At the young age of 24 years old, my Fiancé and I were blessed enough to purchase our very first home all while still planning our wedding! So blessed and thankful for God guiding us each step of the way. Worked for it, prayed for it, achieved it!! ✅🏠🙏🏽
2 days ago
That new car could cost you an EXTRA $71,000 🤯
What if I told you that your monthly car payment can negatively affect the amount you can afford for a house by 25%… 🙃
I was talking to my mortgage broker and he explained how car payments can make or break a mortgage approval amount. Here is an example below. Assuming a $60,000 salary, good credit, no other debts and a 5% down payment 🏡
🚙 A $250 car payment = $276,000 purchase price
🚗 A $500 car payment = $240,000 purchase price, that’s a reduction of $36,000 just from an additional $250 for your car payment
🏎 A $700 car payment = $205,000 purchase price, that is a reduction of $71,000 which is 25% less than what you could have got
So before you “bougie” out on a car, think about your 1-3 year plan. If a house is in the picture, you might want to reconsider until after you buy a home 🧐
Again this is only one variable in getting approved for a mortgage, reach out to me if you have any other questions! I would be more than happy to direct you to my mortgage specialists 🐼
This isn't a deeply informational post, and probably isn't very helpful to anyone. But a lot of people were asking how I paid for the house, so here's the story!
I had enough money to pay in cash and struggled with the choice of whether to pay in cash or get a mortgage. I finally decided to get a mortgage to lock in these historically low rates and to help diversify from having so much cash wrapped up in San Diego real estate.
But then my mortgage guy looked at all my documentation and decided I didn't qualify for any mortgage, so I said "fuck it" and I wrote a check!
I was told I didn't qualify because none of my income could be counted for various silly reasons. I'm pretty sure if I got a job and a W-2 that said I made $60K/year, the would happily have given me a $350,000 loan. But a $3.8M net worth, a history of business and investing success wasn't enough to impress the bankers I guess. Even with my great credit score!
Oh well, that's why it's better to have money than good credit. I'm very glad not to be answering to a bank.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
💢💢💢 Just SOLD 💢💢💢 👏Congratulations to our 👨👩👦 clients 🚚 moving to Plumas Lake! 🙏Thank you to our awesome 💰Lender 🤝 Angela Oates who did a stellar job with our 🥇1st Time 🏡Home Buyers.
We were able to get our clients into a 🏡 home for 0️⃣% down and 💲0️⃣ out of pocket for closing costs.
What an amazing deal for our retired couple that are officially homeowners for the 🥇 first time in their lives.
We were so ☺ honored to have the opportunity to 💪 work with such an amazing 👨👩👦 Family!
VETERANS/FIRST RESPONDERS/TEACHERS in Texas
If you’re planning on purchasing your first home I highly recommend looking into the “Homes for Texas Heroes Home Loan Program.” I’m all about finding where the “FREE” money is out there that is available to you. Highly likely that you do qualify for this program.
#firsthome #firsttimehomebuyer#austinhomes#realestate #cbunited