ok, I have to break this down for all those saying they would not want to buy a house because of how much goes to interest. 1. You have to factor in appreciation on the property. If you buy a $100,000 house and put down $20,000, after 5 years you will have paid $15,000 in interest, but at average appreciation, the home is worth $123,819!!! The added value outpaces what you paid in interest!!! You've made 8,816 doing NOTHING, plus any money that went towards the principal is added as equity. This is why even though most of your money is going to interest, it's still cheaper in the long run. To the guy saying it's crazy that the "total" cost of the home will be 1.58M, the home will be worth well over 2M at average real estate returns at the end of the loan. 2. Inflation pays your principal for you. As inflation rises over the years, but your payment is fixed, the cost of that payment gets effectively cheaper. A $1000 payment in 2000 is basically the same as $1,400 payment today. Which means that if your payments isn't changing, every single year, that payment is cheaper and cheaper in terms of what the dollar does, so a lot of that interest is actually getting paid off by inflation the longer you keep the home.

@MonicaChurch

4 жыл бұрын

This is a great comment! I didn't want to get into appreciation otherwise the video would've been waaay too long, but everyone should read this!

@rochellesmith8837

4 жыл бұрын

Thanks! Your home purchase is awesome, thanks for sharing! I'm in the process of buying a condo and super into this. Being driven a little crazy by the lack of mathematical understanding and false info going around.

@rochellesmith8837

4 жыл бұрын

Michael Molina that 8,000 is over 5 years :) your appreciation over 30 years is way more than average repair. The money, over many years, works out in the homeowners favor almost every time. Especially when you consider that you have to pay for housing anyway.

@rachaeldavis5438

4 жыл бұрын

Rochelle Smith homes can lose value as well. There is no guarantee of appreciation. I’m not saying this to discourage home buying. Just that people are signing a paper to pay on a home for 30 years (or 15 or whatever) no matter what. Not I’m only paying on this home if it makes me money I’m in lending and have been for years. I would have people tell me they walked away from homes because they lost value. That was frustrating for me.

@davide4809

4 жыл бұрын

Idk, do u really think a townhouse will be worth close to 2M? Only worth it if someone buys it. I agree with you that all property goes up in value, but is anyone else worried that we’ve hit the ceiling with property values? I can hardly see a home going up in value that high let a alone a townhouse. Doesn’t add up to me, especially when you use that logic and will someday say it will be worth over 4M in however many years.

These are the types of things we should be learning in school

@JasonWalter1

4 жыл бұрын

Lauren Mun I absolutely 100% agree! Why don’t they have a personal finance class in high school? 😊🏡

@DesantisPence2024

4 жыл бұрын

No, these are the things we need to learn before buying a house!!! I don't think any stupid teacher will encourage anyone to pay extra on a house when there wasn't any multiple buyers. The realtor and the buyer made off with her money. Get back you money Monica!

@canadiankaren2426

4 жыл бұрын

Lauren Mun They teach his in Canadian schools the course is called Planning basically life planning.

@thejohnbeck

4 жыл бұрын

1 - people don't learn until they care. I would've zoned out in this like i did in a lot of other classes. 2 - Also a lot of laws change in the 10 years between HS and home-buying time.

@bobberry1463

4 жыл бұрын

You can there classes you can take

“You’re good and life’s good and we’re all gonna be alright” Okay but like I needed that

@chadcarlson8311

4 жыл бұрын

Did you? You weren't gonna.make it without that huh Sarah?

@beans9019

4 жыл бұрын

Chad Carlson so condescending for no reason

Roommates? So not only are you a homeowner, you're also technically a landlord now! Congrats on getting the house, it looks beautiful.

@SimonCU

4 жыл бұрын

In reality, the home is not really hers yet... until she paid off her mortgage. So, in reality, the bank owns the majority of the house and she only own 10%.

@jwb4bb

4 жыл бұрын

@@MiddeWayToNirvana Respectfully disgree. Even with her mortgage paid off, she can still lose her home if she fails to pay property taxes. The state will force a tax lien sale and fire sale it to pay the bill, erasing all her equity in the process. If she can still lose her house even if she's paid the bank back in full, then she doesn't really own her house and never can, IMO. I have recently paid off our house, and now all I have to pay for is insurance and taxes, but if I don't pay taxes I lose my house. The government owns everything.

@orangeguy3314

4 жыл бұрын

@@jwb4bb Respectfully disgree. It is her home and no one can tell her what to do with it unless she breaks some law. In some countries like vietnam the government owns all the land and the people can build on it. Taxes are a by product of living in a country,but it doesn't take a away the legal right of owning something. She is listed as the legal owner of the property and not the government or bank.

@jwb4bb

4 жыл бұрын

Orangeguy I was making the distinction between “legal” owner and “real” owner. If she can lose her home because she didn’t pay the government, then does she really own it? Is it really hers if the government has the final say? Property tax is rent; the landlord you can never be free from. It’s a fee we must all pay or else.

@orangeguy3314

4 жыл бұрын

@@jwb4bb The people of the country are the government. Without taxes things like schools and roads don't exist. Some countries only tax property when it sell's . It's what the people of that country by way of laws decided As they say: we are a country of laws. As long as I don't break any laws I am the owner on record on my home legal and real. If someone sues me and wins a judgement against me. Everyone that's on record as the real and legal owners on my home will be part of that lawsuit. Think about it....if I sue you and win .Do I get to sue the government because you paid into taxes on that home or the bank, because they gave you a loan on the home. You can pay all your property taxes and still lose your home by many ways. Like lying on your personal taxes or causing harm to someone else.

I just payed the rent for the first time in my life and was so proud, got a reality check now Hahahaha

@MonicaChurch

4 жыл бұрын

no, thats still exciting!!

$4400 mortage almost made me spit my drink out! I live in a two bedroom, two story + basement townhome in Michigan and pay only $795 a month. Dang Seattle dang. But congratulations on home ownership!

@MonicaChurch

4 жыл бұрын

@@mj-ix4pe Its about 1300 sq ft. 3 rooms 3 bathrooms. I end up paying $2400 a month with roommates pitching in a little over $900 of that going to equity.

@carriemiranda130

4 жыл бұрын

And u live in michigan....it aint no seattle. Please dont compair the two. Completely two differ lifestyles.

@ttc958

4 жыл бұрын

That's so cheap, that cost atleast 2500 in Toronto. Homes start at 900k, that's for a condo..

@gc377

4 жыл бұрын

For a house like that and bc she has renters, it’s pretty good.... if you think that’s bad imagine how bad it is here in CA 😫 (specifically the Bay Area)

@DesantisPence2024

4 жыл бұрын

hahahahahaha! She is crazy!!!! Sell that house Monica!!!

I loved how honest you were about the process. When you haven’t bought a home yet. It all feels like such a mystery! Thanks for the explanation!

@DesantisPence2024

4 жыл бұрын

She should have not purchased that house $7,000 plus 10% down... She should have ran.

@GameBrigade

4 жыл бұрын

Trump Messed Up you have no idea what you’re talking about.

It’s called an escalation clause. Your agent is smart! Not all agents know about it or advise clients to use it to win a multiple offer situation. For those wondering, the seller’s agent has to provide proof of the highest offer if the escalation clause is enacted.

@miichelletran

4 жыл бұрын

How would you know they are not lying? Do they have to show that highest offer by law? Because it seems like they can just say it to try to get more.

@robertturnip7850

4 жыл бұрын

I would ask to speak to the other person to confirm that the agent isn't just lying.

@screammachineman

3 жыл бұрын

My goodness ty for informing ppl. It’s pretty important ppl understand how to not get taken advantage of

@agood1

3 жыл бұрын

yes we were wondering. It seems like a scam jusy to get more money in comission.

@CityCinderella

3 жыл бұрын

@@miichelletran In a city like Seattle, I'm sure it's the norm to get the offer in.

You and your twin are so mature at such young age. Your parents should be proud.

@MonicaChurch

4 жыл бұрын

Thank you very much!

@ominous450

4 жыл бұрын

How old is she?

@bhuvanabaliga45

3 жыл бұрын

ominous450 she’s 25

I recommend if you didn't get a personal finance class in high school, definitely consider taking a personal finance class in college.

coming from a real estate agent, i love love LOVE that you spoke on the fact of your escalation clause! when buying a house and being in a bidding war, that extra X amount of dollars that the buyer is willing to go above the competing offer, like you said will really break down to a few dollars a month! we try to make sure buyers don’t get discouraged about that! thanks for such an awesome video & educating people!

Lord I lost it at the cost of that mortgage price but you are absolutely doing the right thing having roommates to help pay it down. Home owning is worth it, if for nothing but the appreciation alone. Congratulations 🍾🎊

I really liked the last part of the video were you mentioned it’s OKAY to rent, and not feel like we are wasting money, I wasn’t aware of all the money that doesn’t go to the principal from your total mortgage payment.

@MonicaChurch

4 жыл бұрын

Yeah I was shooook when I realized it too! Renting is TOTALLY ok! Look up renting vs owning who has more wealth, its so interesting- usually comes out about the same.

@loverslanehawj6244

4 жыл бұрын

Alexis Hernandez Those who rush into buy what ever just to have the tile of “home owner” are buying for the wrong reasons/wasting money. Buying is the biggest investment....there are always houses available, builders are building homes daily....no need to rush. Life is short, focus on self love & live to the fullest with no regrets. Homes, cars and boats are just “materialist” items what really matter is having joy in life.

@caitlingibson1241

4 жыл бұрын

So much goes to interest. I broke it all down and in the last 4 years in my house we’ve paid almost $40000 in mortgage payments but only paid down about $4000 in principal. Its painful to think about

@sarasthoughts

4 жыл бұрын

@@MonicaChurch okay but.. if you rent, then you have no assurance. Something happens and you struggle with money, you don't have a house anymore. Plus, if you rent your whole life's spending will be for nothing. If you buy a house, your relatives will get it when you pass away.

@erickahope9864

4 жыл бұрын

My mortgage on the home I’m looking to buy is 1,900 all in. 500 of that is going to principal. Lmao. It’s rough.

I’ve been watching Shelby on and off for a WHILE now and didn’t even know she had a twin. When I came to this video and saw you face I immediately had to search for a video with you and Shelby together.

I’m so glad somebody is being transparent about this process! I’m always seeing the “I bought a house” videos and wonder sheesh but how!? It’s really cool to see someone my age doing all this. Thanks Monica!!

When you were talking about escrow all I could think of was TJ from Gilmore girls constantly saying “I’m in escrow!!”

@findKhristine

4 жыл бұрын

lol I was thinking of that too!

@Loissupes

4 жыл бұрын

I thought she would insert that clip!

@DesantisPence2024

4 жыл бұрын

I was not thinking that!! I was thinking, this freaking girl bought a house and didn't know what the hell escrow means??? A sucker is born everyday! LOL!!!

@candy2325

4 жыл бұрын

Trump Messed Up hey well now she knows. When I got my first car when I was young there’s a lot of terminology I had to learn and learned the process of making payments, getting insurance, taxes, etc. We all have to learn somewhere whether a house, car or big financial commitment.

@lindajasmin4914

4 жыл бұрын

Hahaa!! Me too, I have it looping in my head now😂😂

Please note - property taxes go toward paying for public schools, road creation and maintenance, public transit, public libraries, fire and police departments and basically all of the things so many Americans take for granted! We all pitch in for these things because we value them and know they make our society better, stronger and smarter.

@kauigirl808

4 жыл бұрын

Thank you. This is why wealthier areas have much better public schools. People don't understand this.

@duweydang

4 жыл бұрын

Sometimes it is understood. It’s the management of said taxes that gives people a bad view of it.

@kingslayer1156

4 жыл бұрын

You forgot interest on loans and military spending

@rizzeau

4 жыл бұрын

and public servant pensions

@andreamarie9526

4 жыл бұрын

maybe, but it bothers me other people in other areas of the world pay higher taxes, sure, but least they get free education and healthcare out of it, mainly healthcare being the most important as it makes paying for a house or anything with kids etc hard when you have medical. so I wonder if we will ever get a better society in this type of way other then the ones you listed above :(

the content that you’ve been putting out is sooo helpful and useful i love it!

@MonicaChurch

4 жыл бұрын

Thank you!

Great vid. I've been investing and selling real estate since 2002. The unfortunate thing in my experience is people are approved for say $500,000 and they go out and cap that exact amount out. They do not live within their means, they become house poor and ultimately are miserable. For anyone reading this, keep your personal overhead low and you will live a happier life 😎

@rebeccaanne3083

4 жыл бұрын

SteveInvests this is great advice! My husband and I only spend 10% of our monthly income on our mortgage and all other housing expenses. It is such a relief to live below our means.

@roxannescott6956

4 жыл бұрын

Well said

@SteveDaria

4 жыл бұрын

Rebecca Anne Awesome work!!

@casondrastinson8525

3 жыл бұрын

Agreed! We went into home buying with that in mind. We were approved for $250,000 but wanted WAY LESS than that! Thre first realtor we worked with kept taking us to homes near the highway priced admitt $280,000 (I specifically wanted away from major highways). We dumped her & went with a realtor who listened. We were able to get a home at $175,000 & live in it as we fix it up. Nothing major, so definitely comfortable living as we make updates! Since then we've more than doubled our income, and that means we're not even towing the line of "house poor". I really hope everyone looking to buy a home watches videos like this! My family growing up was NOT good at money, KZread is free education.

@SteveDaria

3 жыл бұрын

CaSondra Stinson Awesome work! 🤙😎

Very informative! Thank you for being so open and honest about all of it. And I love how you ended and made people feel good about whatever choices they're making.

@MonicaChurch

4 жыл бұрын

Thank you so much!

Love how financially transparent you are!

thank you for teaching me more than school ever did.

Really great informative video! We are about 40 minutes south of you and got our house as a foreclosure 10 years ago for only $150k. Similar houses in our area are now selling at $350k so that is definitely one way we are feeling good about all the extra costs we will never get back. One other thing we do is round up our mortgage payment each month adding a little extra to the principle.

You are very wise beyond your years!! I love that you are renting out your rooms so it cuts down your house expense❤️Congratulations on your first house!!! My hubby and i bought our first home years ago when We became debt free, saved up 20% downpayment and saved a 3-6 months emergency fund. It’s been wonderful!!!! Hope you make wonderful memories in your beautiful house!!

Wow, no one ever posts such insightful and easy to understand content like this! Thank so much!!

Who else dropped everything they were doing to watch this?!? Bc SAMEEEE🤩

@evotme9995

4 жыл бұрын

Looool.

@ohShnapss

4 жыл бұрын

Nope. Still eating.

I just bought my first ever house too, and this was very accurate with my experience as well! I had no CLUE what escrow was, I thought it was a fancy word for the time between when the down payment was made to the time you get to move into the house. I also agree that it's not too stressful to buy a house, as long as you have a good team of realtors/lenders. I really only had one "stress" day during the buying process, but that was just from an issue from the inspection. Enjoy your home!!

I work in mortgage lending, and this was a really great video! I also wish people knew there are SO MANY different loan options when it comes to buying, to suit different credit or down payment needs and that it doesn’t hurt to see what you could get approved for. Really great info though! 😊

I think this video is so important because I was so intimidated by the buying process but you’re right, it’s really not that bad especially if you’re used to dealing with paperwork and contracts through your job. Also ty for touching on how little equity you build in the first few years of your mortgage, that’s such misleading advice millennials get from older generations.

I'm actually pleasantly surprised. This was quite informative and easy to understand!

I really really really appreciate that you give real numbers in your videos. Most of these types of videos from other YT’s feel clickbaity because they’ll give a generalized statement and MAYBE pretend numbers if you’re lucky. You keep it real and tell us what is actually going on. Thank you for being genuine! 💕

This is one of the best home buying videos I've come across. I love how transparent she was and that she used real numbers. I'm still nervous but I like that I know everything to expect!

I'm 1 second into the video and saving this video to my "Future House Sh*t" playlist so when it comes time to buy a house, I know what to expect

@MonicaChurch

4 жыл бұрын

yesss

@anthonyramirez2576

4 жыл бұрын

Daisy Navarro wet

@thedietingman5995

4 жыл бұрын

Everyone needs a “Future House Sh*t” playlist 😂

@cold_as_ice999

4 жыл бұрын

I did the same! My playlist is called Finally Adulting 🤣

@JayR305TheChosenOne

4 жыл бұрын

Good luck overpaying for your future house

I live in Australia and bought my first home in 2019 at the age of 26. It's funny how it was basically the exact same process in Aus, just with different names for each payment and service. People had told me how there are so many unexpected payments, but the only unexpected one I dealt with is the inspector...

I appreciate that last part where you said we don't have to feel bad because I don't have a house and life's good. That made me feel a lot better.

From someone who just went through this myself at the top of year - you did a great job explaining this.

This was so helpful and honestly made me feel a lot more knowledgeable about home owning. I’m still in college and I didn’t know more than half of this. Thanks Monica!! Super great vid. I love when you do life/finance related vids

@MonicaChurch

4 жыл бұрын

I am so glad this helped! :)

@Juliezeneth

4 жыл бұрын

omg i know right?! no one teaches you these things haha 💕

@hendersonandre1

4 жыл бұрын

What Monica did not tell everyone which you can do when making your normal payments. If you want to get your house paid off early or lower your loan amount owed. You can pay more of your money towards your principal. You would have to contact the company you got your loan from to ask the process for this and to ask them if you are penalized if you pay your loan off early. I did this with both houses I purchase. We send a extra check in the mail stating on it to go towards our principal. And I don't think its a exaggeration to say getting a home can be a exhausting process. It is subjective and you have to look at it from the perspective of what you are buying such as are you "building" a house, buying a new home or a home that is a couple to several years old or even a decade old. Some home buyers have a lot they go through depending on what they are buying. I have purchase a new house and I have built a house. Buying a house already built was a cake walk compare to getting a house built. Getting a house built depending on the builder can be a long back and forth process that can be exhausting. One advice I would recommend everyone to do. If the builder or home owner tells you they will do something. Always get it in writing.

@JasonWalter1

4 жыл бұрын

juliezeneth I do! 😀🏡😀🏡😀

So crazy helpful...I’m dying to buy a house before I’m 27 so let’s let the saving begin 👏🏻

@colinmiller3112

4 жыл бұрын

I’d love to help you buy a house!! I’m a realtor that specializes in first time home buyers👌🏼

@CatonDelRosario

4 жыл бұрын

check your county and city if there's any first time buyer programs! Though I totally recommend having about 3 months of payments saved up for a rainy day, since theres a ton of hidden costs to owning!

@Cp-gv5kn

2 жыл бұрын

I just brought my first, I’m only 22 and from Australia 👍💪💪

@alyshavendrasco6440

2 жыл бұрын

did you do it?

This woman is super chill, she explained well, she was not judgmental. I like her.

I didn't use a big box mortgage company, so was able to sit down in person with our mortgage agent who was really great and explained everything from the very start and none of the stuff you talked about was a surprise to me cause they explained everything. They really went above and beyond what I think most agents would of done.

I just bought a home in a pricey area still under construction. I bought it for $573K and the appraisal was 600K, so I have $27K instant equity after settlement. The key was to buy in a great location. The home appreciation rate in good areas pays for itself

You have such a simple but very thorough way of explaining things! Thank you for this, wish we would’ve learned these things in high school. ☺️

What I thought I had learned on KZread and google definitely clicks after hearing you narrate it, makes me feel so much more confident about all the research that made sense in my mind, but I wasn’t sure if it really was that way until u narrated it the same in simple terms ! I feel reassured! Thanks a lot, you seem very humble !

I bought my current sofa and loveseat from Ashley in 2005. It's still in good shape. Congratulations on your new home.

You have the most practical and well made videos! Keep up the good work!

I’m interested in seeing a video on how you chose your roommates. Did you already know them or met them during their application process?

@Vgenv

4 жыл бұрын

Same

This is why I love you Monica always making real videos ❤️

One of the most informative & honest video I've been watching lately!! Really appreciate your work on this, Monica.

Monica, has anyone explained to you that you can pay extra on the principal each month? if you do that (and it does not have to be a huge amount) you gain in two ways: you pay down the principal which add to the equity faster, and the interest decreases proportionally so that is less money you pay the bank. I have used that principal several times and paid off three houses, improving the quality of the houses each time. Now I I've in my retirement house which is paid off and the co-vid crises has not effected me at all. Good luck!!

@purpleshield27

3 жыл бұрын

Hi Brenda! Can you share how you can pay extra on principal? (ie do you talk to the bank/lender about it? Do you set up a weekly/biweekly payment instead of monthly?). Thank you!

@dnellbuck1896

3 жыл бұрын

All you have to do is specify with your bank that any overpayment is to go to your principal. Call your bank and ask how to do that, they may require it in writing. My math teacher in high school psid and extra 4 dollars a month a d paid his house off 4 years early. So even just a couple of extra dollars towards principal really makes a huge difference.

@agood1

3 жыл бұрын

@@purpleshield27 you simply sendnin another payment that month. Or pay more during each payment. anything above the minimum goes to principle that month. Or you transfer large chuncks of the balance to a credit card.

@maxamillion9370

3 жыл бұрын

@@agood1 this is not entirely true. Most lenders won’t apply extra payments to the principal without specification, it’ll go as a regular payment which pays the interest and other fee before actually paying the principal.

This was an AWESOME video thank you for actually breaking it down instead of just saying “save money” lol Congratulations to you!

This was an AWESOME take on the overall homebuying process. I'm a millenial and a mortgage lender so I totally get how crazy the process can be. One last thing to remember on interest is that it is a writeoff on your taxes! make sure you take advantage of that come tax season, it'll save you a ton!

i appreciate how you used real numbers, it makes it SO much easier to understand

Honestly the most stressful part for me currently is waiting on the appraisal. There’s literally nothing else for you to do and there’s no way to speed up the process, it’s out of your hands. I don’t know why but that gives me so much anxiety.

I love these grown up topics that feel like things I should know. We are talking about money, equity, and adulting in 2020 ladies!!!

I have been on a look for house for the past 4 month and my dream house offer finally get accepted yesterday after a offer got deny and now, I already put in the escrow and have the inspection take a look at. I can't wait to start moving in!😭

She’s always transparent with the numbers. We love to see it

I just closed on a house in December. I went through everything you just mentioned except the mortgage insurance since I put 20% down and I didn't have to have an appraisal.

Yes, the sewer is optional - GET THE SEWER INSPECTION.

@JasonWalter1

4 жыл бұрын

Jacob Bidwell I totally agree. It’s $150 in my area (Sacramento CA) and you could find $10k in issues.

The most useful video you have ever made! I love when people break things down like this

I actually love how this video gets concluded, theres just no pressure in reaching these milestones... although ultimately, we wanna have something to call our own so i guess, being a home owner wins. :) LOVE

My fiancé bought his house at 21 and we have a plan to pay it off by 28 (in 5ish years) so that once we sell we will have a nice down payment to build a house double the size just in time for us to have kids. We constantly like to talk about our financial plans so this video was perfect. I like that Monica has grown with her subscribers. I was subscribed back during her beauty guru days, now we are at the age where we are buying a house.

@colinmiller3112

4 жыл бұрын

Nikki Riehle that’s awesome! Where are you located?

This video was very informative and yet also scary since I’m 24 and sooner or later I’ll have to buy a house and I have $0 lmao

@TreavorUnion

4 жыл бұрын

Like she said, you don't have to have a mortgage/house. But in any instance just save whatever you can even if it's $2 a day

@darthvader7010

4 жыл бұрын

Stop wasting money on starbucks

@sairadelrey

4 жыл бұрын

Darth Vader who’s drinking Starbucks? 😂😂

@majesticj42

4 жыл бұрын

You don't have to buy a house. Nothing is wrong with renting just depends on what you want. Get a second job to save for your down payment.

@mikejuba9228

4 жыл бұрын

Start watching Dave Ramsey videos. They may help you to head down a good financial path. You have nothing to lose kiddo.

Hi! I really liked how you inference at the end that either buying a house or renting is both okay. It was comforting to hear someone reinstate that. I found your video because I had this sudden urge to educate and prepare myself to buy a house one day, but that is a societal pressure for young adults who are joining the workforce.

Thank you Monica for this video! I found it really interesting and informative. Despite being 19, I always love learning information that will help me make more informed decisions in the future.

Im at the point in my life where I have to start considering buying a home and no one talks about the process enough and most times its a learn as you go along process. Super helpful Monica 👌🏽👌🏽 thanks

@colinmiller3112

4 жыл бұрын

Chelsea Stephenson I’m a real estate agent and would love to help you when the time comes. Where are you located?

@chellox68

4 жыл бұрын

Colin Miller thanks for the offer, however I’m not living in the states lol

Idea home: 100k financing at 3% or lower interest at 15 years.

@MonicaChurch

4 жыл бұрын

You should look into prefab homes! They are smaller, less expensive, but really beautiful. with a 100k budget you could get one, but buying land would be a bit more.

@MonicaChurch

4 жыл бұрын

@@Nunyabiz8787 that is so interesting! I want to make video about you!!

@Nunyabiz8787

4 жыл бұрын

Monica Church Also, you are correct about the paperwork, it only takes about 30 minutes lol. I closed last year with a 30 year mortgage at 4.7% interest, and then rates dropped to 3.6% this year so I refinanced to a 20 year and the monthly payment is less than $100 more per month. I did have to close again and get a new appraisal (my house value already increased a few thousands dollars!) but it was worth it. I also rent out one of my spare rooms to traveling nurses.

@Listen2me400

4 жыл бұрын

BeckyLee B. Wow!!!!!

Thank you for being so transparent!! I would to add you don’t NEED a realtor if you are buying. My situation was the real estate agents in my area suck so it worked out better for me! Don’t be afraid to drop them if they aren’t pleasing you!

This was actually super helpful. Thank you!

I wish I had this before I bought a house. This is very accurate, though house buying in every state does differ in small ways. Love the bedroom set, by the way.

@MonicaChurch

4 жыл бұрын

Thank you!

That’s what I thought escrow was too! Buying a house is SO confusing and we still don’t understand it all but it worked out for us 😆

I never comment on people's videos cause i'm lazy af but just wanted to let you know that this video was SO informative and helpful! Learned so much

I had no idea about how you pay more interest in the start of the loan! Wow that’s actually a really useful thing to know. Thank you!!

This was very helpful!!! Thank you so much

Thanks, Monica! This was super helpful 👌

thank you for being so transparent about the process!

Exactly! I just bought a house and was so shocked how quick it was happening that i started procrastinating...you are correct,, folks it really is NOT that hard to buy a house

“I’m in escrow” - TJ -> Gilmore girls 😂😂

dude I also live in seattle (well, north seattle) and I haven't turned my heat on either! I literally am boxed in on all sides by other apartments, left, right, above, below, it's awesome

dont let the process scare you!!!! i just bought a place and it seems so daunting but its all so worth it!! also dont let the up front costs scare you because it really pays off in the end!

for the add in the start of the video, it was actually well done, i didn't skip it like i usually do

I remember signing my middle name on all those papers threw me off! There were a couple times I had to squeez it in there because I had NEVER signed with my middle name before haha

@chesshooligan1282

3 жыл бұрын

Damn, I haven't got a middle name. I'll never be able to buy a house.

Love this video! Thank you!

Thanks for sharing Monica! I definitely learned alot about the homebuying process 😊

Out of all the videos I’ve seen on buying a house, this is most honest, direct and informative! Thank you! ... & Yes, that is 2 Mansions here in Texas! Lol Congrats!

Thank you so much for going into detail about all of this! and for being so open with how much you pay a month and breaking THAT down for us! This makes me want to never buy a house lol just because of all that interest money going to waste and barely paying anything towards the principle 🙄that's my current situation with my student loan *sighs in debt*

@MonicaChurch

4 жыл бұрын

duuude seriously so much interest $$ goes to waste, buying a house can be a bit overhyped. I am so glad this was helpful for you! Student loans... so unreal how unfair it is. I feel like there shouldn't be interest on that like wtf???? our world sometimes smh

@sterlingmarshel6299

4 жыл бұрын

Monica. Just a few notes for your benefit. One if your home appreciates 10% ( assuming your place is 700k and your down was 70k ) once you reach 20% of the loan have it appraised and ask the PMI be removed Two: get a good CPA and itemize your taxes. You can claim office space in your home and other work related write offs.

$70,000 for a down payment just amazes me 🤭

@Camelotskin

4 жыл бұрын

In California a conventional loan down payment would have twice as much at 20% or $140,000 down for 700K home.

@DesantisPence2024

4 жыл бұрын

She is an idiot. It doesn't amaze me... She should get her money back. Let us come together and help her. She did all that and there was no other offer! Seller beware!!!

@Levelheads4421

4 жыл бұрын

Camelot yeah! I guess I should clarify - having $70k cash to just drop down on a 10% down payment amazes me. As young adult from the southeast, this isn’t the usual, so it’s tough to empathize - the fact that she has this opportunity is awesome though!

@moma5501

4 жыл бұрын

catj You could buy land and a home with that in TEXAS dang

@Defy_Convention

4 жыл бұрын

You're going to need roughly $800k for retirement.

wow this video was so informative. i’ve never really thought much about the future in terms of buying a house or researched about it. this was so helpful in starting to get an understanding of the whole process! absolutely loved it 💕 thanks monica!!

My husband and I are buying our first home together. What I would recommend to Anyone planning on buying a house get a realtor you vibe with not just someone looking for a paycheck. Your realtor has to have your back! Know everything you are looking for in a home & also keep a list of what you are willing to compromise (do not settlement it’s your future home!). DON’T BE CHEAP get all the inspections & keep them in case something happens, you have proof for insurance purposes! Be smart about getting into the home buying process ask questions, be comfortable with everything, & don’t settle.

@BeingBetter

Жыл бұрын

We were so lucky to have a good friend as our realtor.

Shout out to the underwriters!! - hilarious to realize people who dont work in a bank hardly know anything about what happens behind the scenes

I LOVE THESE HOUSE VIDEOS

Thank you for being so open and honest with us, this video was soo helpful!!!

Great insight and you explained the technical stuff so well! Definitely bookmarking this to look back on when it comes close to buying a home.

Monica showing a few papers and people in Germany be like: hold my beer and pretzels“ 🤣 Germans are so obsessed with papers 🤠

I’m curious if in the end you ended up purchasing with Shelby or if you are the only one on the mortgage. I thought you mentioned Shelby earlier on in the process but haven’t mentioned her since. Would be interesting to know if this is a dual or single income mortgage

@MonicaChurch

4 жыл бұрын

Yes Shelby purchased it with me! So at the end of the day when we go to sell it, we will split any money we made from it 50/50.

I already bought a house but you did a great job explaining everything!

Love the way you broke down the mortgage payment!! Super easy to understand.

I had to give the previous owners of my apartment a deadline to respond to my offers cause the were so sloooow and so was the real estate agent. But in the end I got a great price so whateva :D

OMG I need to win that sweepstakes! My husband and I just bought a house and we need a new bedroom set soooo bad!!

@MonicaChurch

4 жыл бұрын

yes girl enter!!

You also have to factor in home repairs that you are now responsible for. I also spend a lot more on home improvements that I don't really need to but I just feel like I have to to keep my home up to date.

@SeanBaker

4 жыл бұрын

Nicholas Field same!!

I watched this video when it first and out and now we’re closing next week!! Thank you, Monica! This was so helpful!