First Time Home Buyer Advice That Aged Like Milk

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[josemora]

I got a great deal from a builder and their lender and got my rate at 4.99 with closing costs covered. It was not until the deal was done that I had other lenders that were offering nothing and a rate in the low 7s when they started saying they could match the deal, to which I said "why on earth didn't you offer me your best pitch from the start". Screw those people. I bought by Laveen, Phx.

[rathelmmc]

One thing about income too is if you have two incomes in your household, using both of them to determine how much you can afford puts you under far higher risk since if either one of you lose their job you may not be able to afford your bills. So it may be worth thinking about that when you go to buy to have even more cushion, just in case.

[amyb]

My husband and I are closing in 3 weeks. When he initially met with our lender and gave all our documents/financial info, she told us we were pre-approved for a huge amount. We then made her tell us what the monthly payment would be for that large sum and it was also very, very large. We had to knock her down a for us to be comfortable, and we still found an amazing house

[dismurrart]

Shoutout to my mortgage broker.

Him: okay your budget is x? Okay with taxes and whatnot, you can afford y. Im writing your pre-approval for 20k more because it looks better to sellers but we are not getting that much mortgage.

He really emphasized buying within our means and came in respecting our needs.

[ThePeterDislikeShow]

basically buy the house for the house, not the investment.

[Lovepuppies]

Thank you for making this video! It really spoke to me. I keep getting told " nobody stays in their home for 30 years" or "take the rate now and you can refinance as soon as rates drop". After moving across states twice, I might just not want to move again! And having a comfortable monthly payment without having to worry about refinancing, unless an amazing opportunity comes along, is important to me.
Thank you!

[Masterlowen]

I agree Javier, after living for more than three years at my old apartment complex, out of the blue one day, my landlord decided to post a paper on my door that read "we are not renewing your lease, you have 30 days to vacate the premises" right in the middle of Christmas! They did not tell us why, they did not work with us or talk to us meaning... If I was changing the oil of my car, give me a warning, won't do it again... If I was doing laundry inside my apartment with a portable washer, then move me to a unit with a washer and dryer... If my downstairs neighbor is complaining about the noise level because my kids are running around, then move me to a downstairs unit... No answer is no, no, no, they did not even tell us why they were kicking us out, they lied to me and said that the owners are not renewing my lease and they did not tell them why... So, talk about having the rug pulled from under you, I was a prime example... In the middle of Christmas, in the cold, with 30 days or less, I had to buy boxes to pack all of my belongings, find another place to move, pay someone to help me move, rent a truck, unpack everything and organize everything, change all my addresses while still holding down my full-time job... Also, keep in mind that in order for to prevent from becoming homeless, I had to do come up with first month rent, last month rent, and security deposit for my new place, not to mention, application fees per adult!!!

[burritogod]

I prequalified for a $475, 000 house. My wife and I started looking at houses around $275, 000 and thats what we bought at. Its an outdated house that we are putting a lot of work into, but we can comfortably afford it. If we would have bought a $475, 000 house we would be drowning.

[JayCosta]

Great advice Javier, I agree. All great points. Buy what you can afford now and for the foreseeable future. Dont worry about the noise.

[billycruz]

Thank you so much Javier this is why we listen to you a lot. I keep hearing from other YouTube channels and people that we talk to that we can refinance later. Hardly anybody talks about keeping the mortgage for 30 years. My wife and I are starting late in life I’m 52 years old and have about 15 years left of working, give or take, and we want our house paid off by the time, with my budget at 25% for the house we can afford a certain area we’ve already scouted it and we love it. You just affirmed our thought of not worrying about the interest rate as long as we can afford it and stay within the budget it will work for us Thank you again buddy keep up the good work love your channel.

[captainviper]

Always buy with a monthly payment in mind...price and rates fluctuate. Bid whatever price gives you the same monthly rate your looking for the current rate quote

[MsFoxu]

Glad I got my interest rate at 1.375% with buydown back in 2021. I don't think rates will ever be as low as they were back in 2020/21.

[ameermayden]

Just go get your house. I was so into this guys videos the one rental at a time and I was so against buying a house. Just scared to pay a huge amount monthly for my mortgage. As I’m paying rent that’s 2, 500 a month. One day I’m like shit let’s see what we can afford and at like 6% that put us at 3000 a month…only 500 more than what we paid for rent. Man we put the down payment down so fast. Asked the sellers to cover the cost. I’m in Cali house was 427k we paid 318…in California!

[nofugs]

Automated underwriting will allow FHA and VA to go above 55% DTI in some scenarios. I’ve seen it as high as 58%…

[Themaneman]

NGL brother, for some reason I have this obsession with this thought that I need to buy a home. Maybe it's because I'm the only one without a home in my family at my age. And I always hear people tell me that buying right now in So Cal is a good idea and these are people I generally trust too. I feel like the weirdo for feeling like you do. Hearing stuff like this from you grounds me for sure, and I appreciate that brother. Keep being the voice of reason for us!

[amanacatandhisdog]

Moving is very expensive and I don’t like landlords micro managing.

[vilasaojose]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

[ThisGuySG]

Holy crap I needed to hear this! Keep up the great vids Javi!

[jenniferlego]

Javi!!! 🎉❤ Shout out to you and Kyle! Monday will be my ONE YEAR Home-a-versary! Thanks for all your advice and support. Love to family. (Dog included.)

[NSXavier]

#2- Real Estate is always a good investment.

A good investment is owning assets. A bad investment is owning liabilities. What happens when you buy a house and live in it? You turn an asset into a liability.

Unless you find something undervalued and buy it with equity built in, new home buyers are all walking a very thin line of risk by buying right now.

I bought a nice and modest home that was undervalued in 2016 and refinanced it at 3% APR in 2020. It didn’t occur to me at the time, but looking back on it now; I realize that it was a combination of correct timing and a bit of luck that put me in a comfortable spot today.

As a Millennial that has owned real estate since 2009, the best advice I can give today for the newer generations that feel that they’re “in a tough spot” is to simply look at your other options when it comes to investing. Use those avenues to save, gain capital and build wealth. I would revisit buying and owning a home after all of this dust settles.

There’s no shame in renting as long as you’re also working to build your wealth and net worth.