2007-01-06 12:33:11 · 10 answers · asked by woohoo 2 in Business & Finance ➔ Renting & Real Estate
I think it depends on where in the country you are located and how bad your credit is. If you live in a coastal state the realestate prices are ridiculous compared to what they are in say Indiana. Watch the show "What you get for the money" on HGTV. It is amazing how vastly different the markets are. In Indiana, $300,000 get you a virtual mansion. In California, you get a tiny modest house. My mortgage is $332 a month and I have a very comfortable 4 bedroom 2 full bath home with a one car attached garage and a 2 car detached garage on a full finished basebent on an acre. Just depends on where you live.
2007-01-06 12:42:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Are you mad ???????????????????????
Always do take mortgages for as long as possible ,because of the fact of having the time and money relationship .This occurs because of inflation for which the value of 100 $ today is not the same what was 15 years back when we were kids ...
What is your credit score? Depending on your credit score you can get the financing . If your score is greater than or equal to 500 then you will have a 100% financing for 30 years payback arm with interest in the higher fives and lower sixes .In other cases also you will have mortgage loan but the thing is if your credit score is less then you have to have downpayment or your rate of interest increases .
Your income and years at the current job also comes into picture .
kish garner
kishaloy_bhowmick@yahoo.com
Phone # 480.751.4125
http://www.acacia-mortgage.com/
2007-01-07 00:06:59 · answer #2 · answered by kishaloy_bhowmick 2 · 0⤊ 0⤋
Your mortgage should ideally be no more than half of the household income. Not always possible,in real life, I know. But the point here is that if your income is $8K/month or more, it should be doable. If, on the other hand your income is $4500/month - you may want to buy a cheaper home.
2007-01-06 20:44:29 · answer #3 · answered by roscoedeadbeat 7 · 0⤊ 0⤋
That sure is too much for my wallet! There are better ways to spend money than on a mortgage even if you have all the money you need.
2007-01-06 20:37:34 · answer #4 · answered by Bud B 7 · 1⤊ 0⤋
Not really. Usually a mortgage includes the property taxes and homeowner's insurance.
I know someone who is paying about $2K ONLY for the mortgage....his taxes are $27K/Year---That's $4250/month
2007-01-06 22:37:26 · answer #5 · answered by Jeffrey F 6 · 0⤊ 0⤋
Anybody who makes more than $140k a year and knows how to manage their finances, should be able to afford this type of payment, hands down. And a lot of people in this country make this kind of money, trust me. I see people finances everyday.
2007-01-06 20:44:04 · answer #6 · answered by orlandomortgagebroker 2 · 0⤊ 0⤋
That's an astounding mortgage unless you're living in a mansion.
2007-01-06 20:40:47 · answer #7 · answered by Anonymous · 1⤊ 0⤋
If thats in USD then I would think thats a crazy amount, I have a mortgage that is approx $1600 USD....a month.....
2007-01-06 20:36:07 · answer #8 · answered by doofynic 3 · 1⤊ 0⤋
Yes it is a crazy amount..... I have a $9,000 month mortgage!!! ..... even crazier. We are selling this house at this moment.... Too much money, too expensive to maintain...
2007-01-06 20:36:33 · answer #9 · answered by Anonymous · 1⤊ 1⤋
it is if you can't afford it!
2007-01-06 20:41:10 · answer #10 · answered by archanjell 2 · 0⤊ 0⤋