Thanks Joe! I am enjoying calculating how much my 2.5% rate is worth to current buyers!
@chrispoyner3338
7 ай бұрын
I'd argue its worth what Tom Cuise offered Matthew McConaughey in Tropic Thunder. "A G5 Air Plane. And Lots of Money!"
@Manausa
7 ай бұрын
For sure Kevin, for your home, the typical assumption-buyer will save well over $500K over the life of the remaining loan versus obtaining new money today, certainly that's got to be worth something, right?
@piedpiper7051
7 ай бұрын
Interesting. I own a FL condo which has an assumable FHA loan @4.25% which I am interested in selling. Every time I've attempted to bring that up in conversation with a realtor they simply downplay it and say that it's not likely the bank would allow assumption during these high interest times. Can you explain a bit deeper how that works or if you have another video that covers it in more detail?
@Manausa
7 ай бұрын
@piedpiper7051, I greatly appreciate you sharing this comment and question, as it perfectly demonstrates the ignorance that I see daily in this industry. Agents (as a general rule), do not study their craft. When cycles change, their guidance lacks for several years until the market forces them to educate themselves. @piedpiper7051, as far as the "more detail," ... it's not required. There are loans (typically VA and FHA) that contain language that allow new buyers to assume the loans, so long as they qualify. The standard of qualification is the same as for a new loan, so somebody with poor credit will not be able to assume the loan. So here's your more detail: The seller alerts their loan servicer (the organization that collects their monthly mortgage payment) that a buyer wants to assume their loan. The seller asks "what is the process to get this started." The loan servicer will provide a name and phone number that the buyer needs to call and start the qualification process. After that, the existing lender becomes the lender for the buyer, works them through the qualification process. That's it. No magic. Nothing else to learn. @piedpiper7051, if you want my help in finding a Realtor to list and sell your home by featuring its assumable loan, just drop me a note here: www.manausa.com/drop-joe-a-note/
@Manausa
7 ай бұрын
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@dystopia-usa
7 ай бұрын
Most working Americans cannot afford to buy a house today with their own individual income - at least not on any semblance of a healthy budget where your monthly mortgage is 30% or less your monthly gross income. The most house someone can afford with the median U.S. individual income today ($58K) is $200K or less, & those type houses are not being built. The median house cost today is around $412K or so. Plus, good luck saving 20% down payment, all other factors aside.
@Manausa
7 ай бұрын
Thanks for sharing your opinion @dystopia-usa, you do well to amplify my angst from the under-building of homes in the US.
@ricksanchezsflask8794
7 ай бұрын
I should have bought a house in 2020...
@Manausa
7 ай бұрын
Thanks for sharing your experience @ricksanchezsflask8794, I think a lot of people are in the same boat. Based upon 120 years of data, that sentiment is nearly always true (home prices avg 5%+ annual increase since WWII). Find what you can afford, buy it. Refinance it when/if rates drop. Waiting will only bring higher prices.
@ricksanchezsflask8794
7 ай бұрын
@Manausa I'll buy what I can afford once I find it. Not easy in my area and the last time I found them, I was furloughed.
@Manausa
7 ай бұрын
@ricksanchezsflask8794 I understand. Just know that you are not alone. Many Americans in the same boat and the numbers are rising. Best of luck Rick!
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