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Karla Marx | Is this mortgage too much? I think my MIL got taken for a ride? |
Okay, I don't know much about mortgages, that's why I'm here. She purchased a home for 150k and is paying 1500 a month...that just sounds like way too much isn't it? In the end of 30 years the total is 540k... Is it too much or is that normal?
Additional Details
I should add that it's in a bad neighborhood, was outdated and had major cooling/heating and plumbing problems that she's had to repair.. I believe the comps in that area sell for about 90k or more. |
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Garden by M
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sounds about right....ave loan is about ten dollars per thousand. there is no cure for stupidity. if you overpay for a house and accept the mortgage, you can't get out of unless you sell it, walk away in foreclosure or make the payments. |
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glenn
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The mortgage company did not set the sale price so that would be that you think she paid the seller to much money.
If she got a 150,000 mortgage and her payments are 1500 a month and that includes the escrow payments for the property taxes and homeowners insurance then that would be just about right.
If that is just the principal and interest and it is a 30 year loan that seems high (but not if it is a shorter loan).
In my opinion I think everyone should make every effort to pay off their loans as quickly as possible, but the mortgage loan is the last one I would worry about. I would tackle credit cards, auto loans, student loans and others before I tackled the house loan. |
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Holly R
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^^Glenn^^ is absolutely right. The mortgage company didn't take advantage of her...but she may have paid too much for the house itself...or she has the nicest house in the neighborhood. As for her payment, are you sure it is 30 years? Do you know the interest rate? Are insurance and taxes included in her payment (escrowed)?
These things can all have a big impact on her monthly payment. I'm guessing she has a higher interest rate..but as for the price of the home..the mortgage company doesn't have anything to do with that...they just made the loan. |
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MSAD
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Depends on the terms of her mortgage and if she escrows or not.
What interest rate is she paying?
Does she escrow? If so, what are the property taxes in that area? How much is her homeowners coverage? |
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Patrick
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There are a couple pieces of information missing here.
Does the $1500 also include Taxes and Insurance?
What is her credit score like?
How much deposit did she put down?
The reason I ask for that is that Taxes and Insurance can be a lot or a little depending on where she lives. If it is an old house the insurance could be high. If she lives in a city that has $4000 a year in property taxes that would be around $330 per month. Add insurance to that of say $1200 per year, $100 per month and you are at $430 per month.
If she has a low credit score she will have a high interest rate (because she is a greater risk). How much she put down will show if she has PMI or not. If she put down less than 20% she will have PMI. PMI for that type of loan with a low credit score could easily be $70 - $80 per month.
Add the PMI to the $430 per month and you are at $500 per month.
If the mortgage payment is $950 per month at a 6.5% rate and taxes are high, insurance is mediocre, there is PMI and you are at $1450 - $1500 per month.
Taxes could be low, but if your MIL has a credit score of 500 - 600 she will be paying a much higher interest rate than 6.5%.
Look a the statement to see her interest rate, taxes, insurance, etc. Start adding everything up and you will see where the money is going.
Good Luck! |
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FRANK
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A 150,000 loan at 6.50% for 30 year loan would be less than $950.00 pr month, plus taxes and insurance. |
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Gary M
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Ok, I am bracing for the thumbs down from EVERYONE. But ive been in the biz for a while. YES, your friend got screwed! Big time. |
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Mahogany
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It could also be based on her credit. What's her credit standing if it's low then she is going to pay high intrest rates. The lower your score the higher your intrest rates
Ex.
This is just an example
FICO APR MontlyPayment TotalIntrestPaid
720-850 (highest) 5.775% $995.00 $188,119
500-559 (lowest) 9.521% $1432.00 $345,541 |
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Scooby Doo
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I don't know much about mortgages either but it looks like she got taken for a ride. |
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estielmo
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She's a grown woman who hopefully took all that into account. Aren't you asking a little late? You should have helped her BEFORE she closed. |
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