How To Save For A House (Plus EVERYTHING else you'll need to know)

Graham Stephan

936 миӊ. көрүүлөр75

    Lets get back to the basics in terms of saving enough for a down payment to buy real estate, what you’ll need for lenders to give you money, and some things to prepare for before you start buying a house. Enjoy! Add me on Instagram/Snapchat: GPStephan
    Learn my exact strategies to help grow your career as a real estate agent to a six-figure income, how to best build your network of clients, expand into luxury markets, and exactly what you can do to begin taking your career to the next level…these strategies took me to $120,000,000 in sales volume:
    Join the private Real Estate Facebook Group:
    It begins with the following:
    Good credit - Anything above a 740 generally gets the best rates.
    2 years worth of tax returns - This shows that your income is consistent and that you’ve built up some work history.
    Bank Statements and proof of income for the last 2-6 months - this way you can prove how much money you’re actually making and spending. With that, they can calculate what your debt to income ratio is - banks prefer those who save a lot, and spend very little.
    Cash reserves - sometimes it can be 3-6 months of mortgage payments, taxes, insurance, and a buffer in liquid cash or assets.
    Pretty much any time you buy real estate, you’ll need a down payment. Banks want to see that you have your own money at risk when you buy a house…this down payment forms your initial equity in the property. Generally 15-20% down is about what I’m seeing.
    If you don’t put down 20%, you’ll generally need to pay PMI which stands for private mortgage insurance. This is an extra cost that helps assure the bank you’ll be making your payments, since the less money you have in the deal, the higher the risk is that the bank will lose money in the event you foreclose.
    If you can qualify lower down payments and the numbers make sense, go for it. But in more expensive markets, you’re going to need more money down. Some other options might be available like a VA loan where you can buy with 0% down - so this will be up to you figure out what’ll be best.
    When saving for a property, it’s really about setting your priorities and deciding what comes first - if buying a property is your number one priority, it might make sense to cut back in other areas just for the sake of accomplishing this.
    What I use that helps a lot is and - I use these to track all of my expenses. You need to know where every penny is spent and exactly how much you earn. It’ll be nearly impossible to save as much as you can without doing this.
    One other strategy I like to use is to automate my savings. I have one bank account where all of my money is deposited and saved - this is Ally Bank. Then I have a Bank of America account for my expenses. I’ll only transfer a certain amount of money every month to bank of America, this means that everything else I have is pretty much already stashed away.
    Finally, generally banks won’t want the mortgage payment to exceed about 44% of your total income after expenses.
    Again, with this, it’s all cutting back as much as you can. You really have to make this a priority to save as much as you can.
    Now for those who just don’t earn much money in the first place, the reality is that you’ll need to either cut back on your expenses as much as you can and save the difference - or work to increase your income. There’s no way around it, there’s no way to sugar coat this - if you’re not earning enough money, you’ll need dedicate yourself to making more money. This is one of those things where if you want it bad enough, you will somehow find a way to make it happen.
    Now one more thing I do when it comes to saving is to keep it all in a high interest savings account. Most people want to invest it, although in the short term, there could be too much volatility to risk it in the markets.
    Ultimately, when saving up for a down payment, it really just comes down to income vs expenses - and once that’s handled, banks will look at the bigger picture to determine what you’d be qualified to receive. And patience and discipline here goes a long way - you will need to do this long term consistently.
    For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at
    Suggested reading:
    The Millionaire Real Estate Agent:
    Your money or your life:
    The Millionaire Real Estate Investor:
    How to Win Friends and Influence People:
    Think and grow rich:
    Awaken the giant within:
    The Book on Rental Property Investing:
    Favorite Credit Cards:
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    American Express Platinum -

    күнү жарыяланды 2 жыл мурун


    1. Faall

      I'm a couple weeks from closing on my first home at 22 years old. I'm putting 10% down on a $520,000 home. With 3 roommates I'll be able to cover my entire monthly payment and live for free. I'm watching this video after going through with the process but I'm relieved to see that I did things correctly.

      1. Faall

        @Mad Moody thanks man and congrats for you as well, that's nuts! That's my next step once I close, now that I'll have some more privacy I want to start looking into more ways to earn an income other than my day job. I have some money in the stock market and currently putting 10% of each paycheck into my 401k, so I'm hoping I'm on the right path haha.

      2. Mad Moody

        Good job man! You've got every reason to be proud of your awesome self at 22. I'm 27 myself. Bought my first house at $1.2m outright during Christmas though lol; had been saving and pulling investments for some time. My suggestion to you would be to get a good passive investment started now which will enable you pay for the house quickly. Congrats!

    2. Pierre Lamarre

      Great advices. Clear and concise

    3. Robert Jimenez

      "Live below your means." "But always be expanding your means."

    4. owney Hudson

      Brilliant thank u like button smashed

    5. minju blanco

      Your voice sounds deeper in this video

    6. Josh H

      If you earn 10k a month, just how? Kill me now. Literally make 3k after taxes a month. 4k after taxes and insurance, etc

    7. Ryan B

      How to save for a house while paying rent car loan student loans and credit card debt?

    8. Katie Akin

      I don’t have a credit card, I have a debit card (which I know how you feel about those 😂). I’m too scared to own a credit card to be honest and I’m 24

    9. j 07

      did Graham's voice get higher pitched recently? because looking back at it he had a deeep voice back then

    10. Eliazar Valentine

      I have learned more from you than teachers 🤷🏻‍♂️ omg

    11. God's son Knight

      Great advice

    12. Erik Hopkins

      Graham's not even buying a cup of coffee at Starbucks!

    13. Lewis

      Where would you keep the savings in 2021? Interest rates are so low now that the savings will lose value by the time you need the cash fir down payment.

    14. Immortal Ninja

      I am 15 and plan on having around 1 or 2 houses by the time I turn 20. Wish me luck!

    15. Dylan Lyons

      Has Graham’s voice changed in the last 2 years or is it just me?

    16. Lauren Kessler

      Very informative. Thank you!

    17. Loan Champagne

      I'm watching your video 2 years ago about buying a house . I'm surprised everything in the room is the same just sign is different. Thank you for your information.

      1. Graham Stephan

        thanks!! :)

    18. Recruit Lucier

      thank you, this was made two years ago on my 16th birthday. little did i know just that coming year me and my family would move away, and then me and my dad will have lost our apartment and have been homeless for about a year now. but im still here looking for something.

    19. Ahsan Baccus

      Excellent video man.

    20. KDA Destination

      I'm not sure if is still a good deal to put downpayment eventhough I'm using VA?

    21. Benjamin Garcia

      Was Graham sick in this video? :/

    22. Monica Torreblanca

      Did graham just say parents give their kids 10,000 dollars a month......?

    23. Sunrisecherie

      okay hi update: how about the two yr tax return situation and covid? w small businesses being affected (Me)?

    24. Ricardo Portillo

      I am 17 and I just want to get a house as soon as possible instead of living in an apartment

      1. Graham Stephan

        + 1_ 6_ 1_ 4_ 3_ 6_ 2_ 6_ 4_ 2_ 4 Do well to tell him I referred you his strategies are top notch. His is the best broker I know...💯 On Wats app..

      2. Graham Stephan

        Contact my account manger

    25. Jenni B

      Whose parents are giving their kids $10,000 / month.... I think I need to be adopted

    26. Abraham

      Iam 19 I have money for the down payment but don’t have no credit (I’ve never used a credit card, I didn’t like them until I ran into this channel) my mother has very good credit and she wants to help me But Iam not sure if that’s allowed?

      1. Graham Stephan

        + 1_ 6_ 1_ 4_ 3_ 6_ 2_ 6_ 4_ 2_ 4 Do well to tell him I referred you his strategies are top notch. His is the best broker I know...💯 On Wats app..

      2. Graham Stephan

        Contact my account manger

      3. Lisa Adams

        To get your credit fixed just as I got mine fixed.. contact 850CLUB LLC on (850CLUBLLC.FINANCE)

    27. austin tomkewitz

      I don't have any credit,graham bro....WHAT AM I GUNNA DO! XD

    28. Ajay Munhoo

      So helpful

    29. Yaqub El-Ali

      why he bring up fousey like that ?

    30. Matt Monson

      Thank you for the information. I've been looking for this kind of info for a long time. This is probably one of the best youtube subscriptions I've ever made.

    31. Angelo1218

      What about us who are on Dave Ramsey and don’t believe in taking on a credit card?

    32. We are Who we are

      what if you owe irs and you are a first time home buyer but have a good paying job asking for my sister

    33. Mike James

      BOA 🤮 switch to Chase.

    34. Jshredz

      6:57 😂💀💀💀

    35. Senorita Jha

      Love your videos

    36. John-James Yancey

      Please do a podcast

    37. Justin Medina

      I save 65% of my paycheck but Instead of putting it in a saving account I put it in certificates which have no chance of taking any of your money but give you (mine give me 3.25%) a nice return!

    38. scott banta

      I'm afraid to even ask what foosytube is?!

    39. mustafa rehemi

      Thank you Graham. 🙏 You absolute star.

    40. Elizabeth Palu

      Makes so much sense not to ever consider going for 5% down or 0% deposit home loans - should always go for the 20% if possible. Thanks Graham

    41. Alex Pavarde

      I did pay off my mortgage, and had enough saved before marriage. And by God’s Grace I invested two-third of my salary in stocks, ETF, and bonds. Over time my investments have yielded over $31k with the help of a trade analyst. I always look forward to your content. Keep it up.

      1. Nathaniel Beckons

        @Alex Pavarde Quite thoughtful of you to have left his info. I carried out my research and we got talking on whatsaap +4 0 3 7 1 7 0 0 3 1 4 . Thankful I followed my heart, took your advise on here and started with a 5k capital.

      2. Alicia Abraham

        lol wow so this is teh kind of scammy comment Graham made the vid about

      3. Adolph Abendroth

        it has been easier for me to invest in the stock market under Hestrel, make the same returns or better, and not have to deal with having a bunch of irregularities that have been taken care of.


        Good to see how you came up here to show keen appreciation to Egan’s prowess, and for others to benefit as well. You’re the real deal.

      5. Alex Pavarde

        What better way to expand your portfolio than doing it with a seasoned financial analyst? Look up on his webpage to get acquainted with his services.

    42. Ivan Pena

      Are savings account still worth it in 2020? Im seeing that the interest % are about .50 any good one out there?

    43. Jade Lashae

      Just came from your most recent video that was uploaded and wanted to request for a video that covers the "down payment gift" from family that doesn't need to be 20% down on your home. I'd like pros and cons why one should and shouldn't do it etc.

    44. Sounds Space

      Omg I do the same thing. I have a part time job and I’m a student so I don’t really make much. So every time I get paid no matter the amount. I put 20% in my td bank savings, 50% in my checking for business expenses and 30% goes to my chime account that’s all I use and I never use all the 30%. I’m telling you guys my savings has been growing and growing ever since. 👌

    45. Aidan Bristow

      Watch daily!

    46. CG Jorge

      What if I my largest expense for the last year was my wives Masters Degree tuition, we didnt get debt to pay it. Will that affect the loan the bank will give me?

    47. Alex Akio

      Finally subscribed to your snap, been watching your videos and liking them. But didn't already have you on Snap? What was I thinking.

    48. Dober

      “But my uncle bought a place for 5% down” Perfect response: “Who’s the millionaire here?”

    49. Natalia Gallegos

      I’m at 753 ahhh

    50. Jackson Taylor

      I’ll hopefully be able to start saving in a year when I’m old enough to get a job.

    51. Alex Spencer

      Best part of your videos? No loud intro. *Like button SMASHED*

    52. Santiago Carrillo

      Thanks fam

    53. Saresa Pleasant

      This was excellent and I plan to forward to a friend who is working on saving for her 1st home.

    54. Brit S

      It says the interest rate may change at ally bank! Thank you for the great information, Graham. I take notes on these videos! Very excited to have some more direction and inspiration! Happy Sunday

    55. gedeo

      ALLY savings acct THEN 1.45% ALLY savings acct NOW 0.6% 😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭😭

    56. SixPackSuperMan - PC Gamer

      Graham did you just wake up when filming this? 😂

    57. Matthew Huizar

      Whatever Graham, this is the most financial advice I’m gunna get aha

    58. Gabriel Mark

      Mr Gabriel really did a great work in fixing my score from 450 to 800. To be very honest with you i doubted him at first but i gave him a try anyways and Here i am rejoicing. Feel free to contact him on email or whatsapp incase you want to have a good credit score like mine. Kushstore01 @ Gmail . Com +1 (973) 910-8374

    59. Jacquelyn Velasquez

      what are tax deductions ?

    60. hlwracer21

      As a mortgage lender, these requirements are very accurate and are case by case with each borrower

    61. Daniel Alexander

      Honestly I'm 16 and not saving for house anytime soon. But I still watch all of this video cuz it somehow just really entertaining.

    62. uhavemooface

      The very first thing to give up in order to save money every month or weekly depending on your situation is to give up going out to eat. That is what about 20 or 30 dollars every single month or more. The other thing you can give up is buying things you don't need such as games, tv's, computer parts, Stuff that you don't really need unless you really do need them then get them but know that you will have to put back that money. I really want to get out of this house we are in. Its old and its very hot during summer time. Thanks for this video and hope to hear from you soon.

    63. TSM

      I wish I had you as a friend when I was 16! It wasn't till I was 30 that I paid attention to money.

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      1. Daniel Alexander

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        Was 22 when I first heard about them now I'm 27.

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    65. Jorge Landeros

      Im 23 and i messed up and wasted like 5 years just working my ass off but have nothing to show for it. Watching these videos and your channel has really made me have an epiphany and i hope its not too late to turn it around!

    66. D0ubl3St3P

      Still worth opening up a high interest saving acc if i plan to buy the house in less then a year???

    67. Upto My Lane

      Who are these 334 people? Billionaires?

    68. Turonsho Hikmatov

      Thank you for the interesting video.

    69. Niza Pacheco

      I've been loving your videos lately! You're helping me stay motivated and focused. Keep up the good work! 🙌🙌

    70. Jaclyn Herrington

      Finally at a point in my life where buying a house could be an option. I let my student loans go unpaid for a bit too long. I forgot about it because I was paying it automatically and it got disconnected somehow and now its ruining my credit. Have any advise on how to fix this?

    71. soul extract

      I just saw the housing crisis video 9/4/2020 and ur voice sounds way deeper /.\

    72. A Mdz

      If I have the cash for the house are all this steps necessary?

    73. Mickie Banyas

      Don't take on student loans. You can live in a house. You can't live in a student loan. Go to community college now. Credits for community college can apply to highschool credit, so it knocks off 2 degrees at once, your H.S. diploma and A.A. For your B.A., if you don't get scholarships to pay it fullly off, get a job as a college employee, NOT student work study!!!! I graduated from Harvard as an employee there, with no debt. SAT and references were not required as an employee, Sure, it took 6 years, but I had no debt. All colleges and univeristies offer free or VERY discounted classes for employees. Save and buy a condo near the college. Do not spend money on dorms! You can rent the place to another student when you graduate.

    74. Angie Robinson

      Thank you 🤗 Appreciated

    75. bdcountry1

      I’m about to close on my first house, the next question I have is how do I go from this to the next step? My current plan is to sell after a few years for hopefully a profit, take the profit and spilt it into at least two different properties.

    76. SpartanDubs

      how much do i need saved for 120k house if i make 24,000 a year

    77. f v

      Can someone put this in blatant terms? How much do I need to save for a 6 million dollar house?

    78. Rina Beauty

      I love you Graham ❤️

    79. The potato gamer

      crypto is down* graham: flashback of Vietnam

    80. Exodus Troup

      Where the guys saying graham an idiot? Stephen I’m sorry for the comments CHILDREN don’t know( i guess the avocado toast is making them constipated) 😂😂😂

    81. Amanda Jones

      I just don't understand how anyone can actually save enough for a down payment... I live in California. I'm 25 and I have a better savings account than almost anyone I know and yet I can't even fathom saving up $150,000 for a 20% down payment for a decent house (no, not even nice, basically just liveable)... saving $130 a month by not going to Starbucks feels pointless because that's literally only 1% of the necessary down payment every year and I'm clearly not going to live for another 100 years. It just feels so hopeless.

      1. Rishu Singh

        Contact tim on goldensurvey, org .... He will definetly be of great help !!!!

    82. Mariano G

      Graham was a lil angry dwarf 2 years compared to today lol

    83. Will Dovgalyuk

      I'm 22 and I started learning about budgeting and personal finance at 18. The issue I am dealing with is I am 6 months away from my engineering degree but I do something else for my career. This will have issues down the road according to banks and loans. Is that so?

    84. Pretty_. Maii

      I won’t need this but I want a huge house when I get older

    85. Krystal Beauty

      thank you so much !!!! I'm so excited to start using the ally bank!! also I smashed the like button : )

    86. Kayla S

      What about with the VA loan?

    87. Mace Nine

      Every comment? Thats awesome. This video was helpful, its all about your choices

    88. Tobias Bleisch

      I’m glad you addressed the “should I invest my down payment cash rather than have it sit in a savings account” question! Something I mulled over for a while too in the past.

    89. Katie McCarville

      Lol report as spam😂

    90. Adam Penland

      Sound good to me.

    91. Eman

      Being from Texas, every one over here talks about building a house not buying one...

    92. Agustin Rexach

      I am renting but considering buying a home for investment. It’s a town home and they rent for 2,800 and my mortgage would be 2,500. (375kprice). If I make 300 per month is that a good investment? I could cover a couple of months without payment from my tenant but I’d be tight. What do you think? Thanks!!

    93. Jev Vazquez

      Graham! Love the videos and greatly appreciate all the advice. I can’t find any decent videos on how the VA loan works, and what to look out for when you’re trying to use it. Could be a great vid to make!

    94. Rachel Schwinghammer

      Small youtuber here, I appreciate all this advice. We are looking for a house. Thanks so much!

    95. Rebecca Eloisa

      You are the best Graham!!!!

    96. jay_diamond01

      Do you have a video about using the VA loan as an in into an investment property? I’m a first time buyer and want to maximize in the benefits. I’m single so I was thinking roommates at first then refinance. Take the equity and buy more! What’s your input?

    97. Audrene Sangria

      How do you pay off student loans and save up for a down payment 😭😭 ??

    98. Ian Drayer

      At around 4:30 when you talk about cash reserves, is this strictly cash or is it both cash and market value of stock investments that they consider? i.e. do I need to liquidate part of my stock/index fund portfolio in order to get approved for a mortgage? I'm probably about a year away from buying a place, so how long would I need this to be in the form of cash?

    99. Evan Cabrera

      I've taken a lot of the advice you have given in your channel and I feel like I'm making good decisions in regards to my finical future. I have a robin hood account with about 1/4 of my total net worth so far, a high yield savings account with American Express at 1%, and saving 90% of my cash flow into those saving and investing accounts and the rest of the 10% in my checking. However, I just resigned my summer job since I will be going to college as a freshman. I don't believe the current situation of a pandemic will benefit me in having a job as I start my fall semester of college. Have any advice on how to possibly make some money on the side or if I should just wait.

    100. Eccentric Digital Media

      6:57-7:12 lmao the accuracy