Dave Ramsey's Tips for First Time Home Buyers

Dave Ramsey's Tips for First Time Home Buyers in the 2023 Housing Market

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At Churchill Mortgage, we believe homeownership is a big part of the American dream. After all, your home is where all of life's moments take place. That's why we're committed to doing what's right for you.
Since your financial goals are personal, we want your home loan experience to be too. By building out a smarter mortgage plan that works with your unique goals in life, you can cut time and money off your loan, which allows you to build wealth. And owning a home is one of the fastest and most stable ways to build wealth.
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[steelewear]

The average first time home buyer isn’t walking around with 20%

[gat-xl]

I put 3% down with a 2.75% interest on a $390k home and my PMI is 80 per month. Credit impacts the PMI you pay as I had a really good score.

[sargeatlargev]

I’d rather waste $150 a month on pmi then be on skid row till I got 20% down 😂

[joellexaverie]

So basically, if you don't have the 20%, don't buy. 80% of us don't. My advice, do you!😂

[miked]

In 2022, Put 5% down, bought a 530k house. My PMI is $73/mo.

[TravisBradyBrands]

Hey! I love your content! We are looking for speakers that would want to be a part of our events in Utah, Las Vegas and Arizona. Would this be something you'd be open to hearing more about?

[ep]

Is all PMI calculated the same? I bought my house in 2021 for close to 500k using 5% conventional and only pay $117/month in PMI.

[macromancer]

Last year (tax year 2021), we could deduct our PMI with our mortgage interest and taxes in itemized deductions. This year (tax year 2022) PMI can't be deducted. That has fueled me to start throwing extra dollars at principal payments so that I can ditch the PMI. PMI isn't forever. At 22% equity they are required by law to remove it. At 20% equity you can request it be removed.

[chicagodoorstep]

I tell people to avoid it if they can too

[jonathantaylor]

Dave’s a realtor at heart. 5% down? On a 30 year note. That’s debt slavery. But Dave’s sponsored by a mortgage company. 5% down on a 400k house is $25, 000 in interest for year 1 and only $4, 200 worth of principle.

[my_carp_life]

So who owns the house if the pmi pays the mortage company off?

[mdir]

Dave really just wants you to make 250k a year so you can get that 15 year mortgage and having your payment be 25% your net income

[andre-nunes]

The average forest timer isn’t walking around with 20% down

[syeedajechols]

So is PMI avoidable? If so, how do you we go about not having to pay PMI?

[obemgec]

RESIDENTIAL real estate values are declining YoY nationally. This decline will continue for years. Decade. God bless, America.

[sificmusic]

Number one tip for everything in life, NEVER LISTEN TO DAVE RAMSEY

[marsmonster]

5% down? Your monthly payment on a 2022 median home price, here Western WA would be over 5k per month. Are you smoking crack? If you can afford over 5k per month you should be able to come up with more than 5%.