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mortgage question
I have a friend who just bought his first home. He told me that the mortgage was only going to be about 300 dollars a month.
I was suprised, I thought that the average mortgage was around 1000 dollars or more a month.
Does this mean that he has already paid for most of the house? Also he said the home was on 16 acres, do you think he paid a lot for it?
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hi :) it depends on how much $ was put down and how much your friend financed. You can get an idea of how much he paid by looking at real estate advertisements for the same type of property, acreage, location. Or surf for your county's property tax assessor and some now let you actually look up the valuation. Remember that the value of anything is only worth what someone is willing and able to pay for it.
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HI There,
all mortgages are not at a fixed price so they do differ thats all I can say on the subject.
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It depends on where the house is and a lot of different things.
I have friends who find it weird because my mortgage is 285 a month.
I have a nice house but, any employer who pays anything is 40 mins to and hour away. Houses are cheap because no one wants to commute.
My friends pay 1000's because they live in a fancy neighborhood. I'd rather have the trees. :)
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