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How The Housing Crash Will Happen
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Let's talk about whether or not Real Estate is positioned to go down in value, how interest rates affect property values, and what you can do to make sure you stay profitable - Enjoy! Add me on Instagram: GPStephan
The YouTube Creator Academy:
My ENTIRE Camera and Recording Equipment:
FIRST: Get a 30 year mortgage.
That’s because 30 year interest rates are still the lowest they’ve ever been, in history - and when you consider that investment returns are often WAY higher than what you pay in interest, it starts making sense NOT to pay off your mortgage early and invest the difference, instead. But the 30 year mortgage also gives you a MAJOR advantage to any other option and that’s - flexibility. There’s nothing stopping you from paying off a 30 year mortgage in 15 years…just make a higher payment every month, and it’s the same thing.
SECOND: Always get a fixed interest rate
By locking in your rate, you know with 100% certainty how much it’s going to cost for the next 30 years, and from that - you can plan accordingly.
THIRD: Refinance your loan to save more money
This allows you to get a brand new loan that replaces your existing loan - and in many situations, the new loan is going to be at a lower interest rate than you’re currently paying - THEREBY saving you more money.
FOURTH: Avoid selling your home if you don't need to
The truth is, real estate values ONLY matter if you intend on selling - so, everything I’ve mentioned is designed to make your monthly payments as low and predictable as possible, just so that you don’t NEED to sell. Ideally, by NOT selling - you’ll have the time to ride out any fluctuations in price LONG enough for them to eventually recover, and bring you back to profitability.
FIFTH: Keep a safety fund on the side at all times
With real estate - ANYTHING can come up, at ANY point, that will end up costing you money. Plus, no matter what happens - you’ll still have fixed costs like property taxes and insurance that will need to be paid every year, and you’ll need to budget for that. So, my recommendation is to always keep a few months of your properties expenses saved up, in cash…so that way, should something come up, you’ll have the money to pay for it.
SIXTH: ONLY buy a home that you can comfortably afford.
The lower your payment is in relation to how much you make, the safer it is that you’ll be able to keep it through a downturn without running out of money - AND by doing so, the more likely you are to actually make money.
Real estate should IDEALLY be something you ONLY buy if you intend to hold on to it at LEAST 8-10 years…so, plan with the intention of keeping it at least that long, and plan accordingly in terms of how much you’ll need to make in order to continue making those payments.
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
The YouTube Creator Academy:
My ENTIRE Camera and Recording Equipment:
FIRST: Get a 30 year mortgage.
That’s because 30 year interest rates are still the lowest they’ve ever been, in history - and when you consider that investment returns are often WAY higher than what you pay in interest, it starts making sense NOT to pay off your mortgage early and invest the difference, instead. But the 30 year mortgage also gives you a MAJOR advantage to any other option and that’s - flexibility. There’s nothing stopping you from paying off a 30 year mortgage in 15 years…just make a higher payment every month, and it’s the same thing.
SECOND: Always get a fixed interest rate
By locking in your rate, you know with 100% certainty how much it’s going to cost for the next 30 years, and from that - you can plan accordingly.
THIRD: Refinance your loan to save more money
This allows you to get a brand new loan that replaces your existing loan - and in many situations, the new loan is going to be at a lower interest rate than you’re currently paying - THEREBY saving you more money.
FOURTH: Avoid selling your home if you don't need to
The truth is, real estate values ONLY matter if you intend on selling - so, everything I’ve mentioned is designed to make your monthly payments as low and predictable as possible, just so that you don’t NEED to sell. Ideally, by NOT selling - you’ll have the time to ride out any fluctuations in price LONG enough for them to eventually recover, and bring you back to profitability.
FIFTH: Keep a safety fund on the side at all times
With real estate - ANYTHING can come up, at ANY point, that will end up costing you money. Plus, no matter what happens - you’ll still have fixed costs like property taxes and insurance that will need to be paid every year, and you’ll need to budget for that. So, my recommendation is to always keep a few months of your properties expenses saved up, in cash…so that way, should something come up, you’ll have the money to pay for it.
SIXTH: ONLY buy a home that you can comfortably afford.
The lower your payment is in relation to how much you make, the safer it is that you’ll be able to keep it through a downturn without running out of money - AND by doing so, the more likely you are to actually make money.
Real estate should IDEALLY be something you ONLY buy if you intend to hold on to it at LEAST 8-10 years…so, plan with the intention of keeping it at least that long, and plan accordingly in terms of how much you’ll need to make in order to continue making those payments.
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
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