do you own your home?? or would you need to pay for many more years for your home. what's the average age to buy a house and what's the average age in which people finish paying for their homes ????
2007-07-26 07:09:28 · 12 answers · asked by Anonymous in Family & Relationships ➔ Weddings
legally, as soon as you sign the documents required for purchasing a home, you are the owner. According to the law, the bank does NOT own your home, even if you still owe money on it.
2007-07-26 07:18:31 · answer #1 · answered by jibba.jabba 5 · 0⤊ 0⤋
I am currently 2 years into my 30 year morgage. The average age to buy a house i believe is in the Mid-Twenties. I am currently 25. Remeber that most people will own on average 7 different homes. Technically, my husband and I are on our second home since we had to tear down the first one due to a fire. When determining weither to buy or rent, consider 2 main things. The cost of rent in the area you are thinking of buying and the price of your morgage. Then determine if long term it is better for you to rent or own. The average morgage is 30 years. So just add 30 years to whatever the avearge age is for buying a home. Most people if they only buy one home and never move with probably be in there 50's close to 60 by the time they are done.
2007-07-26 14:28:25 · answer #2 · answered by lumpy_6 2 · 0⤊ 0⤋
I own my home outright and am paying off a block of land with my partner. The land is a 30 year loan, but we pay an extra $100 per week and that cuts the time to pay it off by 12 years or so and about $120,000 less in interest. We will pay more when I am working (at uni now) so that will cut the time and cost even more.
I think these days just to get in the market you need to start early, most of my friends (22 year olds) have morgages, all with 30 year loans, so the average time to start would be mid 20's and finish would be mid 50's.
2007-07-27 12:15:09 · answer #3 · answered by Stiffler 6 · 0⤊ 0⤋
I think it all depends on the person and financial ability. We are "middle class". Bought our first home when we were 24/26. Sold it to move to Florida and at 35/37 just bought our second home. So if we pay minimum every month without refinancing we will pay it off when we are 65/67. I am hoping as we pay off some debt we will be able to pay extra and own it outright sooner. We have friends similar ages who both work, both make good money, and sold a half a million dollar home to buy a $200,000 home. But now they have no mortgage and are completely DEBT FREE! So they own their home and they are in their mid 30s. If you make decent money and don't aquire too much debt you could probably own your home pretty quick. good luck! Listen to Dave Ramsey. He has good tips on money and being completely debt free (including the house).
2007-07-26 14:20:13 · answer #4 · answered by the Family Lighthouse 3 · 0⤊ 0⤋
My husband and I are making payments to own our home. We pay about $800 a month and will own it free and clear in about 7 years from now (we've been in it for about 2). It really depends upon the cost of the house, the location, how much interest your loan has, etc. If you invest well, you can own a home in about 10 years if you don't want to pay it off immediatly, which most people don't.
2007-07-26 14:56:34 · answer #5 · answered by its about time 5 · 1⤊ 0⤋
The average home loan is 30 years. If your under 25, your going to work till you die paying this off. personally, I'd rent if I were you. however if you read "the cash flow quadrant" by Robert T. Kiyosaki, you'll see there's different ways to earn money than the 1:1 ratio of trading your hours for a couple dollars. get ahold of me and I can hook you up with the B quadrant, it's not instant wealth, but in 2 years you could be set for life. I don't think I'm supposto give you contact info, but if you look up my profile on yahoo, you should find a way to get ahold of me ;).
2007-07-26 14:22:33 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I have 19 years left to pay before I own mine. Took a 25 year mortgage out.
2007-07-26 14:16:24 · answer #7 · answered by segunitb1 4 · 0⤊ 0⤋
You can rent a house forever and never own it...we are in teh process of building a new home and our mortgage will be 30 years...we're already 38, so we'll be retired by the time its paid for in full probably!
2007-07-26 14:15:24 · answer #8 · answered by melouofs 7 · 0⤊ 0⤋
Most people buy between 25 and 30 and take a 15 or 30 year mortgage.
I am a bit unusual: I am 30 I bought mine two years ago--paid cash.
2007-07-26 14:14:53 · answer #9 · answered by Sophie B 7 · 0⤊ 1⤋
It all depends on how much of a down payment you have and how long the amortization of your mortgage is. Most people have 15 - 30 amortizations.
2007-07-29 20:33:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋