How much is the average mortgage?
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 . \nthere 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. ( Full Answer )
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-residential debt, leaving $11.8 trillion due to residential owners. At the end of 2009, there were approximately 129.9 million ho…using 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). ( Full Answer )
Mortgages... How much can i borrow? \n. \nThe 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 aff…ord 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.\n . \n \n . 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.. \n . ( Full Answer )
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 people 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. ( Full Answer )
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 decreasing 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. ( Full Answer )
From recent press publications, the average mortgage in the UK is Â£130,000. Keep in mind however that it's the average based on prices in the whole of UK and that includes both very cheap and very expensive areas. To give you an idea of just how massive the price gap is: average cost of 2 bedro…om flats in central London is Â£638k while 2 bed flats in Liverpool can be purchased for (again, on average) Â£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 Â£130,000 along with interest rates at about 4,3% and the standard 15-20% initial payment you would pay 400Â£ / month for interest only mortgage and Â£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. ( Full Answer )
it depends. if it is an apartment than around $900 but for mortgage it depends on how much your house costs.
Based on my experience in Illinois, your 30 year fixed mortage principal, interest, taxes & insurance monthly payment will be approximate 1% of your mortgage principal. So, if your mortgage principal is $250,000 less down payment plus interest plus taxes plus interest, your monthly payment will be a…bout $2,500. ( Full Answer )
average mortgage is $225,000.00 with payments of $1780.00 principal & interest for a period of 30 years.
In 2004 the figure was $136,000. Based upon that, I estimate the average amount in outstanding mortgages today is not more than $250,000.
According the Kansas City Federal Reserve Bank, the average mortgage balance in the US is $181,225.. Source: http://www.kc.frb.org/comaffrs/subprime/Omaha.07.02.08.pdf
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
7 years. Make that SEVEN YEARS. Then, it is either REFINANCED or Paid Off Outright. - roland Henderson at Purpose Funding Foothill Ranch Ca 92610
Dallas is a very large market with a very diverse inventory of homeprices- having said that- the average would be around $ 175,000 intoday's market.
The current interest rate on American mortgages is quite good. You go buy house now
According to one online source, the average Texas mortgage in 2009 was approx. USD $211,500.
\nAccording to the US census bureau, the average mortgage payment was 1307 dollars in 2000. \n. \nhttp://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/09/16/RE227481.DTL
Real estate agents/brokers usually get a % of the price of the property for sale. They do not get any monthly payment/percentage from the mortgage. Real estate agent usually get like 3-5% of the price of sale.
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 exp…enses, like utilities and food. ( Full Answer )
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. ( Full Answer )
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-residential debt, leaving $11.8 trillion due to residential owners. At the end of 2009, there were approximately 129.9 million ho…using 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. ( Full Answer )
Current mortgage rates are around 3.75%. You will need to check with your local banks for more specific information, since rates vary based on area, amount of loan, and amount of down payment.
The California rates seem to follow the national rates for home mortgages, meaning that they fall in general between 2.5% and 5.5% as starting interest rates. If you are deciding to mortgage your home, you should make sure to read the contract to make sure that the rate will not jump suddenly and th…e penalties for missing payments. ( Full Answer )
The average pnc mortgage interest rate is around 4.64 to 4.85%. Your credit cards can have a bearing on the interest rate if the qualify for the program.
I don't think there is a such a thing as an average mortgage payment on any given dollar amount. The principal and interest payment depends on several factors besides the loan amount, primarily the interest rate and loan term(length of the loan). To keep it simple, a 130,000 mortgage at 4.5% for …30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. If you change the interest rate, the payment could change significantly also. ( Full Answer )
The average home mortgage rate in the jacksonville area is 3.9 . This comparing sevaral lenders in the are.most rates are between 3.3 to 3.975
As of August 23, 2011, the average 30 year fixed mortgage rate is 4.55%. Consumers also may be interested to know that a 15 year fixed mortgage currently yields an average national rate of just 3.83%.
"The average mortgage rate ranges from 3.2 to 4.1% in Texas, depending on the mortgage company you choose and your current credit score. Also, it may vary with the type and area of property you are looking at."
Either your question is poorly worded, or one of us is deeply confused about how interest works. You normally don't get ANYTHING back on mortgage interest.
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 companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.
The mortgage registration fee is a State Government charge for the registration of a home loan. Because the property acts as security for a home loan, the government requires a home loan to be registered so that all claims on a property can be checked by any future buyers of that property. This fee …can vary from state to state, so check the website of . ( Full Answer )
Most banks will have a minimum amount that they are willing to lend for a mortgage. Typically they will not lend less than $40,000, but prefer amounts greater than $50,000. Any amount under approximately $100,000 is likely to have a higher interest rate in order for the bank to make a profit off o…f the loan. ( Full Answer )
The average rate for a mortgage loan would depend on the rates for the day that you are inquiring. Rates may change on a daily basis. Today's average rate is 3.25%.
The average home mortgage rate in California is 3.5%. This number may go up or down depending on the state of the economy and the housing market in California.
There are many factors that can play into your house mortgage rate such as age and credit history as well as the size of your loan. On average, a mortgage will run you about 3% to 4.5%
A mortgage closing cost may include any or all of the following: discount and origination points, the application fee, appraisal fee, credit report fee, title search and title insurance, and a survey fee.
The best way to find out the average cost of morgage insurance is to talk to a local bank. Another way is to go on websites that will have such information and determine the average cost.
The average mortgage rate on the United States has gone down since the recession in 2008. Right now they are averaging between a 4% an a 6%. However, this number depends on a number of factors like the base rate, the Libor, the number of repossessions and the unemployment rate of the country.
There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary.
The average loans APR for mortgages will depend on which country one is in and how long the mortgage is. In the United States the average is 5.016 APR for a 30 year mortgage and 3.122 APR for a 15 year mortgage.
The average current mortgage refinance rates are 3.75 for the national population. This figure is changing a lot and is never the same over a long period of time.
According to the website Bankrate, the average mortgage rate in the United State for the last twenty years is 3,65%. According to Ycharts, said average is of 3,42%.
The average California mortgage rate is as low as 3.250 percent for a 30 year term. That rate is from "loan safe" and is one day old. Other rates were found claiming that the average was 3.43 percent, which even though it is slightly higher, will make a big difference over the years.
Massachusetts residents, on average, have very high mortgages in comparison to the rest of the United States. The average mortgage is around $220,000 making Massachusetts ranked as the sixth highest state in the nation.
If people looking to review mortgage rates on the California mortgage site were to look for an average rate it would be an average 3.900 based upon the figures available.
Most banks require that a home buyer put down at least 25% of the value of the home on the deposit. Should one be able to put down more then the minimum deposit they could possible get a better interest rate on their mortgage.
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 woul…d be about 4.2%. ( Full Answer )
You pay this amount in addition to the down payment, its a miscellaneous fee charged by those who are involved with the sale of home, such as the bank or financial institution who is processing your loan, a land surveyor, local council offices for recording actions, closing costs is usually around 2…-4% of the purchase price ( Full Answer )
The average rate of a 5 year mortgage in Canada seems to be just over 3%. The rate can go up or down depending on if the mortgage is closed or variable.
You can get information on current average mortgage rates from websites like Zillow, HSH, Mortgage Calculator, Freddie Mac, Bank Rate and Mortgage News Daily.