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The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. What is a mortgage A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on:
- Total amount borrowed
- Length of the mortgage (A standard length is 30 years but can be anything)
- Interest Rate (Fixed or variable, market rate and credit history)
- Escrow requirements (Based on taxes and insurance and how much money you put down to start with)
- Other terms (Balloon mortgage)
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Answer there is no data on the average person, so i will tell you what to look for at your appointment. They should present several plans to refinance your… mortgage. If they are a good broker they will have a no-fees plan that comes with a slightly higher intrest rate. The important thing is that you understand that they make money off of you saving money. If they are greedy your savings wont outweigh what they are making. They make money two ways, "on the front" and "on the back". They get "points" from the bank when they give you a higher intrest rate than the lowest possible rate. If they cannot convice you to go with the slightly higher rate, they will attempt to make up the difference in fees.
As of the end of the fourth quarter of 2009, there was approximately $14.3 trillion in outstanding mortgage debt outstanding. Of the $14.3 trillion, $2.5 represented non-resid…ential debt, leaving $11.8 trillion due to residential owners. At the end of 2009, there were approximately 129.9 million housing units in the United States of which 66.2% were owned by the people living in them. Of this 86.0 million housing units, approximately 20% own their homes "free and clear" (except, of course, for property taxes), suggesting that there are approximately 68.8 million housing units with debt underlying the ownership. The average mortgage balance, then, is just short of $172,000 (and, evidently 10% of the population have mortgages outstanding of over $250,000).
Mortgages... How much can i borrow? The question should not be "how much can i borrow?".. but "how much can i afford?" you should consult a financial or mortgage …advisor who can go into your finances in detail and work out which product is best for you, and most importantly what you can afford now, and in the future if rates change. Consulting an advisor is not a comitment to buy a mortgage so dont worry.. just be sure the advise is free and the advisor is independent. Many mortgage websites will have a calculator that will tell you how much you can borrow if you enter a few details. This one is on mortgagefox.co.uk (my website) http://www.mortgagefox.co.uk/free_mortgage_quote.php As a general guide you can borrow up to 5 times your income nowadays if you are single, but you should make sure you can afford this The amount each lender will give you varies from lender to lender and product to product, and depends on many factors. ie- If you a single, or a couple, your credit rating, any CCJ's or bad credit issues etc, if you need to self certify, if it is a remortgage / buy to let / first time buy etc etc. As you think about applying for a home loan, you need to consider your personal finances. How much you earn versus how much you owe will likely determine how much a lender will allow you to borrow.First, determine your gross monthly income. This will include any regular and recurring income that you can document. Unfortunately, if you can't document the income or it doesn't show up on your tax return, then you can't use it to qualify for a loan. However, you can use unearned sources of income such as alimony or lottery payoffs. And if you own income-producing assets such as real estate or stocks, the income from those can be estimated and used in this calculation. If you have questions about your specific situation, any good loan officer can review the rules.
As the old adage goes, that is like asking "How much does a car cost?" It depends. If you take an average during a huge refi boom, it may be lower, because so many peopl…e try to get on the gravy train and make very little. If you average only Brokers, you get a higher figure than if you include loan officers. I have been a broker for 15 years and make as much, generally, as I want to. If a broker actually works 40 hour weeks (as opposed to surfing the net answering questions like these!) and is in a medium size market with about $125,000 average price for a home, they should be able to earn $6,000-10,000/month, BEFORE expenses. Marketing, office space and assistants eat up a lot of that in a hurry. A decent yellow pages ad runs over $1000/month. And believe me, folks still use the yellow pages. Net personal income probably averages $50,000/year. I have worked with Brokers in three states, and there are lots more making $40,000-50,000 than there are making $100,000+. I currently work in a market like this, but have also worked in a slow resort market and in Denver - a huge market with much higher prices. My income in every instance has been a direct reflection of how hard I worked and how hard I marketed my service. It is not a result of inflating prices or loan fees. There are lots of folks out there who do that but I really believe they make a quick set of big bucks and move on to something else where they can rob people. It is one of the few jobs where you really see a reflection of how hard you work in your income, but it is a witch of a way to make a living. I probably would not want my kids to do it. I have to accept responsibility for the mistakes of too many "unseen" people in the process and it gets harder as time goes on. People might get a couple of mortgages in their lifetime and they are usually scared - even otherwise sophisticated investors are nervous. They react emotionally to everything and you cannot blame them. My job is to get the work done as seamlessly as possible, without any problems becoming apparent to the Borrower yet keep them fully in the loop and informed. It is a delicate tightrope to walk and no one does it perfectly each time. If you have a high tolerance for pressure and want complete control of your life, go for it.
Your monthly mortgage payment is affected by a couple factors, starting with your down payment. A greater down payment decreases the overall sum of the loan, therefore decreas…ing your monthly mortgage payments. The interest rate will also affect the total of the home loan and the amount you have to pay every month. If you have a high interest rate, then you will have to pay more on the total loan and every month.
From recent press publications, the average mortgage in the UK is £130,000. Keep in mind however that it's the average based on prices in the whole of UK and that includes bo…th very cheap and very expensive areas. To give you an idea of just how massive the price gap is: average cost of 2 bedroom flats in central London is £638k while 2 bed flats in Liverpool can be purchased for (again, on average) £62k. Than again it doesn't really answer your question since you've asked about how much is the mortgage. Considering that the cost of property is really £130,000 along with interest rates at about 4,3% and the standard 15-20% initial payment you would pay 400£ / month for interest only mortgage and £550 / month for a repayment mortgage. This calculation assumes repayment spread over 30 years. It's really hard to give an exact figure of the average mortgage repayments in UK because of how rapidly house prices and interest rates tend to change on the market. You can, however, expect to pay this much for your first property.
As of Q2 2010 the Average mortgage in the US was $193,800.
The median household income in the United States is $46,326. When you break this down by 12 months, it wind up to $3,860/month Answer: That's the average monthly… salary, not the monthly mortgage payment! If you paid out your entire salary in a mortgage payment, you'd have nothing left for other expenses, like utilities and food.
There is no universal price for a mortgage as there are numerous factors in any given situation such as the nature of the house, its assets, and the financial situation of the… person looking to buy it. Ultimately, a mortgage company will help determine whether or not you can afford to buy a house or refinance a mortgage on it. A good mortgage company will try to help you in any possible way by helping you find good loan solutions depending on your income and credit history and keeping you in the loop on any financial perks that might be available to you. Again though, there is really no universal price for mortgages as there are too many factors that can play into it. Depending on what type of financial situation you are in, you can receive additional loans with the assistance of a credible and reliable mortgage company.
We've got 95K left on a home worth 650-680K
As of the end of the fourth quarter of 2009, there was approximately $14.3 trillion in outstanding mortgage debt outstanding. Of the $14.3 trillion, $2.5 represented non-resid…ential debt, leaving $11.8 trillion due to residential owners. At the end of 2009, there were approximately 129.9 million housing units in the United States of which 66.2% were owned by the people living in them. Of this 86.0 million housing units, approximately 20% own their homes "free and clear" (except, of course, for property taxes), suggesting that there are approximately 68.8 million housing units with debt underlying the ownership. The average mortgage balance, then, is just short of $172,000.
Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage com…panies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.
The average United States home mortgage will depend on the location, age and size of the house. In February 2013, the average house in the United States cost $152,000. As for …the actual mortgage rate, that will depend on the length and type of mortgage one gets. On average, a 30 year fixed rate would be about 4.2%.