Hey guys, it's Kristy here, - what's going on?
and...
Desmond!
You may know us as ItsTheScotts on TikTok
and the Scotts on YouTube, Instagram, and today
we're going to be partnering with Bank of America, who can help
with the process of buying a new home with guidance and advice.
And we're also going to be providing some resources.
It's going to take you along each step of the way.
So during our moving process, we got so many questions on
how we did everything, how the process was, how we got settled.
All the details. We figured hey, let's just kind of go through it all
and talk about it and give you some advice that we've learned,
but also some things that we wish we would have done along the way.
We've been through quite a bit of homes,
-Yeah! so I kind of feel like, we are professionales.
Maybe not professionals, but...
We're good. We learned a lot.
So this series is going to be focused
on financial steps
during the home buying journey,
and this is mainly for first time homebuyers.
So we can just walk you through everything,
and just show you what we've learned.
We got your back.
So when we were looking to buy our first house,
we literally knew nothing.
Yeah, that was interesting.
Yeah, I think we were like, "Hey, let's get a house."
And we looked each other like, "OK."
"Ok, how does that work?" -"What's next?"
My first piece of advice would be
to do your research and learn some of the terms and definitions.
Like, I think I asked Desmond what equity meant, and he was like,
is that a horse? Oh, wait, that's equine.
What?
It would have been
so much more helpful if we knew the terms going in,
rather than being like forced to learn to make that, yeah,
kind of being thrown out there and learning on the go. Yeah.
So to help out with that, we link a handy homebuyers dictionary
in the description of this video from Bank of America,
and that should really give you a good head start.
So we purchased our first home about five years ago,
and you know, really for us, we were wanting a little more space.
We knew that eventually
we wanted kids. So we kind of wanted to be prepared in case
we kind of made that decision to move forward on that.
So it was really that time to to kind of kind of move
out of the apartment life and look for a home.
I think we also were like, OK, let's start to build equity,
because once we actually learned what equity means, we were like,
we need some of that.
Yeah, cause that was a huge thing.
I'm like, man, I'm dishing all this money out,
and then when it's time for me to leave, it's like
all right, we enjoyed you, you have a good time!
See you later!
If you don't know what equity is, it's essentially
the appraised value of your home minus what you owe on it.
So, pro tip.
You can learn more about this decision
in Bank of America's video, Rent or Buy.
We're going to link that in the description as well.
So when we were buying our first home, we didn't even know
how much we could afford, like what would be realistic.
I remember looking up
mortgage calculators and being incredibly confused.
But the Bank of America Mortgage Calculator is actually so helpful.
That one just kind of helped me really understand the breakdown
and really get a general idea of what we should be looking for.
So from there, we decided to inquire online with our bank,
and it wasn't really until we met with our mortgage loan officer until
we really understood like the steps and really what we could expect.
You know, we met with him a few times,
and we brought questions that we had,
and he was able to kind of break them all down for us because
some of those things that we were,
we were finding as we Googled online,
we were like, Well, what is this? What is that?
And so we brought those questions to him. He was able to assist us.
So things like credit score,
monthly expectations, you know where to set your budget at.
All of these things were kind of new to us.
And so he kind of helped us understand them a little better
so that we can move into the next step.
I would say we definitely felt like way more comfortable
after the first couple of meetings about like we started to feel like,
OK, like this can be done like this.
It was definitely like not as intimidating
as you were going and thinking it was.
So at this point, we knew we wanted to move forward.
We knew it was doable and we had a pretty good
understanding of next steps.
So next up, we're going to dive more into the specifics
of budgeting for your home.
And the five most important things
you need in order to secure your home.
So make sure you tune into the next video and we'll see you there.
Yes, I mean, I do I don't know what that is going.
We've got a case of no, no,
if that is the stuff we really didn't know like what to do next
with the word got came over to the hillside, agreed to fix that.