Posted by BarnyardEngineering on October 31, 2022 at 08:46:21 from (161.69.116.34):
In Reply to: Home Prices Thoughtd ? posted by whizkidkyus on October 30, 2022 at 21:59:52:
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That, as usual, is only HALF the story.
If you're making payments the taxes and insurance dollars have to be held in escrow. Depending on where you live that adds 50-100% to the monthly payment. Pretty sure it's Federal law.
My monthly mortgage payment is around $750 a month. The monthly statement from the mortgage company is pushing $1300, and probably will top $1300 when they do the annual escrow reassessment tomorrow. Insurance rates and tax rates went up.
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