THE COST OF WAITING TO BUY A HOME

Nobody knows what’s going to happen in the market so if you had a goal of purchasing a home in 2020 don’t waiver from that. Don’t let this pandemic stop you from achieving your real estate goals.

Interest rates used for the 2020 scenario are based on rates as of 3/19/20 and a credit score of 700.

Interest rates & home values for 2021 scenario is hypothetical and are for illustration purpose only. Nobody can predict where interest rates and home values will be in the future.

Matt Garland nmls 58700

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[cha]

I’m hoping rates go down . Prices are what it is. I knew the cost of living could increase. But yikes 7-8% rates

[cha]

I’m in 2023 watching. now I’m siting back seeing 7-8% interest rate. House prices are a bit over price.

[r.medmond]

Houses in Dallas are selling for twice the price because so many ppl are buying. Depending on where u live it is not a good time.. paying 400k to 500k for homes that were 250k 2 yrs ago is what is happening here. I'll wait.. alot of ppl gone be upside down in 10 yrs

[daniamsalem]

So when you wait for the market to drop, you will spend more on interest. So what? That extra cost is offset by having a lower mortgage. Not to mention, you also get more equity when the value of your home goes back up. Seems like you can’t lose! By now and save on interest, by later and have more equity sooner.

[Slimm_Sheedah]

I just realized that we bought our house in 2009 during that Great Recession. And it’s time to move again! We grew out of these house😞

[cheloify]

Hum, too expensive to buy now, that house will lose value when interest go up, owning a 300k house valued at 260k and won't be able to refi because will be higher interest

[prudentmom]

I wish I wasn't laid off. This totally blew my plans for buying my first home. Never fear, I am still working on getting a home.

[lionintu]

Great breakdown. my friend bought her house during the recession. 2007 purchase, mortgage was $325k, 7.5% interest. 12 years into the mortgage, 2019, she refinanced to 3.5 %interest and the home has about $200k in equity. You didn't really address the lack of equity for paying for prices in a bubble and the ability to lower monthly rates with a refinance, over time, but I get it, that's a guessing game as well. and yes of course there's a cost to that refinance, so that would have to be another calculation to consider if a refi is worth it. I'd prefer buying low with higher interest because at least IF I'm selling I would get some equity.

[sincere]

I understand what this video is saying let's be real no one keeps the same mortgage majority of folks refinance up to 2 times.

[multimillionaire]

I want a buy a home soon but they're so expensive in NJ, especially for a single person with an average income

[marilynmorant]

Bro, you're killing it. Stop buying shit we do not need for time like this. 💥

[kendrickelliott]

I just got a mortgage on a house 2 years ago and I'm looking to turn it into a rental or sale I'm looking another house now but I need advice on how to go about doing so

[drewbny]

Hi Mg, I live in a co op in Queens. Found a lender to give me heloc but they're charging closing costs of $1700 for a $100k line. Just survived first round of furloughs at work. Should I take it?

[mar]

But if you buy cheap with high interest in 30 years rates can fluctuate and go down there you have the chance to refinance, in the other hand you buy expensive very low interest you don't have any more room to go