I BOUGHT A HOME 2 YEARS AGO

@jocelynbesara

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Why it worked

The video provides high-value, transparent financial data on a relatable life milestone, which naturally encourages saves and shares from viewers interested in real estate.

Summary

A young homeowner breaks down the specific costs associated with purchasing her first home two years ago. She details her loan amount, interest rate, closing costs, and down payment to provide transparency on the financial reality of homeownership.

Structure

1Introduction to homeownership
2Breakdown of loan and interest rate
3Detailed list of closing costs
4Explanation of builder incentives
5Final calculation of total costs

On-screen text

I BOUGHT A HOME 2 YEARS AGO 26 y o homeowner single girly LOAN AMOUNT $220,435 INTEREST 6.875% CLOSING COSTS ESTIMATE $10,000 Services Rendered (Inspections etc) $1,989 Government Taxes $584 Prepaids (home insurance for the whole year) $2,009 HOA (full year) $750 Additional Costs $3,343 Buy Down Points $3,030 Home Price $260k 15% down payment $38,401 Total closing costs $50,105 FINAL AMOUNT PAID $40,105

Transcript

Original caption

#homeowner #realestate #realestateagent #budgetingtips #finance

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I bought a home 2 years ago. 26 year old homeowner, single girly. First house, so let me share with you how much it cost to close on my home. First off, my loan amount was $220,435. At the time, interest rates were really high, so my interest rate was 6.875%. In total, I estimated my closing costs to be close to $10,000, but because I went with a new build, I received a $10,000 incentive from the builder. So for closing costs, services rendered for the home, appraisal, inspection, recording fees, all came out to $1,989. Taxes, recording, and government fees came out to $584. Prepaids on my home came out to $2,009. HOA fees for the year was $749, and then other costs came out to $3,343. And then lastly, I had some remaining funds to put towards buying down my interest rate, so I applied $3,030 to that. My house price was originally $260,000 for a 3 bed, 2 bath house, and I chose to put down 15% as my down payment, so that cash was $38,401. So in total, my closing costs were $50,105 minus the $10,000 incentive from the builder, so my total was $40,105.