You must be Caucasian

@nesq4104 nope! 💯 negro! Lol! Me and my wife lived off one income and I use my income to buy materials and build the house. Hope to be in the house by end of year. Waiting on trusses to be delivered and will pay someone to put it on. I will do all the rest! It's not that difficult to learn. Most of the information is on KZfaq. I will start the next build asap after we settle in. This house will go on the market as we get closer to finishing the next one.

@@nesq4104not named Maurice Evans 😂

Can you build mines too

@@briesharnellern6905 I will be glad to show you how to build your own home

So is learning from your own...

@AlexsMom826 You are so correct Learning from other’s mistakes helps protect you from making those same mistakes yourself Actually I believe the good book says the wise learns from the mistakes of others

💯

I learn from my mistakes and others

I'm sorry this happened to her to as well. However, I would like to see receipts of property tax increase or the address of the property in question. That's a huge increase. I'm guessing it was her ARM that increased, but I could be incorrect. Hopefully she becomes more knowledgeable of homeownership. She got hustle in her, but she has to do her research first. Even if someone tells you what to do, research it. You can't take the word of what everyone one says. Also, our eyes are bigger than our pockets. Get what you can afford. Know about the area and the tax property prices along with the increases in prior years.

Why did you say you were confused if you explained exactly what happened?!

initially I was confused because of the way she explained everything. It’s like she still doesn’t understand what happened, so she didn’t articulate it properly. I had to sit and think about what she was saying. I’m assuming that’s what happened to her because I had a similar experience.

Adjustable rate mortgage, I'm Not a fan.

​@@vedamichele1295She stated that she was in Orange County NY. I am not familiar with New York but while watching this, I googled a city in that county called Newburg. I said eenie meenie miney moe and stopped on the real estate listing of a house randomly. The house is old (historic)built in 1890, very beautiful and renovated. The last 10 years of property tax history was shown. In 2016, the taxes were 4K per year. Today the taxes are at 12,500 per year so she probably is talking about just her taxes. Thats currently over 1K per month in taxes. Disgusting.

Property taxes and insurance are going up every year.

You can always seek out a lower rate for homeowners insurance and depending on your state, you can challenge the assessment of your property taxes with the assessors office.

I HEARD THAT

Why ? We're you not aware taxes and insurance jump EVERY year ? Home purchased 2001 p.i.t.i cost was 979.00 a month...same house PAID OFF ( NO principle or intrest) 2023...t.i ( taxes and insurance) only 2100.00 per month...yes over 2 times original payment just for taxes and insurance.

That Part!

shocking that the loan officer didn't know what a ARM is

​@@emilystevens6335bNY

No no no no . The issue is ARM🤦🏾‍♂️🤦🏾‍♂️🤦🏾‍♂️ NIV does not mean you can't afford the house or you don't qualify. It simply means as a business owner or contractor, you take all your allowable deductions to lower your taxable income. Which of course affects how much loan you can get approved for. Thus making NIV or Stated Income loans attractive to such buyers. As per escrow, taxes n insurance is always changing. So monthly payment is always changing. You can either pay the shortage upfront to keep your payments the same or you can spread it over 12 months. I'm not familiar with a tax liability being carried over several years by the bank like this lady is saying. They typically want it paid within the yr before the new tax assessment hits. The situation I just explained is how it works for everyone with escrow accounts. I'm a fan of fixed rate loans. Will never consider ARM. The loan amount is too big to account for all the possible variables. Everyone's risk tolerance is different!✊🏾

@TheIkeman74 There is no problem with an ARM if you can prove you can pay for it if it goes up. Stated income is also called a liar loan because folks can just lie. Lol, I know what stated income means, and yes, when used properly, it works. By the way, those business owners and contractors you use as an example still need to be able to afford it. It's math. Oh, and the loan is not too large for some people. There are levels to everything.

I’m so sorry 💐

I'm so sorry, that sounds so terrible. I hope you're OK now!

I am so sorry 😢

😢

Very sorry you guys went through that. And 43 yrs of marriage…..done? Sobering thoughts. I hope your health is ok.

Agreed, well said!

Same. I was rough with the loan offices I had too. To the point that I switched loan offices a couple times bc I felt like they thought I was unintelligent on what I knew. And low key tried to screw me bc I was a first time home buyer. When I didn’t understand something I had some older friends in finance, banking & insurance so I questioned them on something’s for a clearer understanding. So that was helpful too. The entire ordeal was exciting and stressful. I don’t understand how ppl go through the buying process of getting a house multiple times in a lifetime.😅

That Part. You gotta do your own research and double check things

It's true alot of people don't understand loan math.

@@p.gizzle90 any transactions that the person gets commission pay they will try to rip you off with word play

arms might not be so bad now with interest rates at 7%. Probably on there way down

They aren’t bad. You just have to time it right and be lucky.

The laws are different now. Not saying it won't increase but there are more rules and regulations in place

Keep voting blue 💙 if you love these new high taxes! 🥂

She had an ARM…this happened during the recession 2007-2008 time. Companies were giving loans out at low interest rates 1.9% …super low. When the economy tanked, the mortgage rates skyrocketed, which ballooned people’s payments.

She didn’t pay her taxes for years..so they kept tacking it to her escrow account which had a shortage and the interest rate adjusted up with an ARM..she was clueless because she wanted to be..just to be a homeowner..this wasn’t the banks fault..or the governments fault..

How is it a $5,000 per month when it went from $2,500 to $7,500 in 7 month?

Yep...bought mine thru naca in 2019. Still here comfortably. Have a successful day.

NACA is for people who can’t manage money. You will have to do 3x as much paperwork. They will qualify you for a lower amount because you are high risk. Also raise your interest rate 1 to 1.25% because you are going through this program. Use as a last resort!

Took me 4 months to find mine and my credit score is over 800. The smart ones know. It was a few of us in there working out the same strategy.

@@jaypesos6788 Lmaoooo you are misinformed. NACA is for anyone who wants to save money. You have to do so much paperwork because they’re going to make sure you can afford your home not just buy your home. Numerous people buy a house and they’re “house poor” because other lenders only care about their cut. In my situation I had over a 700 credit score, 100k in savings and I make over six figures I could’ve gotten a loan anywhere. But with NACA I had no down payment, no closing costs, 1% lower than national average interest rate and no PMI, and my house was 355k but I could have went as high as 500k so I’m not sure what you’re referring to. Issa first choice for me, and I’ll tell anyone who will listen about NACA!

@@tishr9670 Listennnn!! When you know you know!

2.25%

@@GApeech08 nice!

Her own fault. The info is out there. Due diligence is mandatory when buying property

Hard to sell 21k property tax house 😊

She said she was never behind, It just kept going up with market value, Not to mention the adjustable rate after 2 years

Agreed….❤❤❤❤

Reverse mortgages are a scam

@@koolkitties8552 I read an article regarding that reverse mortgage are scam too.

@@koolkitties8552 no.

@@koolkitties8552- Reread what WHY I said what I said about reverse mortgages. Comprehension IS KEY!

What countries don't require you to pay taxes? I definitely would like to know 🙂

Which countries?

@@sbostic08UAE, Malaysia, other Asian countries and most of African countries if not all. I believe some European countries too don’t have property taxes.

@@sbostic08Also the cost of living is quite low in most countries compared to the U.S

@@aliayussuf9267 Thank you, I will look into this 😊

Yea and the heloc is a motha

I was thinking the same thing.

She bought a house for 650k 😂😂😂 she is a dummy, this is how most BW think. The independent mindset 😂😂 what a dummy

Totally agree. People just jump into things with no research. Seems though she is still a little confused on home financing by the way she answered some of his questions and could see that he saw that and did not press her.

​@DRventura333 first time with no mentor , you will have problems with just reading because it's a business that has many different elements for investors you need experience. ....they hustled her. With the 100 deal😊 on taxes. She didn't think to research what ny taxes are. She didn't know to research arm???? She just saw a new house 😊 She figure it would just be a reasonable increase... more so if she has no finance education 😊

AMEN

Oh wow! So basically purchase land and build

I learned that from Elder Apostle Tahar from GMS

Thank you so much for this!

Ok ...Im all for 100% down....but how does that stop increases in taxes and insurance each year ?

@@nolongeranurse3369 having no mortgage, prepares your finances for those things. They are inevitable, but having no debt helps determine when one can retire.

Yup. Her lack of due diligence is her fault.

yes yes yes

it was a new developement so as all the people moved in slowly it went up because the school taxes had to be paid for all those people's kids. Plus it was not a fixed mortgage. It was adjustable. Interest rate was going up

damn my mortgage is $900 including insurance & taxes 😮😮😮😮😮

THAT'S A CURSE. IT'S SURE NOT NO BLESSING FROM THE LORD. I WOULDN'T WANT NO PART OF THAT DEMONIC EVIL IN JESUS NAME. GOING UP AND UP..I THOUGHT A MORTGAGE WAS SET PRICE.

​@@pearlperlitavenegas2023 THANK JESUS. THAT'S A CURSE THEY INTO. THAT SURE AIN'T THE LORD.

@@user-lw8pk6fx6fIf you have a fixed rate mortgage then ONLY the mortgage payment itself doesn’t increase. However, because most mortgages combine the property taxes and homeowners insurance if/when those increase your overall monthly payment increases. If your mortgage itself is not fixed and an “arm” aka adjustable rate mortgage it will fluctuate to whatever interest rate the market is. Most people who should consider an arm are short term homeowners. A mortgage person recommended an arm to longterm owners is suspect. Likely trying to lock in more clients in a good market but too the clients detriment when the market goes bad. The people in this moment complaining their mortgage payment increased are actually experiencing steep increasing in their property taxes, insurances, and/or HOA fees. Too many people took advantage of the fixed low interest rates a couple of years ago so I doubt thats problem for many that their mortgage payment itself increased because interest rates are high at the moment.

@@user-lw8pk6fx6fONE HUNDRED PERCENT AGREE‼️

me too.

Thought it was just me.

Real Estate is a chasm so many different doors into it. I think she still doesn’t have the full understanding of what happened. But love her transparency to help others. I wish her the best.💜

She definitely was a sitting duck, Her lender got paid and left her hanging

Is that in any state?!

Thanks I didn't know you can so that.

Yep. My mom contested hers last year. They built several new builds 2 blocks from her and of course, that raised the value of her home; therefore increasing taxes. She contested because she was turning 65 and is now exempt.

She did pay her taxes. The taxes keep raising every year. 1st year $100/mth was added to her mortgage but the area was not assign a land tax amount because it was a new construction. After the land tax amount was assigned they raised the tax amount every year. But she didn’t really understand the process. She had two kids and probably just wanted a house. So she rushed the process and the leader/bank got her good. It was a learning process for her.

No, She paid her taxes, They just kept going up every year then came the ARM

You do know the internet had information on home buying back then and now. Why can’t people take the initiative to learn on their own?

@@SSS-wo2hn I feel you… but regardless, this sht should be told to you regardless…

Her agent should have said something but, the agent just want their percentage for selling the home, smh

Why? She should inform herself. It’s her job to know what happens. Not the bank, not the seller or the agent. HERS. This is her own fault. No sympathy

@@thesilverfoxxshow3137nope. It’s Her job to be informed not the agent. Everyone always trying to blame someone else for their failure.

Haha. This lady is 100% responsible. She signed the documents and had no idea what she was doing. She also bought a house she couldn't afford

In Florida as well.

I didn’t know this

There is no benefit in CA . The houses cost 1.2 million dollars. So that’s nothing to celebrate.

​@@eliot5220You have to play the equity game in Cali. Start off with a small new build (350-450K) in cities like Sacramento, Bakersfield & trade up to a bigger home in a better city after five years.

California taxes are based on the sale price. Even if the prices go up. Florida DOES not have that. Taxes are based upon appreciation​@@Msleft1

For sure

Where in CA are you? Are you in need of a realtor? I’m a realtor in Los Angeles. ☺️

No. Adjustable rate mortgage. Been around for decades. Best to stay away from them.

@@sharonda8485 she would get a notice regardless. Most of the huge increase in her case was the arm

@@plynn136 I didn't get a notice when my taxes and insurance increased. I received my statement in Nov and saw the increase in taxes but I had to call and question about my insurance

The only way I would get an Adjustable Rate Mortgage is if I were a disabled veteran with benefits. They don’t have to pay property taxes, some are reduced.

Even with a fixed rate mortgage, your payment will go up....taxes increase. Insurance costs go up... my taxes and insurance alone are triple now what my original payment was the first year I bought my house.

you should buy a home with fixed payments that are low enough to pay during your ups and down

thanks for listening

Are you in an area being gentrfied? Prices soaring? That can cause ur taxes to increaae. Insurance is also going up too. They request extra to make sure those things are covered. You can also contest ur assessment. Chk if you have a homestead exemption. But I think certain things she said were true but there was a lot she isn't saying. Bcse after the 2yrs and the increases why didn't she refinance? It's likely she was told to refinance after the 2 yrs into a fixed. There was a reason she did a no income proof in the beginning. She either didn't make enuf to buy the house she wanted or I don't think she keeps meticulous business records either and that could be purposeful. So she can get her house and get other programs too. That's why I think she allowed her pmt to go so high. Why did she not contact the bank for options? Wouldn't be surprise if the loan she took out for the other was an arm too. Maybe to pay the mortgage on this NY home. I don't think she is as clueless as she let's on. It's just way to much info out here. She could easily research what an arm is.

@@TWLogik I think at the time during 2006-2008 after Obama got in the government opened up programs to help people who were underwater with their mortgages because of the housing bubble (remember he helped out the banks). In 2009 I had finished building a new house and the appraisal (Wells Fargo) appraised less that what I had built on a new house in a gentrifying neighborhood. At that time Wells had a 2n1 construction to permanent loan program. When I finished building they said we did not appraise at the value of the home and in order for us to get a permanent loan they forced us to do an ARMs which I did not want to do. I wanted the traditional. To make a long story short, we did the ARMs for one year, kept up the payments, then refinanced to an FHA for the 30 year mortgage. We even went to NACA and they told us to walk away from the house, but we couldn't because we had built this house ourselves from the ground up. This was one of the most stressful times in my life because I knew what happened to alot of people who had ARMs. I did a lot of praying but God pulled us through! All praises go to him.

They pay the previous years property tax and then add it to your escrow in addition to your new property tax. In a year her mortgage would have dropped to maybe 4250 as u calculated

That’s exactly what happened…..I’m confused that she’s STILL confused. That doggone ARM and lack of paying her full taxes caught up with her. This is simple stuff…..and I hate the fact that she’s further confusing people on this matter.

She paid $2500 on the land before the house was built, Once the house came up, Now she owe 2500 for the land and the rest was for the taxes on the new home which total 21,000

Where do you live? That’s a really good price.

You didnt get an ARM (Adjustable Rate Mortgage) rate so you are good.

yes mam !! ty❤