Current Events > Dumb question: Is there a way to find an average mortgage in your area?

(+) Yeah! (+)

I know its a dumb question. Im in a unique situation. Im in my 30s but Ive never had any experience actually trying to buy a home. My brother and I, we are really close in age, moved into an apartment together early on. My parents retired and left the house to us so we moved back and took over the mortgage.

Time has passed. My brother now has a 4 year old daughter and I make pretty good money. Good enough to be on my own comfortably. We have a big house at a mortgage of $1300. I was looking at average rent in my area and Im seeing roughly $800 per month for a 1 bed room apartment. Thats crazy when Im splitting with my brother a 4 bedroom house for $1300.

It might be cheaper to get a house and Im trying to look around and calculate what I can afford. Im not planning on moving anytime soon but I need to prepare. I already know this house will be my brothers because he has a family. I dont. Plus, I dont want that to be my house anyway.

Im just trying to prepare for the future. Im guessing my brother will buy me out or we will sell the house eventually. I just have no experience in real estate because I didnt really need it. Hell, I didnt even really participate in finding that apartment. My brother found it and begged me to move in so I did.

Sorry for the dumb questions. My credit is good too BTW. 750+ across the board

I knew this question would be too dumb to get an answer lmao

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I was afraid that was going to be the case. I dont really know how much money is enough to where I can buy a house and live comfortably. Maybe I shouldnt go by average mortgage and maybe look at a way to know what I can afford? I dont know

ur question isnt dumb ur asking people who still let their parents handle that stuff or rent.

go to zillow. look up ur address. it will also give u a topographic map. look at wut the avg mtg on ur address and other addresses is

Maybe go on Zillow and check neighborhoods that you like to see what houses are on the market, to get an idea of what the house prices are? You can kinda of try to figure out mortgage in that way, I think they give you a pricing option

You can figure it out on Zillow. Just pick a neighborhood, find a house in it and you'll find an average price for the area. Then find a house at that price and it'll just tell you an estimate

Im not sure I completely understand what youre asking. You can look up average home values for an area. But your mortgage payment is going to depend on how much the home costs, how much you put down, the interest rate you get approved for, and things like insurance and taxes.

WarfireX posted...

ur question isnt dumb ur asking people who still let their parents handle that stuff or rent.

go to zillow. look up ur address. it will also give u a topographic map. look at wut the avg mtg on ur address and other addresses is

AlCalavicci posted...

Maybe go on Zillow and check neighborhoods that you like to see what houses are on the market, to get an idea of what the house prices are? You can kinda of try to figure out mortgage in that way, I think they give you a pricing option

Jiek_Fafn posted...

You can figure it out on Zillow. Just pick a neighborhood, find a house in it and you'll find an average price for the area. Then find a house at that price and it'll just tell you an estimate

Thanks a lot. I had no idea that was a thing. I appreciate the responses

known2FAIL posted...

I was afraid that was going to be the case. I dont really know how much money is enough to where I can buy a house and live comfortably. Maybe I shouldnt go by average mortgage and maybe look at a way to know what I can afford? I dont know

There are online calculators that will take your income, existing debt, and down payment and give you a (max amount) of house you can afford (just search "how much house can I afford").

If you'd like to see what that translates into in terms of a monthly mortgage payment, those same sites typically also have calculators that will take a mortgage value (say, $400,000) and an interest rate and spit out a typical monthly payment on a 15 or 30 year term.

known2FAIL posted...

I was afraid that was going to be the case. I dont really know how much money is enough to where I can buy a house and live comfortably. Maybe I shouldnt go by average mortgage and maybe look at a way to know what I can afford? I dont know

as far as what you can afford Id highly recommend something you can afford to put a 20% down payment on. Lenders will approve you for a loan that has a payment equal to about half your average monthly income, but thats way too much. Its ideal for a house payment to account for about 25% of your monthly income.

AlleyViper620 posted...

There are online calculators that will take your income, existing debt, and down payment and give you a (max amount) of house you can afford (just search "how much house can I afford").

If you'd like to see what that translates into in terms of a monthly mortgage payment, those same sites typically also have calculators that will take a mortgage value (say, $400,000) and an interest rate and spit out a typical monthly payment on a 15 or 30 year term.

Fantastic info. Thanks a lot. Zillow al once is already an amazing tool

Solid Snake07 posted...

as far as what you can afford Id highly recommend something you can afford to put a 20% down payment on. Lenders will approve you for a loan that has a payment equal to about half your average monthly income, but thats way too much. Its ideal for a house payment to account for about 25% of your monthly income.

That is great advice. 25% monthly income would be amazing and I can save up for 20% down for sure. I can start working on that now actually

All of the info given in this topic has been great. I have a general idea of what I can afford and Im making a plan to get there. Im not in any rush but its great that I know how to prepare. Thanks again

known2FAIL posted...

All of the info given in this topic has been great. I have a general idea of what I can afford and Im making a plan to get there. Im not in any rush but its great that I know how to prepare. Thanks again

If you know a mortgage broker or have a friend who can recommend a good one that would be really helpful for you too in order to figure out your price range

You'd probably be better served going and talking to a finance officer than a broker or an agent. They'll preapprove you for a loan and give you an idea what you can afford and a ballpark interest rate.

Agents are just gonna want to get you to buy a house.

AngelsNAirwav3s posted...

If you know a mortgage broker or have a friend who can recommend a good one that would be really helpful for you too in order to figure out your price range

I think my parents actually know someone in my area since they use to live here before retiring. I dont want to ask them because they want my brother and I to stay in this house so bad. I want to live on my own though

known2FAIL posted...

That is great advice. 25% monthly income would be amazing and I can save up for 20% down for sure. I can start working on that now actually

its excellent advice becuz if u put 20% down u dont have 2 pay mtg insurance.

mtg insurance is different than home insurance and it is one of the biggest scams in america