This is a YouTube video titled "How to Budget Payments for your New House! 🏡 #homeloans #firsttimehomebuyer #mortgage #mortgageinfo" containing a single-speaker presentation or advice segment recorded in February 2024. The speaker explains a mortgage budgeting trick to help potential homebuyers understand how small price increases affect monthly payments during negotiations.
Are you looking for your new home and wanting to make sure you keep your payments comfortable? Here's a little trick that could help. Let's say you're looking in the $300,000 price range, and all of a sudden, boom, there it is. A $310,000 house has everything your family wants. But as you're negotiating quickly with the sellers, you want to make sure you're comfortable going from 300 to 310,000. The simple mortgage trick is every extra thousand dollars equates to about five to six dollars a month extra on the payment. So an extra 10,000 is about 50 or $60 a month. Now, we understand everybody has their limits and their budgets. We don't want to push that. We want to arm our people to be able to quickly maneuver when they're negotiating to find the best deal on their new home.
