the principle of a mortgage (or any other debts one might have) on a monthly or quarterly basis, thus reducing ones term on a loan.
Im glad that you like my suggestion! From what researched, that "Velocity Banking" name sounds accurate, but since I've known about it, I have always called it "The HELOC Strategy". I am closing on my first home on May 29th and I'm planning on using this strategy to hopefully pay off my mortgage, to that magic ratio of 80/20, so I can refi and drop my PMI which is roughly $200 a month. Then if it works well, I will stay my course and have my mortgage paid in full before my 40th birthday.
Hi Kyle...You are fabulous. Question...what are your thoughts on the Condos, Duplexes, Manufactured homes,mobile home purchases verses Single detached Homes? Do you have any video's for this information? Thank you so much.
Ours was listed as a 4 bedroom 2.5 bath. It doesn't have 4 beds it has 3 beds and a room on the lower level that has the washer dryer hookups. Will appraisers actually look to see if there is 4 bedrooms as listed? Appraisal today!
I didn't understand the "Recast" idea? If you have extra money, what is the difference in putting $5K on the principal as oposed to talking to the lender to reduce the payments?
Hey De Bee2020! Great question. Recasting is when you make a lump sum payment (like $5k) towards your principal, and then your lender recalculates your monthly payments based on the new principal balance. So instead of just making extra payments, recasting actually adjusts your required monthly payment amount based on the new principal. The main difference is in the outcome - putting $5k directly on the principal reduces your loan balance, but your monthly payments stay the same. Recasting lowers your monthly payments, so it could help if you're looking to free up some cash flow each month. If you think you're ready to start on a pre-approval or you'd like some more personalized guidance, head over to www.winthehouseyoulove.com/lender or feel free to reach me at kyle@winthehouseyoulove.com. Happy to help! 😊
I am so glad I clicked on your channel! You explain things so clearly and make things easy to understand. Thank you for your time and the effort that you put into this video. I am subscribed! 👌🏽
Thanks for the good information!! I have a question, can I use the money from renting out a room to use towards my income when applying for the loan if my income is not enough?
Yep! This is called boarder income. Here is the Fannie Mae guideline: The rental payments that any borrower receives from one or more individuals who reside with the borrower (who may or may not be related to the borrower) may be considered as acceptable stable income. This applies for a one-unit property in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage if the boarder is not obligated on the mortgage loan and does not have an ownership interest in the property; has lived with the borrower for the last 12 months; can provide appropriate documentation to demonstrate a history of shared residency (such as a copy of a driver’s license, bill, or bank statement that shows the boarder’s address as being the same as the borrower’s address); and can demonstrate the payment of rental payments (such as with copies of canceled checks) to the borrower for the last 12 months, or at least 9 of the most recent 12 months provided the rental income is averaged over a 12-month period. Payment of rent by the boarder directly to a third party is not acceptable.
Hi Kyle! I currently use my home as my primary residence, but I think my long term plan may be to rent out the property full-time. With interest rates being so low, I'm strongly considering a refi, and wondering do you think it would be smarter to: a) get the lowest monthly payment possible, (which will likely extend the mortgage term) thereby maximizing profit from future rental income, or b) could/would it be more strategic to just try and eliminate the mortgage as quickly as possible even if that doesn't result in much profit per month on rental income (i.e. shorten the term with a similar monthly payment). And is that decision just a matter of deciding whether I want cash now, or can wait 15 years until the property is paid off? Thank you! Edit: Just watched your Refinance video! Also really helpful.
Hey! Great strategy! So, if you refinance, you'll agreeing with the lender that you'll live in the property for another year... just keep that in mind. It really depends on the investing strategy you want. Personally, my gameplan would be to pay down the investment as quickly as possible now so that in the future it has higher cashflow.
@@WinTheHouseYouLove just trying to understand if there’s a reason why someone would choose to focus on increasing home equity vs investing that money instead - wouldn’t investing grow your wealth more over time?
Im 19 years old, and im a full-time college student majoring in business finance. I want to apply for an FHA loan; my credit is 740, and no debt. I read online that I need a 3.5% down payment for an FHA loan. If I were to get a job and work for a year, getting paid 12/hr working only 20 hours a week, I would have 11,500 dollars if I were to save up every dime. I would be able to get a house for around 340,000 dollars. I feel like college is holding me back from working a full-time job. Is this realistic? Will a loan officer even give me $340,000, regardless of the down payment I have? What are your recommendations? Thank you for all the help! (Ps. I live in the Denver area where real estate is costly) ?
Get a Credit card ASAP. Use it, pay it off, repeat. You have to have some sort of credit established. Stay in school! Finish what you set out to do there but definitely talk to a loan officer so you can start getting your ducks in a row financially. I was in for a rude awakening when I saw how I looked on paper and it took me time to get organized. You’re Smart to be thinking of these things.
This guy is the ASMR of finances!! I love it!!
Hahah thanks! I either get people who say that or others who say ew get the microphone away from your face haha
I agree! I put these videos on when I’m working on the computer at night
I prefer to be talked to this way, vs, the vocal barrage of most other hosts.
Two things I love about your channel.
1. The visual break down you always display, more than just talking like similar TH-cam vids.
2. Your in-depth explanation of things are simplistic, yet highly informative.
I am due to close on my first home in two weeks, thanks for all your insightful videos!
Marquist! Thanks so much!
It's so great to hear that this teaching style is helpful. Congrats on your soon-to-be new home!!
I think this ASMR voice is helping me retain all of this great information. I feel like I'm in a real estate 101 class. 😆
Thank you so much for watching!! :)
Currently looking into purchasing my first home and was wondering how equity worked. Thanks for this simple breakdown!!
You're welcome!! Best of luck in your home buying journey!
Win The House You Love Thank you!!
Currently looking into buying my first home and you have answered a ton of questions I’ve had! Not only are the visuals a plus, but I can actually understand what you’re talking about! You’ve got yourself a new subscriber. Thank you!
Thank you so so much!! I'm glad these videos have been helpful!
Heard his voice and subscribed in a heartbeat 💓
Hah thanks!
I’m a realtor and it’s very important for me to understand at least the basics of mortgage lending and this is the best channel for me to learn!
Thank you so much for watching!! :)
The best way I have found so far is just to build another source of income and do an additional principal payment. A couple bucks here and there don't really do much. An additional $1k or 2K principal payment helps a lot.
Thank you for explaining everything in a simple way. God bless 🙏🏾
You are so welcome!
I love the sound of your voice. Thanks for the info❤️
You are so welcome!
Wow your voice is smooth good work
Thanks for listening
I bought a fourplex in January. I would like to add real value to the property. The units are pretty updated so not sure what I could do for inside renovations. The landscaping could be cleaned up. Just want to do it smartly.
Awesome! I bet landscaping would help a bit!
Luv your explanations, thank you for making these videos,
May ask a question?
I recently purchased my first home in September.
However, I’m really addicted now to the feeling of purchasing property,
I want to buy a duple or triplex, would it be too early to start looking?
Any advise? Thank you
Hi. I have a rental property I paid cash for and need repairs. What’s the best option to take money out the house to do repairs and maybe purchase another rental?
Great information in this video!
I feel that the way you explain everything is very easy to follow. You speak clearly and quickly enough that I don't lose interest.
I think that you are awesome and an "up and coming" financial youtuber.
You have a new subscriber in me.
Thank you so much for such a kind compliment Zachary! Any topics I can cover that would be helpful for you?
@@WinTheHouseYouLove I don't know if this has been a topic that you've covered yet, but I would like to know your opinions on using a HELOC, specifically for the purpose of "chunking" the principle of a mortgage (or any other debts one might have) on a monthly or quarterly basis, thus reducing ones term on a loan.
Great suggestion! I’ve seen this a bit, I think people call it velocity banking? I need to do some research for sure
Im glad that you like my suggestion! From what researched, that "Velocity Banking" name sounds accurate, but since I've known about it, I have always called it "The HELOC Strategy".
I am closing on my first home on May 29th and I'm planning on using this strategy to hopefully pay off my mortgage, to that magic ratio of 80/20, so I can refi and drop my PMI which is roughly $200 a month. Then if it works well, I will stay my course and have my mortgage paid in full before my 40th birthday.
I love your voice!! Great teacher
Thank you so much for watching!! :)
Great video! What is better than this guys voice! Love it!
Glad you enjoyed it!
Soothing voice
😴 😴 😴
Thanks!
I love it man! Keep going .
Thanks!
Great video. Very informative. Thank you. Keep them coming!
Thanks, will do!
Hi Kyle...You are fabulous. Question...what are your thoughts on the Condos, Duplexes, Manufactured homes,mobile home purchases verses Single detached Homes? Do you have any video's for this information? Thank you so much.
I don't have any videos on this right now, but planning on it in the future :)
Thank you
Ours was listed as a 4 bedroom 2.5 bath. It doesn't have 4 beds it has 3 beds and a room on the lower level that has the washer dryer hookups. Will appraisers actually look to see if there is 4 bedrooms as listed? Appraisal today!
I just recorded a personal video reply for you: vid.us/ep1v70
Thanks great content that will me and others!
You’re welcome! Thanks for watching!
This was very useful. Thank you!!
Glad it was helpful!
I can listen to him all day long
Thank you so much for watching!! :)
Awesome breakdown! Thank you for the info. New subscriber!
You're welcome! Thanks!!
Great ideas 💡 also You can add solar panels that’s increase the Home value immediately by 2 or 3 %
That's an awesome idea. Thanks for sharing!
Thank you so much for the in depth explanation
You're very welcome! And thank YOU for watching - Kyle Seagraves winthehouseyoulove.com
Closed on my home today
Congratulations!
@@WinTheHouseYouLove thank you
you have this sort of ASMR voice lol
Hahah I've been hearing that quite a bit!
I didn't understand the "Recast" idea? If you have extra money, what is the difference in putting $5K on the principal as oposed to talking to the lender to reduce the payments?
Hey De Bee2020! Great question. Recasting is when you make a lump sum payment (like $5k) towards your principal, and then your lender recalculates your monthly payments based on the new principal balance. So instead of just making extra payments, recasting actually adjusts your required monthly payment amount based on the new principal.
The main difference is in the outcome - putting $5k directly on the principal reduces your loan balance, but your monthly payments stay the same. Recasting lowers your monthly payments, so it could help if you're looking to free up some cash flow each month.
If you think you're ready to start on a pre-approval or you'd like some more personalized guidance, head over to www.winthehouseyoulove.com/lender or feel free to reach me at kyle@winthehouseyoulove.com. Happy to help! 😊
I am so glad I clicked on your channel! You explain things so clearly and make things easy to understand. Thank you for your time and the effort that you put into this video. I am subscribed! 👌🏽
Thanks so much! I'm glad to help and thank you for watching and subscribing!
Thanks for the good information!! I have a question, can I use the money from renting out a room to use towards my income when applying for the loan if my income is not enough?
Yep! This is called boarder income. Here is the Fannie Mae guideline:
The rental payments that any borrower receives from one or more individuals who reside with the borrower (who may or may not be related to the borrower) may be considered as acceptable stable income. This applies for a one-unit property in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage if the boarder is not obligated on the mortgage loan and does not have an ownership interest in the property; has lived with the borrower for the last 12 months; can provide appropriate documentation to demonstrate a history of shared residency (such as a copy of a driver’s license, bill, or bank statement that shows the boarder’s address as being the same as the borrower’s address); and can demonstrate the payment of rental payments (such as with copies of canceled checks) to the borrower for the last 12 months, or at least 9 of the most recent 12 months provided the rental income is averaged over a 12-month period. Payment of rent by the boarder directly to a third party is not acceptable.
well done. great info
Glad it was helpful!
Hi Kyle!
I currently use my home as my primary residence, but I think my long term plan may be to rent out the property full-time. With interest rates being so low, I'm strongly considering a refi, and wondering do you think it would be smarter to:
a) get the lowest monthly payment possible, (which will likely extend the mortgage term) thereby maximizing profit from future rental income, or
b) could/would it be more strategic to just try and eliminate the mortgage as quickly as possible even if that doesn't result in much profit per month on rental income (i.e. shorten the term with a similar monthly payment).
And is that decision just a matter of deciding whether I want cash now, or can wait 15 years until the property is paid off?
Thank you!
Edit: Just watched your Refinance video! Also really helpful.
Hey! Great strategy!
So, if you refinance, you'll agreeing with the lender that you'll live in the property for another year... just keep that in mind.
It really depends on the investing strategy you want. Personally, my gameplan would be to pay down the investment as quickly as possible now so that in the future it has higher cashflow.
Why focus on paying down a low interest loan like a mortgage when you could put your spare cash into the stock market instead?
You can put your money wherever you'd like :)
@@WinTheHouseYouLove just trying to understand if there’s a reason why someone would choose to focus on increasing home equity vs investing that money instead - wouldn’t investing grow your wealth more over time?
You're right it's better investing in a stock account and easily get a 9% minimum return vs paying down a 3% loan on a home.
Exactly! Never pay things off. Keep refinancing. Especially if you’re not gonna be there forever.
Im 19 years old, and im a full-time college student majoring in business finance. I want to apply for an FHA loan; my credit is 740, and no debt. I read online that I need a 3.5% down payment for an FHA loan. If I were to get a job and work for a year, getting paid 12/hr working only 20 hours a week, I would have 11,500 dollars if I were to save up every dime. I would be able to get a house for around 340,000 dollars. I feel like college is holding me back from working a full-time job. Is this realistic? Will a loan officer even give me $340,000, regardless of the down payment I have? What are your recommendations? Thank you for all the help! (Ps. I live in the Denver area where real estate is costly) ?
No, the amount you'll be approved for is mainly based on your income.
Get a Credit card ASAP. Use it, pay it off, repeat. You have to have some sort of credit established. Stay in school! Finish what you set out to do there but definitely talk to a loan officer so you can start getting your ducks in a row financially. I was in for a rude awakening when I saw how I looked on paper and it took me time to get organized. You’re Smart to be thinking of these things.
Amazing content
Thanks!
Do FHA Loans have a qualifying minimum income
Nope
Great video. I plan on house hacking with friends.
Awesome!!
❤❤❤
Reducing my debt is same in FHA and conventional.
Yep!
Very much disagree with you on refi strategy...
That's ok! What would you do differently?
Dude... where have you been all my life
Haha just sitting around making videos! Glad you're here ;)
I can't wait until Americans see a home for what it is; a depreciating necesity and not a golden ticket/ ATM machine.
Americans know good and well. Me for one am so ready to just lt this headache that only I seem to gaf about goooooo
This boy cute as hell
Thank you haha
Nothing helpful 😕. Create new content and unknown techniques, what u shared is common knowledge, everyone knows it!
The comments show that this video was helpful. I look forward to the video you plan to create with new content and unknown techniques.