A homeowner can’t buy a house with a loan of less than $2.200 if it has been built to the standard of the average American home, a new report finds.
The average loan amount of $2-2,500 is the amount needed to finance the average home, the report by the National Association of Realtors said in a report released Wednesday.
The National Association’s latest study, which was conducted in 2015, found that about 60 percent of Americans had a loan that was under $2 million, while an average of 50 percent of borrowers could pay it off within five years.
“For many homeowners, the ability to make mortgage payments is critical to maintaining and maintaining an acceptable credit score and ensuring their mortgage is repaid,” said Tom O’Donnell, NAR’s chief economist.NAR surveyed more than 2,000 U.S. homeowners to estimate their ability to repay their home loan and determine whether the loan should be forgiven.
The NAR report said that the average annual repayment for borrowers with a home loan of $500,000 is $2,-200.
But a homeowner with a mortgage of less $2M can repay the loan for an average amount of just under $1,000.
The average borrower with a house loan of more than $5 million can repay their mortgage for an expected amount of about $2-$3 million.
For more information, call (866) 522-8889 or visit nara.org.
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