In today’s difficult housing market, homebuyers are increasingly likely to find themselves having to make monthly mortgage payments of up to $3000. With interest rates currently climbing, and home prices being at a record high, the financial strain of owning a home has been drastically increased.
Despite this difficult situation, homebuyers are still determined to purchase a home, though some may be opting for smaller, more affordable homes. Homebuyers can take steps to reduce their risk when entering into a mortgage agreement, such as by making a larger down payment, seeking out lower interest rates, or opting for a lower mortgage term. Additionally, government guidelines may help provide relief for homebuyers struggling to make mortgage payments.
Key Points:
• Homebuyers facing $3000 monthly mortgage payments
• Interest rates and home prices historically high
• Homebuyers opting for smaller, more affordable houses
• Homebuyers should make large down-payments, seek lower interest rates, or choose a lower mortgage term
• Government aid may be available for those needing assistance with mortgage payments
You can read this full article at: https://www.housingwire.com/articles/with-rates-at-a-22-year-high-the-3000-monthly-mortgage-payment-becomes-the-norm/(subscription required)
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