Julia Carpenter
speaker
3,850 appearances
71 recordings
1 series
first heard Oct 2019
last heard Sep 2024
Julia Carpenter’s voice in public audio — every appearance, attributed to the second.
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Appearances
Look at what the mortgage is if you put down 2%.
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That's going to be a really expensive mortgage.
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And for a lot of people, they can only afford to put down 2%.
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So that means, all right, maybe not the right time to buy a house right now.
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The other thing a lot of people now are wrestling with is that they may have enough saved to put down 5% as a down payment, which could be a lot of money depending on what the house is.
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But because we are in this period of time where we're seeing low inventory and a lot of competition, if you're putting down 5% as a down payment, you might not be as competitive as someone who comes in and says, no, I can put down 10% or someone who comes in and says, actually, I'm going to buy all cash.
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Absolutely.
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And the other thing that Beret was saying about thinking about how much money it is, this is also a long commitment.
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It's why people will put off buying a home or they will rush to buy a home.
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Because if you're looking at fixed rates on a 30-year mortgage, that means you're going to be with that interest rate for 30 years.
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That's the place I think a lot of people should start.
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When I talk to someone who says, I'm sick of renting, I want to buy, I immediately say, oh, okay, well, do you want to stay in New York for a long period of time?
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And they go, well, no, I'm not sure.
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Maybe I'll move in the next two years.
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And I'm like, okay, well, then don't buy a house, you know?
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What you want to do is make sure that you're getting that return on your investment because when you pay your mortgage, you're paying into the equity you have in the house.
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What you don't want to do is front all of this money, move into the house, which by the way, moving is expensive and people forget about that.
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Get set up and then realize, oh, I'm going to have to turn around and sell this place in two years.
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Really not a smart idea.
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So closing costs are what you're going to pay when you are actually signing the paperwork and moving in.
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Showing 361–380 of 3,850 · page 19 of 193
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