Stress Free Budgeting For Buying A House
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- Опубліковано 10 лют 2020
- Budgeting to buy a house doesn't have to be overwhelming! Let's talk through the best ways to kick-start your homebuying budget.
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Budgeting to buy a house can feel incredibly overwhelming and complex. But it doesn't have to be! So how do you budget to buy a home? The easiest way to budget a mortgage payment and utilities and everything that goes along with buying a is to have a solid overall budget. And overall budget is going to help you see how much money comes in each month, along with how much money goes out each month without knowing your exact budget monthly, it's impossible to know how to budget for a home. A big thing that people mix up is how much house you can afford versus how much house you should afford. Lenders and banks are only going to focus on what you can before. They are not personal advisors nor are they financial planners, so they don't have a solid idea of what your exact budget is. So, you have to rely on your budgeting skills to figure out take-home is a solid plan for you and your family doing forward.
So, lenders look at your gross income. Your gross income is your income before taxes are taken out. You, on the other hand, should be focusing only on your net income. Your net income is your income after taxes are taken out. Sometimes people call their take-home pay. We want the focus exclusively on net income, or take-home pay, because that's the money that directed goes in your bank account for people to budget. So when you're budgeting to buy a house, we need to make sure that we know what our net income is along with our average expenses that way we can figure out if a home is going to be comfortable.
Now, one of the most difficult parts of purchasing the home is that the mortgage payment in the expenses that go along with it can be a little cloudy. And sometimes we have to use guesses to figure out a general idea of what our housing budget is going to be. For instance, we usually can have a solid idea of what are principal and interest payments on a mortgage will be using a mortgage calculator. But, which is difficult to find is your property taxes, homeowners insurance, mortgage insurance homeowners association, utility expenses are. The reason these costs are not pet and dry is because they can vary from property the property and different companies and lenders can charge different amounts depending on the type of loan.
Ultimately, when you're starting to look at buying a home, or if you already own a home, budgeting to buy a house can feel overwhelming. The best place to start is making sure you have a general budget for you and your family. This is going to make sure that you have a solid idea and you can roll with the punches if you have unexpected expenses come out before you purchase a home. Having a general budget will also help you save money for a down payment and for an emergency fund if needed.
Hey, my name is Kyle and I'm a Loan Advisor serving Tennessee, Florida, and Ohio. I help you get a crystal-clear home loan so you can win the house you love.
www.winthehouseyoulove.com/
-- Legal --
NMLS# 1701021
Motto Mortgage Alliance
www.winthehouseyoulove.com/
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity
This is house buying ASMR. What a time.
Hahah!
yes. definitely followed Dave Ramsey for 2 years now and i paid off ALL my debt and saved 30k for a down payment. he helps you get in a great position when buying a new house. :)
Great work!
This makes home purchasing more realistic and not as stressful. Super helpful! I am waiting on my pre-approval. i have a credit score of 820, so I know I'm good, but the monthly expenses is what I was concerned about. Now I can effectively plan for the new chapter.
Thank you so much for watching!! :)
Thank you!!!! All of your videos are amazingly informative and helpful, but this one is spectacular because gives a great outline on being realistic . . . even if realistic means that now is not the correct time to buy.
Your teaching and information is truly, truly appreciated!!!
Thank you, I feel motivated!
Kyle, your advice is priceless! Thank you!
Glad it was helpful!
This is so helpful! I'm a new subscriber. Even though I've owned two homes, this is so helpful. We are purchasing a new home in the Spring. These tips are super helpful.
Ah, that's so great to hear! Thank for watching, Nathan!
You give EXCELLENT advice. I am working towards being a CPA and your videos are so clear, relevant, and enjoyable.
Thank you so so much! I hope your journey to becoming a CPA is going well! :)
@@WinTheHouseYouLove I just found out that I passed another part!!
Your videos are fantastic. I want to watch all of it. It’s extremely insightful.
That's so kind!! Thanks so much :) I'm glad you're here
House haking
Thank you so much for this video! Very informative.
You are so welcome!
Again another great video!
Thanks again!
Thank you so much for this information very helpful
You're welcome!
Thank you for this video! My husband and I have had waves of House Fever and almost went into the process based on emotions twice! We have recently gotten ourselves out of a bit of a rut and the momentum feels good!! We are shooting to start the process around Jan or Feb of next year.
Are you licensed in Texas?
You're welcome! Awesome!
I'm not, but you can fill out this form and I'll connect you with a good broker: www.winthehouseyoulove.com/referral
Thank you..
Thank you so much for watching!! :)
Thank you. Great tips. Are you knowledgeable about New York real estate? Is it better to buy a house or Condo?
Thanks for watching! I'm not super familiar with NY real estate unfortunately
Love the channel alot of great info are u licensed in florida?
Thanks! Yes I am! Feel free to send me an email: kyle.seagraves@mottomortgage.com
Hi great advice! Are you licensed in NY?
Hello Kyle, I live in California and I'm looking to buy a house in 4 to 6 months, I do have one high interest loan, I have $7,000 left but I have $10,000 in the bank; my question is what do i look for with my realtor so that I won't be cheated like in the past? Or what should I look for toward buying a house?
ua-cam.com/video/a_uPn7lIF-Y/v-deo.html
When you can only save $150 a month it takes years to pay everything down and get a down-payment that is worth what you wanna buy.
Time to up the income !
Dave is even more strict. 25% take home pay and a 15 year mortgage. If you did that in California unless you have a big shovel, you won't be able to afford a homeless tent. Even with the extra buying power in a 30 year, 25% take home results in very little available. You might need as much as 40%-45% take home pay and 30 year. With that much debt, there is literally no room for auto loans and credit cards. Keeping up with the Joneses is fatal in California.
The good thing is, you still have 49 state to choose from! ;) Best of luck!
What app are you using with the iPad?
Adobe Fresco
🤣 I was like what is he talking about a house for $800!… where? If I pay $1600 for a 1 bedroom apartment. But yes I do live in California! And that makes no sense lol and that’s not counting utilities! I gotta move asap
🤣 You have 49 states to choose from. :)
OR/WA/TX may help you, $440/month for my rent ( mobile home), I see it the same as a studio 🤷♂️
Wouldn't it be better to have your insurance included in your house payment????
It is at 8:43
if you got less than 900 a month before utilities off 25%... I'm not so sure how nice a house you can get lol
might be falling apart
Sigh i can only save max $300 a month due to high cost of living here in CA. and id like to save up atleast 10% for a 400K home 😞 😔 😢
Ah that's a bummer! Those high cost of living areas are brutal!
Houses here in san diego are averaging 700k and up 🥲
WHO ELSE BE LIVEN IN CALIFORNIA!? :(
Ah bummer!!! Cali is EXPENSIVE
Bay Area here. Born and raised. Love living here but every time I hear about 100-300k home loans in these videos, I scratch my head! That isn’t even enough to get you a trailer home here!
Nothing in w
Twin cities MN TO RENT LESS THAN 1000$ plus utilities IN regular area and it can go up easily to 2000$ for one bedroom rent .
If people make 2000$ per month how they able to buy a place if nothing is here cheaper than 120.000$ in fine condition 1 bed and 1 bath in safe neighborhood ??
Is there a video that addresses CA & NY residents? Or are people who don't make over $150k not advised to purchase homes? This video was a bit frustrating...
this vid example didn't age well
It doesn't need to age well. Markets change. Info from 3 years ago doesn't need to be relevant to all of the future