Home prices can be deceiving. After all, the sales price of a home isn’t really the number that matters most to a prospective home buyer. The monthly mortgage payment is, and it depends on a number of different factors. Factors such as property tax, mortgage rates, the down payment, mortgage insurance, etc.
Mortgage Payments More Affordable
In other words, when thinking about how much house you can afford, it’s best to take everything into consideration, not just the sticker price. That’s why a new analysis is good news for home buyers concerned about affordability. According to the numbers, released by a popular online real estate portal, the typical mortgage payment has become more affordable over the past two years. In fact, homeowners earning the median income could cover the monthly payment on the typical U.S. home in September with 17.5 percent of their earnings. That’s down over two percent from two years ago. That means, despite the fact that home prices have continued to rise, the drop in mortgage rates – which are considerably lower than they were in October 2018 – has helped make mortgage payments more affordable. Follow the link for more information (source).
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. So come get pre-approved and start shopping for your dream home by clicking here!