The interest rate on homes depends on the type of loan. The interest doesn’t change if you have a fixed-rate mortgage. I’m glad you got to see a more normal house. She was obviously very nervous. So many of the videos show only the very expensive homes. There is a video that show several of the various style. I really enjoy your reactions
Yeah, this is as basic as a 60-80s built Indiana suburban home gets. You can afford this with a single earner if he is in a good job, or 2 earners easily. Indiana isn't California, this is like 350k at best (only because Fort Wayne is a bit more expensive than the rest of the state).
I really hope you two and your families get to come and visit the U.S. someday, and maybe live here permanently if you like it. You would be a welcomed addition to our country. Good luck to you both.
@@paigerushing9974I think they meant the brother’s families( their wife and kids). The brother on our right wears a wedding band. The other brother is probably married, too. So I think the commenter meant the 2 brothers and their wife and kids.
I grew up in San Diego, California in the 1970's - 80's. My Dad bought our house in 1975 for $36,000 and sold it in the early 2000's for $585,000. It's insane how much houses and land cost these days.
Finally! A normal house that most of us have … that’s about the same size as mine , around 150,000 here where I live, my husband and I are retired our house is also payed for , insurance and taxes are around 3 thousand a year , we aren’t rich by any means but we do ok 👍
In indiana, a 2500 sqft house like this is probably about $200,000 to $300,000. A paliative care nurse in indiana probably makes about $60,000 to $80,000 a year, so this is about a lower-middle to middle-middle class home.
Yes, this is an average middle class home. Paying off a home is a great accomplishment. Most home loans last for 20 or 30 years. That means people pay the mortgage, property taxes, and insurance on the home. After the loan has been paid in full, the owners still must pay property taxes and insurance.
We borrow from the bank to buy the house but we have to put 20% down first. Then we pay off the mortgage to the bank every month until it's all paid off. Certainly some people can buy their house out right but not most people.
He’s right about the place. My state is considered a “poor” state. We have some of the lowest cost of living in the country. In 2006 I bought my 3 bedroom 2 story for 25,000. It is a very old house though, built in 1926 but I’m only the second owner as the lady before me was the one who’s family built it and she died at age 97. I bought it from her nephew who was “managing it” it’s got tons of random issues but I’ve lived here 18 yrs now. Problems and all, but it’s mine, it’s paid for and I don’t need a fancy new house. Jut a roof over my head and a place to make family memories. Edit: our crazy inflation right now though has the value of my home at $46,000 even though it’s value in 2006 was 25,000.
Most house loans Our 20 to 30 years You can get a fixed interest rate that never goes up or you can gamble on a variable rate that can go up or down Depending on current interest rates Generally from 3 to 7% also currently about 61% of Americans own their home. I hope this clears up some of your questions. by the way I love your videos guys keep them coming!
Indiana is very nice. It's not totally in the tornado zone so it's a little less risky. Chicago is very close and Canada. It is very humid in the summer. I have seen Heat Lightning there from the humidity. Like can't sleep and can't breath humidity. They have fireflies in the summer. Winters are not fun. They have seasons unlike here in California so they have good seasonal sales. Tons of history and The Amish are near by and they make great stuff like cheese and furniture. My family moved out to California from Indiana. They did not like the winters anymore. 😄 I visited there a lot as a kid. It was a lot of fun and great food.
before the pandemic, I’d say mainly the labor (to pay professionals to build your house) was the high cost Now, everything is expensive: the labor, the materials, the land
Ft. Wayne is one of the least expensive cities in the US (it’s a small city). Homes cost widely different amounts across the US for many reasons. It’s also important to remember people make different a,ousts in their salaries often based on their location. My sister is a long time school teacher in Indiana and only makes about 65K after decades of teaching, yet a cousin teaching in Chicago suburbs makes about 125K teaching. Houses are more expensive in that area and many (not all) costs are higher bring in a major metro area. The old adage of “location, location, location” impacts same physical house in different location. Even within the SAME city or town a home can be more or less based on neighborhood or proximity to good schools, transit, etc.
As others have said, what you have shown here IS an average American person's house! For many of the other clips you have reviewed before, the homes were owned by people in the upper middle class or the wealthy -- for those that claimed they were average or middle class, -- don't believe them. Many people who are quite well off in the US don't interact that much with "average" people -- they just assume the world they know is the way everyone lives. About 60% of Americans own thier own houses (which is to say they either own it free and clear or are paying on a mortgage). About 30-40% rent their homes. Urban living IS more expensive -- but there are many cities where you can get a really good deal -- Pittsburgh where I lived for a long time, you could get a substantial house (one that needed a little work) for under $80,000. You guys do great work!! Jared from CT
Hello guys! In the US, most "homeowners" are still paying a monthly mortgage. To have your home paid off is a dream! I should send a video of my home to you!
Wow, this is cool. I live in Indiana, and where she lives in Ft Wayne, is just next door! Im in small town Huntington, but go to Ft Wayne all the time cus its 4× the size of my town. Im so sorry she lost her husband😢😢
This is much closer to what most Americans live in. The reason she makes a big deal about paying it off is, it can take most people 15-30 years to do. Of course with a lot of variables. I'm buying my house, but I'm in a rent to own. I pay rent but when the house is paid off I own it.
Keep in mind the actual final amount oweing, and the amount of the payment will be based on other factors such as how high the local property taxes are. And the percentage of finance charges being applied, as well as the actual purchase contract, such as required escrow accounts. Back in 2008 this is what helped spark the financial crises, in the U.S. as well as Europe, because banks were offering up what's known as "balloon rates". These are rates that are set variable rates, in which after the first few years start ballooning higher and higher. So a buyer may in the first couple of years enjoy a 1%-2% rate, but by year 5 can be at 8% and just keep increasing up to the maximum allowed usury cap N.C. it's capped at 15%, however the usury cap varies between different states. And for the most part does not apply extensively to small short term loans, or revolving credit lines, such as closed store cards, or major credit cards, in which the U.S. prime rate is arbitrarily attached based on what prime interest the federal reserve sets.
Interest rates don’t only go up. If they did, we’d probably be paying 200% interest rates by now. It’s more like a roller coaster with rates going up and down. Smart people usually wait until rates are way down when buying a house.
I, am a Canadian Woman, Medical,, I own my own Home, .. It is not a Fancy Home, just 3 Bedrooms, but on a Large piece of Property, Beside a Salmon Spawning River.. The House is fine, but what I love, most is its Property,, & WHAT I, GET TO ENJOY, WHEN , i AM ABLE TO COME HOME TO IT.. Wildlife come to visit the River, Wonderful Blue Herons, Deer, & yes in Spring time Bears,, Bears , do not excite me !! I have Fruit trees in my Yard, so Racoons come to fight over the fruit.. But all in all, I am Blessed by Nature.. I have 100 ft. Fir Trees in my back Property, Mother Natures Lungs & home to many Birds Nesting.. All in all, to me, It is Not the Size of the Home, but WHAT & WHO, APPRECIATES, WHAT IS GIVEN TO US !! ~ THANK-YOU BOTH FOR BEING WHO YOU ARE & SHARING YOUR VALUES , YOU ARE APPRECIATTED !! :)))
You brothers may be interested, in the US there are Islamic lenders you can seek out that will do your home loan in a halal way, I know there are differences. Also there are two ways a regular person has their home loan arranged. One is a fixed interest rate that will stay the same, not increase or decrease fees (the smartest, safe way). The other way is called variable rate, which means the bank fee fluctuates, they usually pay less in payments at the beginning, but it leaves it open to heavy interest increases in later years costing the buyer more for the same house long term. Why offer two ways? Because in US we have freedom of life choices.
It's called discriminatory lending. Why as an American are you happy to offer a service to one group and not others? It's illegal, in case you dont know. So as a Christian and our Bible is against interest rates @cammyrubin2512
I will point out that muslims should hold their nose and buy with a traditional mortgage, as halal financing does exactly the same thing but worse. It’s a huge ripoff. Paying 1/360th of $600,000 every month for a $200,000 home today is exactly the same as paying interest, just with a higher rate.
Love the videos! I live in rural Indiana, full of wide open spaces, farm land, woods, hunting, fishing and tons of family and fun. Unfortunately our secret has gotten out and land prices and population are gaining fast
I lived in the Middle East for a while, but now I'm "Back Home Again in Indiana." After Lebanon, I really appreciate the lush, rolling, green, hills and planes of Indiana. I think what the greenness and fruitfulness would look like to my friends back there. Lebanon is beautiful. It has greenery, mountains, beaches, and snow, but it's NOT like here. After the crowded, dusty, hot apartment buildings, I drive through Indiana's rural areas and think how these Hoosiers are living so many people's dreams. It may be a little trailer or double-wide, but they own land! Usually, there's a barn or shed even bigger than the house and a camper or motor home parked alongside. It would blow the minds of my friends in Lebanon. Even for myself in a suburban neighborhood, rural is the dream.
City homes are more expensive. I have 1 ac of land surrounded by woods near a lake and paid about 25,000 for mine. It needed work so I bought low and fixed it.
I would say this is an average American HOME as far as size and amenities. I would NOT say this is how the average PERSON lives. Many Americans can't aford a home or live in apartments in cities, or in mobile homes in a trailer park. We also have a lot of homeless. But, in the demographic of Americans living in houses, this is a GOOD representation. This is the middle, not super rich or super poor. Like, I cant afford a house, but I live in one with my parents, and it is about this size and amount of rooms, a little smaller.
Hey Bros, actually in 2006 i bought a 3 bedroom/2 bathroom house. My interest rate on the loan was 5% fixed for 30years. In 2018 i bought another house and my interest rate was 4% fixed interest on a 15 year loan. Fixed interest means it doesn't change for the life of the loan.
Yes, most homes are bought on what is called a mortgage loan. The interest on the loan is governed by the interest rate set through the Federal Reserve bank. But, you can do the loan with any lender that will give you the terms you would like. I was lucky in that my husband's grandparents bought land back in 1918. So, they gave us part of the property. We were able to log the place and build our home. We've never had a mortgage. I lost my husband 10 years ago to cancer. We raised our children here, but the house is too large for me to keep up with. So, I will likely be selling to downsize. I've been researching smaller places and home values in this area have doubled in the last 5 years.
If you haven't already done so you should watch videos of combat sports, like Best of Mike Tyson or best knoouts etc. im always happy to watch your videos !
My husband and I sold our old farm house to his sister for cash, we took that money and built a house ourselves (only thing my husband had someone else do is the electrical, the guy did it for staying on our land for free and camped for 6 months) it took years to get it as far as it is, everything out of pocket, never had a loan in my life. We are considered poor but looking at our house and land you wouldn't even think we were. We've spent 80,000 to build it and its worth at least 3 times that, not that we'll ever sell.
People would usually get a home loan to buy a house here and the loan would often have a fluctuating interest rate for the life of the loan. Since covid happened and many businesses were forced to shut down, the middle class has suffered and struggled financially. Home prices have skyrocketed. Corporation's and wealthy individuals began buying up homes and then reselling them at double or triple the price. We've also experienced a lot of inflation over the last 4-5 years. Hopefully home prices fall soon, so the majority can afford to buy homes once again.
You can get a used car cheap here , I wish you could come and live in the states but I know it would be hard to leave your homeland …if you work you could get a house and car maybe not fancy and new but a fixer upper to call your own
Most people get a fixed interest loan and it doesn't change, the rate may go up and down but once you get your loan it stays at whatever rate it was at the time. We got a nice house for 100k and have a 2.6% interest rate which is really good, I think its around 7-8% right now, but while it will change for other people going to buy it is locked in for me at the 2.6%.
Buying a home for $100,000 over 30 years with interest at 6.65% will have a total cost of $239,509 by the time your loan is paid. You pay so much in compounded interest. I think most people still do the 30 year mortgage since you get lower monthly payments.
I’d like to see a reaction to weed in America just to see if you consider it haram and to see your reaction to the weird history of weed being spread eventually to the U.S. and how America’s state by state laws worked around it
In America there are income class levels... Lower class: (poor) less than or equal to $30,000. Per year Lower-middle class: $30,001 - $58,020. Middle class: $58,021 - $94,000. Upper-middle class: $94,001 - $153,000. Upper class: greater than $153,000.
Bought my house for 114,000. 3.7 fixed interest rate and 10 years later its worth 360.000. She may have paid her house off with life insurance by her husband that passed. The house your viewing here is a little bit larger than mine. I also live on a fenced in acre.
My house has a fixed rate mortgage at 3%, that means the price doesn’t change nor does the rate increase. Loan rates have gone up because everything happening in the world but it goes back down eventually. Only variable interest loans increase, it is NEvER recommended to get a variable interest home. I believe sometimes you can’t get approved for a fixed rate loan not 100% sure why someone would get a variable rate loan but you should ABSOLUTELY not do it!
The current mortgage rate for a fixed rate 30 year loan is around 7.12%. It will not change for the life of the loan (30 years). Mortgage rates fluctuate from region to region and from lender to lender. The current rate is high and people are not getting a lot of home loans. I have a 30 year fixed rate of 3%. I suspect that she was able to pay her home off after her husband died because he had life insurance which paid the mortgage off in full. That is normal.
I was curious about what you said regarding loans with interest being haram for Muslims, so I did a little search to see if there was anything where you could borrow here in the US and have it be halal. From just a quick glance, I found that there are a few options to get halal loans here, so if you do decide someday to immigrate to the US, you shouldn't have to worry too much!
Finally, a normal house. Indiana has reasonably cheap houses. Houses are expensive because they have to be built to government code. They can't just throw up a quick shack and live in it until they can build better because the government will not allow it. A long time ago, the codes were lax, and people died. All bedrooms must have 2 points of escape for fire safety. The house foundation has to be concrete with reinforcement ($30k). All homes must have a certain number of electrical outlets per room ($10k). The roof itself is well over $20k if you hire builders. Indoor plumbing is expensive, especially the furnace system, both of which are required by law (except for the amish). Everything needs to be insulated because winter can be lethal without it. Land in a desirable location is expensive because of low supply and high demand. Land in some places is cheap, but you are far away from desirable areas.
I'm not sure if I understood what you were saying, but interest rates go up and down all the time. Your credit score also determines your interest rate. Maybe there are more than one type of loan, but for my home and car, the interest rate stays the same (fixed rate loan?) so it doesn't matter how high the rates get, mine stays where it was when I got the loan.
One of the major problems in the USA is that huge corporations buy up all of the good housing and rent it, so the middle class on down cannot afford anything good.
Her husband made the wise decision to pay.off the home quickly just in case something should ever happen to him. Clearly his wife is happy with that choice because the house payment is an expense she doesn't have to worry about now that she's a grieving widow raising her daughters by herself.
I believe she said her husband passed away so she may have used his life insurance to pay off her home. That was very smart. It looks like she is renting out a room too?
Her house would cost more in New York and California and especially more in Hawaii and Alaska. She never said how much her house cost. Interest doesn't go up yearly on most loans!
66 per cent of US families "own" their homes (still paying off the loan, or not) as opposed to renting - that number has decreased 3% in the past 20 years - it's getting harder.
NONSENSE i lived in Indiana for years her home is about average and the interest only fluctuate if you dont have a fixed rate -many people like me only go with fixed rate loans that never change!!!! it took me 20 years to pay for my house with a fixed rate and now i own it i am middle to lower income level as a teacher of high school and college my house has 3 bedrooms with a bathroom both upstairs and downstairs main floor is kitchen dining room living room and large front sun porch enclosed with screened widows it has a one car garage large very green fenced back yard many large trees and gardens worth here in erie pennsylvania about 150,000-in california where my cousins live it would cost 500,000 -750,000 it depends on where you live!! there is no crime at all to speak of where i live dont even bother locking doors ....
Oh, the lady showing us her home seemed nervous and rushed through it, so I don't think you were able to get a real clear idea of what an average home is or what middle income can buy you...
That's a very normal, average house in the US. You both speak English so perfectly that I would think you both grew up in the US. Is one of your parents American?
Being in a rush to pay off your debt is not really a good thing, depending on what rate you are paying. Inflation offsets interest rates. That and investing your money in a good return investment could easily outpace what your interest rates are. Paying off a loan at under 5 percent (like many people have prior to the Biden hikes) during a period of high inflation and investments that pay over 11 percent is not really a priority unless you are getting ready to retire and lose your primary income.
Tbh this is a VERY Typical house we're an American accept. It's not typical for an American to have the house paid off. Depends on how old you are if you are close to retiring. Or maybe 20 years before retiring. Hopefully you put your house on. Unfortunately, that is not the case where most Americans right now. Especially after COVID, where we're all hurting end with the war end going on with Russia taking over everybody and we're trying to recover after COVID. The whole entire planet is an inflation, so it kinda sucks. But I'm not sure what is it like where you live? What is your average homes look like? And do you guys take loans out? Because it comes in like you weren't sure what she was talking about. So do you guys take loans out on your homes? And I don't know what your homes look like there. My family is actually from Portugal. So words, where are we? We're from always has like play. Roofs, and like stucco homes to keep us cooler. Is that how it is? Where you a problem, please let us know. I love both of you. You're one of my favorite channels and I would love to know more about you guys. I love how great you guys are. You're an amazing channel, but you both. Seem like you're a blessing for god thank you
I see your frustrations with living where you do. You love your country and you know it can be so much more. We feel the same way here, we as Americans get frustrated when our Government sticks it's nose in our business and wont leave us alone to live our lives. Luckily here we can push back and do so succefully every day. Freedom is not free and we must stay vigilant everyday. Our home is paid off and we never borrowed from the Government. I never ask the Government for anything and I strive to limit interacting with Local State or Federal entities as much as possible.
Midwest versus east or west coast… city versus suburbs versus rural… even down to the actual neighborhood in a town can have a lot to do with the prices, both to buy and to rent. We live in an old farmhouse that was, somewhat updated by the guy we bought it from, but it’s over 100 years old, the oldest house in the neighborhood. We live on a lake here in Minnesota, but we don’t have shore line property, so our house wasn’t as expensive as some of the houses around us, and because of that it drives the value up of our house too. The upkeep is a lot tho, all the problems an old house like this has… hard to heat, especially hard to keep cool, water in the basement whenever it rains… the paint outside is peeling away, the wood trim under the windows is starting to rot… mice get in in the fall, ants get in in the summer… we have a big beautiful maple tree in the front, but there is a bug called a box elder beetle that feeds on its roots and birds won’t eat them and nothing but soapy water kills them, but that also killed all my flowers… it’s always something. Right now a bird made it’s nest under my son’s window, which until yesterday we thought was really cute, until we realized bird mites are a thing and they are so tiny they are coming in somewhere around the casement. Agh… we’ve been spraying and cleaning that area to get rid of them, but I don’t have the heart to get rid of the nest until the babies leave, so we’ll have to wait it out lol… I laugh about it, but I really have no idea how we’ll ever sell this place. It was great the first 10 years we lived here. I love the area, and the schools are great… but owning this type of home is a lot of maintenance. We bought it for $325,000 12 years ago… supposedly it’s worth $800,000 now but I doubt it. That’s because there is a house 2 houses away worth a million on lakeshore, so it skews everything…
HABIBI BROTHERS , you're making UA-cam a better place
So true!
The interest rate on homes depends on the type of loan. The interest doesn’t change if you have a fixed-rate mortgage. I’m glad you got to see a more normal house. She was obviously very nervous. So many of the videos show only the very expensive homes. There is a video that show several of the various style. I really enjoy your reactions
Yeah, this is as basic as a 60-80s built Indiana suburban home gets. You can afford this with a single earner if he is in a good job, or 2 earners easily. Indiana isn't California, this is like 350k at best (only because Fort Wayne is a bit more expensive than the rest of the state).
I really hope you two and your families get to come and visit the U.S. someday, and maybe live here permanently if you like it. You would be a welcomed addition to our country. Good luck to you both.
It's the same family they are real brother
@@paigerushing9974I think they meant the brother’s families( their wife and kids). The brother on our right wears a wedding band. The other brother is probably married, too. So I think the commenter meant the 2 brothers and their wife and kids.
I grew up in San Diego, California in the 1970's - 80's. My Dad bought our house in 1975 for $36,000 and sold it in the early 2000's for $585,000. It's insane how much houses and land cost these days.
Finally! A normal house that most of us have … that’s about the same size as mine , around 150,000 here where I live, my husband and I are retired our house is also payed for , insurance and taxes are around 3 thousand a year , we aren’t rich by any means but we do ok 👍
This was a much more realistic average American home
In indiana, a 2500 sqft house like this is probably about $200,000 to $300,000. A paliative care nurse in indiana probably makes about $60,000 to $80,000 a year, so this is about a lower-middle to middle-middle class home.
I cried when she said her husband passed away. 😢
Don't cut my, uh, our, pine trees down before you die!
Yes, this is an average middle class home. Paying off a home is a great accomplishment. Most home loans last for 20 or 30 years. That means people pay the mortgage, property taxes, and insurance on the home. After the loan has been paid in full, the owners still must pay property taxes and insurance.
We borrow from the bank to buy the house but we have to put 20% down first. Then we pay off the mortgage to the bank every month until it's all paid off. Certainly some people can buy their house out right but not most people.
He’s right about the place. My state is considered a “poor” state. We have some of the lowest cost of living in the country. In 2006 I bought my 3 bedroom 2 story for 25,000. It is a very old house though, built in 1926 but I’m only the second owner as the lady before me was the one who’s family built it and she died at age 97. I bought it from her nephew who was “managing it” it’s got tons of random issues but I’ve lived here 18 yrs now. Problems and all, but it’s mine, it’s paid for and I don’t need a fancy new house. Jut a roof over my head and a place to make family memories. Edit: our crazy inflation right now though has the value of my home at $46,000 even though it’s value in 2006 was 25,000.
Most house loans Our 20 to 30 years You can get a fixed interest rate that never goes up or you can gamble on a variable rate that can go up or down Depending on current interest rates Generally from 3 to 7% also currently about 61% of Americans own their home. I hope this clears up some of your questions. by the way I love your videos guys keep them coming!
Indiana is very nice. It's not totally in the tornado zone so it's a little less risky. Chicago is very close and Canada. It is very humid in the summer. I have seen Heat Lightning there from the humidity. Like can't sleep and can't breath humidity. They have fireflies in the summer. Winters are not fun. They have seasons unlike here in California so they have good seasonal sales. Tons of history and The Amish are near by and they make great stuff like cheese and furniture. My family moved out to California from Indiana. They did not like the winters anymore. 😄 I visited there a lot as a kid. It was a lot of fun and great food.
before the pandemic, I’d say mainly the labor (to pay professionals to build your house) was the high cost
Now, everything is expensive: the labor, the materials, the land
Ft. Wayne is one of the least expensive cities in the US (it’s a small city). Homes cost widely different amounts across the US for many reasons. It’s also important to remember people make different a,ousts in their salaries often based on their location. My sister is a long time school teacher in Indiana and only makes about 65K after decades of teaching, yet a cousin teaching in Chicago suburbs makes about 125K teaching. Houses are more expensive in that area and many (not all) costs are higher bring in a major metro area. The old adage of “location, location, location” impacts same physical house in different location. Even within the SAME city or town a home can be more or less based on neighborhood or proximity to good schools, transit, etc.
As others have said, what you have shown here IS an average American person's house! For many of the other clips you have reviewed before, the homes were owned by people in the upper middle class or the wealthy -- for those that claimed they were average or middle class, -- don't believe them. Many people who are quite well off in the US don't interact that much with "average" people -- they just assume the world they know is the way everyone lives.
About 60% of Americans own thier own houses (which is to say they either own it free and clear or are paying on a mortgage). About 30-40% rent their homes. Urban living IS more expensive -- but there are many cities where you can get a really good deal -- Pittsburgh where I lived for a long time, you could get a substantial house (one that needed a little work) for under $80,000.
You guys do great work!!
Jared from CT
Hello guys!
In the US, most "homeowners" are still paying a monthly mortgage. To have your home paid off is a dream!
I should send a video of my home to you!
70% of homes have no mortgage. Depending on where you live, it might be 90% or as low as 40%
Wow, this is cool. I live in Indiana, and where she lives in Ft Wayne, is just next door! Im in small town Huntington, but go to Ft Wayne all the time cus its 4× the size of my town. Im so sorry she lost her husband😢😢
you guys deserve way more than 4.3k subscribers! im glad to get in early i wish you guys best of luck!
Wow, this actually looks like a truly average, middle class American home!
This is much closer to what most Americans live in. The reason she makes a big deal about paying it off is, it can take most people 15-30 years to do. Of course with a lot of variables. I'm buying my house, but I'm in a rent to own. I pay rent but when the house is paid off I own it.
Small compared to where I grew up/still live in Highlands Ranch, CO, but it looks lovely! 😊
Yeah thats about average middle class
Keep in mind the actual final amount oweing, and the amount of the payment will be based on other factors such as how high the local property taxes are.
And the percentage of finance charges being applied, as well as the actual purchase contract, such as required escrow accounts.
Back in 2008 this is what helped spark the financial crises, in the U.S. as well as Europe, because banks were offering up what's known as "balloon rates".
These are rates that are set variable rates, in which after the first few years start ballooning higher and higher.
So a buyer may in the first couple of years enjoy a 1%-2% rate, but by year 5 can be at 8% and just keep increasing up to the maximum allowed usury cap N.C. it's capped at 15%, however the usury cap varies between different states.
And for the most part does not apply extensively to small short term loans, or revolving credit lines, such as closed store cards, or major credit cards, in which the U.S. prime rate is arbitrarily attached based on what prime interest the federal reserve sets.
Interest rates don’t only go up. If they did, we’d probably be paying 200% interest rates by now. It’s more like a roller coaster with rates going up and down. Smart people usually wait until rates are way down when buying a house.
I, am a Canadian Woman, Medical,, I own my own Home, .. It is not a Fancy Home, just 3 Bedrooms, but on a Large piece of Property, Beside a Salmon Spawning River.. The House is fine, but what I love, most is its Property,, & WHAT I, GET TO ENJOY, WHEN , i AM ABLE TO COME HOME TO IT.. Wildlife come to visit the River, Wonderful Blue Herons, Deer, & yes in Spring time Bears,, Bears , do not excite me !! I have Fruit trees in my Yard, so Racoons come to fight over the fruit.. But all in all, I am Blessed by Nature.. I have 100 ft. Fir Trees in my back Property, Mother Natures Lungs & home to many Birds Nesting.. All in all, to me, It is Not the Size of the Home, but WHAT & WHO, APPRECIATES, WHAT IS GIVEN TO US !! ~ THANK-YOU BOTH FOR BEING WHO YOU ARE & SHARING YOUR VALUES , YOU ARE APPRECIATTED !! :)))
You brothers may be interested, in the US there are Islamic lenders you can seek out that will do your home loan in a halal way, I know there are differences. Also there are two ways a regular person has their home loan arranged. One is a fixed interest rate that will stay the same, not increase or decrease fees (the smartest, safe way). The other way is called variable rate, which means the bank fee fluctuates, they usually pay less in payments at the beginning, but it leaves it open to heavy interest increases in later years costing the buyer more for the same house long term. Why offer two ways? Because in US we have freedom of life choices.
It's called discriminatory lending. Why as an American are you happy to offer a service to one group and not others? It's illegal, in case you dont know. So as a Christian and our Bible is against interest rates @cammyrubin2512
Yes, there are halal financing options. There are also rent to own options from private owners sometimes.
I will point out that muslims should hold their nose and buy with a traditional mortgage, as halal financing does exactly the same thing but worse. It’s a huge ripoff. Paying 1/360th of $600,000 every month for a $200,000 home today is exactly the same as paying interest, just with a higher rate.
Love the videos! I live in rural Indiana, full of wide open spaces, farm land, woods, hunting, fishing and tons of family and fun. Unfortunately our secret has gotten out and land prices and population are gaining fast
I lived in the Middle East for a while, but now I'm "Back Home Again in Indiana." After Lebanon, I really appreciate the lush, rolling, green, hills and planes of Indiana. I think what the greenness and fruitfulness would look like to my friends back there. Lebanon is beautiful. It has greenery, mountains, beaches, and snow, but it's NOT like here. After the crowded, dusty, hot apartment buildings, I drive through Indiana's rural areas and think how these Hoosiers are living so many people's dreams. It may be a little trailer or double-wide, but they own land! Usually, there's a barn or shed even bigger than the house and a camper or motor home parked alongside. It would blow the minds of my friends in Lebanon. Even for myself in a suburban neighborhood, rural is the dream.
City homes are more expensive. I have 1 ac of land surrounded by woods near a lake and paid about 25,000 for mine. It needed work so I bought low and fixed it.
I would say this is an average American HOME as far as size and amenities. I would NOT say this is how the average PERSON lives. Many Americans can't aford a home or live in apartments in cities, or in mobile homes in a trailer park. We also have a lot of homeless. But, in the demographic of Americans living in houses, this is a GOOD representation. This is the middle, not super rich or super poor. Like, I cant afford a house, but I live in one with my parents, and it is about this size and amount of rooms, a little smaller.
Hey, brothers 😊 I was lucky enough 24 years ago to get a 1600 sq feet house with 2 acres of land for $60,000. I’ll pay it off next year 🎉
Hey Bros, actually in 2006 i bought a 3 bedroom/2 bathroom house. My interest rate on the loan was 5% fixed for 30years. In 2018 i bought another house and my interest rate was 4% fixed interest on a 15 year loan. Fixed interest means it doesn't change for the life of the loan.
Yes, most homes are bought on what is called a mortgage loan. The interest on the loan is governed by the interest rate set through the Federal Reserve bank. But, you can do the loan with any lender that will give you the terms you would like. I was lucky in that my husband's grandparents bought land back in 1918. So, they gave us part of the property. We were able to log the place and build our home. We've never had a mortgage. I lost my husband 10 years ago to cancer. We raised our children here, but the house is too large for me to keep up with. So, I will likely be selling to downsize. I've been researching smaller places and home values in this area have doubled in the last 5 years.
If you haven't already done so you should watch videos of combat sports, like Best of Mike Tyson or best knoouts etc. im always happy to watch your videos !
My husband and I sold our old farm house to his sister for cash, we took that money and built a house ourselves (only thing my husband had someone else do is the electrical, the guy did it for staying on our land for free and camped for 6 months) it took years to get it as far as it is, everything out of pocket, never had a loan in my life. We are considered poor but looking at our house and land you wouldn't even think we were. We've spent 80,000 to build it and its worth at least 3 times that, not that we'll ever sell.
Mines $900 000 CDN 2 story 1350sq ft basment included in that size Toronto Canada area. USD thats $658 000 today.
People would usually get a home loan to buy a house here and the loan would often have a fluctuating interest rate for the life of the loan. Since covid happened and many businesses were forced to shut down, the middle class has suffered and struggled financially. Home prices have skyrocketed. Corporation's and wealthy individuals began buying up homes and then reselling them at double or triple the price. We've also experienced a lot of inflation over the last 4-5 years. Hopefully home prices fall soon, so the majority can afford to buy homes once again.
You can get a used car cheap here , I wish you could come and live in the states but I know it would be hard to leave your homeland …if you work you could get a house and car maybe not fancy and new but a fixer upper to call your own
Yes. This is an average American house.
I've lived in Indiana. Its not far from my home in Ohio. Fort Wayne is nice!
Hives from wasps, hornets and bees can appear where there is plenty of flowers. They also nest in the most unusual places.
Most people get a fixed interest loan and it doesn't change, the rate may go up and down but once you get your loan it stays at whatever rate it was at the time. We got a nice house for 100k and have a 2.6% interest rate which is really good, I think its around 7-8% right now, but while it will change for other people going to buy it is locked in for me at the 2.6%.
You just go this way with no problem. Its been 6 months I'm still having problems
Buying a home for $100,000 over 30 years with interest at 6.65% will have a total cost of $239,509 by the time your loan is paid. You pay so much in compounded interest. I think most people still do the 30 year mortgage since you get lower monthly payments.
I’d like to see a reaction to weed in America just to see if you consider it haram
and to see your reaction to the weird history of weed being spread eventually to the U.S. and how America’s state by state laws worked around it
In America there are income class levels...
Lower class: (poor) less than or equal to $30,000. Per year
Lower-middle class: $30,001 - $58,020.
Middle class: $58,021 - $94,000.
Upper-middle class: $94,001 - $153,000.
Upper class: greater than $153,000.
Bought my house for 114,000. 3.7 fixed interest rate and 10 years later its worth 360.000. She may have paid her house off with life insurance by her husband that passed. The house your viewing here is a little bit larger than mine. I also live on a fenced in acre.
My house has a fixed rate mortgage at 3%, that means the price doesn’t change nor does the rate increase. Loan rates have gone up because everything happening in the world but it goes back down eventually. Only variable interest loans increase, it is NEvER recommended to get a variable interest home. I believe sometimes you can’t get approved for a fixed rate loan not 100% sure why someone would get a variable rate loan but you should ABSOLUTELY not do it!
The current mortgage rate for a fixed rate 30 year loan is around 7.12%. It will not change for the life of the loan (30 years). Mortgage rates fluctuate from region to region and from lender to lender. The current rate is high and people are not getting a lot of home loans. I have a 30 year fixed rate of 3%.
I suspect that she was able to pay her home off after her husband died because he had life insurance which paid the mortgage off in full. That is normal.
I was curious about what you said regarding loans with interest being haram for Muslims, so I did a little search to see if there was anything where you could borrow here in the US and have it be halal. From just a quick glance, I found that there are a few options to get halal loans here, so if you do decide someday to immigrate to the US, you shouldn't have to worry too much!
That is a relief.
Finally, a normal house. Indiana has reasonably cheap houses. Houses are expensive because they have to be built to government code. They can't just throw up a quick shack and live in it until they can build better because the government will not allow it. A long time ago, the codes were lax, and people died. All bedrooms must have 2 points of escape for fire safety. The house foundation has to be concrete with reinforcement ($30k). All homes must have a certain number of electrical outlets per room ($10k). The roof itself is well over $20k if you hire builders. Indoor plumbing is expensive, especially the furnace system, both of which are required by law (except for the amish). Everything needs to be insulated because winter can be lethal without it.
Land in a desirable location is expensive because of low supply and high demand. Land in some places is cheap, but you are far away from desirable areas.
I'm not sure if I understood what you were saying, but interest rates go up and down all the time. Your credit score also determines your interest rate. Maybe there are more than one type of loan, but for my home and car, the interest rate stays the same (fixed rate loan?) so it doesn't matter how high the rates get, mine stays where it was when I got the loan.
Now that she's got it paid off from the bank. Maybe she will start doing things to the house. Like updates. New things.
Yes 👍 she could get a home equity line of Credit if she needs to..
One of the major problems in the USA is that huge corporations buy up all of the good housing and rent it, so the middle class on down cannot afford anything good.
Her husband made the wise decision to pay.off the home quickly just in case something should ever happen to him. Clearly his wife is happy with that choice because the house payment is an expense she doesn't have to worry about now that she's a grieving widow raising her daughters by herself.
I believe she said her husband passed away so she may have used his life insurance to pay off her home. That was very smart. It looks like she is renting out a room too?
If you have a fixed rate it does not go up you're talking about an adjustable interest rate.
Her house would cost more in New York and California and especially more in Hawaii and Alaska. She never said how much her house cost. Interest doesn't go up yearly on most loans!
66 per cent of US families "own" their homes (still paying off the loan, or not) as opposed to renting - that number has decreased 3% in the past 20 years - it's getting harder.
NONSENSE i lived in Indiana for years her home is about average and the interest only fluctuate if you dont have a fixed rate -many people like me only go with fixed rate loans that never change!!!! it took me 20 years to pay for my house with a fixed rate and now i own it i am middle to lower income level as a teacher of high school and college my house has 3 bedrooms with a bathroom both upstairs and downstairs main floor is kitchen dining room living room and large front sun porch enclosed with screened widows it has a one car garage large very green fenced back yard many large trees and gardens worth here in erie pennsylvania about 150,000-in california where my cousins live it would cost 500,000 -750,000 it depends on where you live!! there is no crime at all to speak of where i live dont even bother locking doors ....
Oh, the lady showing us her home seemed nervous and rushed through it, so I don't think you were able to get a real clear idea of what an average home is or what middle income can buy you...
That's a very normal, average house in the US. You both speak English so perfectly that I would think you both grew up in the US. Is one of your parents American?
no
No intrest rates don’t go up every year they change with inflation right now the intrest rate is about 61/4 prrcent
Being in a rush to pay off your debt is not really a good thing, depending on what rate you are paying. Inflation offsets interest rates. That and investing your money in a good return investment could easily outpace what your interest rates are. Paying off a loan at under 5 percent (like many people have prior to the Biden hikes) during a period of high inflation and investments that pay over 11 percent is not really a priority unless you are getting ready to retire and lose your primary income.
Tbh this is a VERY Typical house we're an American accept. It's not typical for an American to have the house paid off. Depends on how old you are if you are close to retiring. Or maybe 20 years before retiring. Hopefully you put your house on. Unfortunately, that is not the case where most Americans right now. Especially after COVID, where we're all hurting end with the war end going on with Russia taking over everybody and we're trying to recover after COVID. The whole entire planet is an inflation, so it kinda sucks. But I'm not sure what is it like where you live? What is your average homes look like? And do you guys take loans out? Because it comes in like you weren't sure what she was talking about. So do you guys take loans out on your homes? And I don't know what your homes look like there. My family is actually from Portugal. So words, where are we? We're from always has like play. Roofs, and like stucco homes to keep us cooler. Is that how it is? Where you a problem, please let us know. I love both of you. You're one of my favorite channels and I would love to know more about you guys. I love how great you guys are. You're an amazing channel, but you both. Seem like you're a blessing for god thank you
Her husband died and his life insurance paid off her house.
I see your frustrations with living where you do. You love your country and you know it can be so much more. We feel the same way here, we as Americans get frustrated when our Government sticks it's nose in our business and wont leave us alone to live our lives. Luckily here we can push back and do so succefully every day. Freedom is not free and we must stay vigilant everyday. Our home is paid off and we never borrowed from the Government. I never ask the Government for anything and I strive to limit interacting with Local State or Federal entities as much as possible.
Upper middle class
Very very few people can out right buy the house
Hello my brothers. You should check out trailer parks and housing projects now to see the lower classes
Having 2 kids is insanely expensive. 3 is ridiculous
That was one lousy tour
I would say the price for this house is probably around $400,000
I don't know where you live but in most of Indiana 400,000 is going to be a hell of a house and that house ain't it.
When she bought it was probably under 200k, it's over 300k now. It's Fort Wayne, which isn't expensive, but it's high for Indiana.
It’s called greed.
This woman truly did not care about her husband.
Her husband died in May she is acting like its Disney world
She is trying to make it look like she isn't hurt by it.
This video is 4 yrs old and filmed in the fall. Her husband, at best, passed away at least 4 months prior.
Midwest versus east or west coast… city versus suburbs versus rural… even down to the actual neighborhood in a town can have a lot to do with the prices, both to buy and to rent. We live in an old farmhouse that was, somewhat updated by the guy we bought it from, but it’s over 100 years old, the oldest house in the neighborhood. We live on a lake here in Minnesota, but we don’t have shore line property, so our house wasn’t as expensive as some of the houses around us, and because of that it drives the value up of our house too. The upkeep is a lot tho, all the problems an old house like this has… hard to heat, especially hard to keep cool, water in the basement whenever it rains… the paint outside is peeling away, the wood trim under the windows is starting to rot… mice get in in the fall, ants get in in the summer… we have a big beautiful maple tree in the front, but there is a bug called a box elder beetle that feeds on its roots and birds won’t eat them and nothing but soapy water kills them, but that also killed all my flowers… it’s always something. Right now a bird made it’s nest under my son’s window, which until yesterday we thought was really cute, until we realized bird mites are a thing and they are so tiny they are coming in somewhere around the casement. Agh… we’ve been spraying and cleaning that area to get rid of them, but I don’t have the heart to get rid of the nest until the babies leave, so we’ll have to wait it out lol… I laugh about it, but I really have no idea how we’ll ever sell this place. It was great the first 10 years we lived here. I love the area, and the schools are great… but owning this type of home is a lot of maintenance. We bought it for $325,000 12 years ago… supposedly it’s worth $800,000 now but I doubt it. That’s because there is a house 2 houses away worth a million on lakeshore, so it skews everything…