Search Results
7/8/2025, 7:46:15 PM
>An average home costs $367,969
>An average rate for a 30 year mortgage is 6.5%
>An average down payment for a first time home buyer is 10%
>The interest after 30 years is $422,391.76
>Which is 114% for the original purchase price
>Some government backed mortgages allow as little as 3% down.
>Mortgages rates where in the double digits in the 1980s.
>Not to mention property tax and home ownership insurance that doesn't cover anything and insurance companies that drop you for no particular reason and is legally mandatory with most types of government backed loans (the cheapest options)
>The median age of a home is 36 years
>That's longer than lifetime of some major repair items like roofs, septic tanks, water connections, etc.
>It's actually harder to get a loan for new construction with building and equity requirements then to buy an existing property. Meaning if you run out of money or the builder takes to long your fucked.
lol
>An average rate for a 30 year mortgage is 6.5%
>An average down payment for a first time home buyer is 10%
>The interest after 30 years is $422,391.76
>Which is 114% for the original purchase price
>Some government backed mortgages allow as little as 3% down.
>Mortgages rates where in the double digits in the 1980s.
>Not to mention property tax and home ownership insurance that doesn't cover anything and insurance companies that drop you for no particular reason and is legally mandatory with most types of government backed loans (the cheapest options)
>The median age of a home is 36 years
>That's longer than lifetime of some major repair items like roofs, septic tanks, water connections, etc.
>It's actually harder to get a loan for new construction with building and equity requirements then to buy an existing property. Meaning if you run out of money or the builder takes to long your fucked.
lol
Page 1