New York City has been selling a quarter of a million in tickets every hour as the Mega Million lottery tickets are again set for the biggest payout in history. And while there is a chance that someone will win the billion dollar prize, the reality is that nearly all will go back to work tomorrow in an effort to make their home equity loan payments and other obligations. It is very fun to dream of never having to look at a home mortgage calculator again, but nearly 100% of lottery ticket buyers will still need to pay attention to their payment schedules and interest rates.
Mortgage calculators, more than the the latest lottery ticket prize, are a part of many Americans lives. No matter how much you dream of winning the big jackpot, in fact, you cannot count on any other method of taking care of your home and car loans other than making your regular payments. And while you can make extra payments and shorter the terms of your loan, there really is no other good way to make sure that you are meeting your financial obligations.
Reputable Loan Officers and Mortgage Calculators Help Consumers Understand the Required Payments
Home ownership is a goal of many Americans. In order to achieve this, however, a borrower must have a required down payment amount as well as an income to make monthly payments. Understanding all of these implications is an essential part of making sure that potential home buyers are successful in their efforts to purchase a home.
Consider these facts and figures about the home mortgage industry and the trends that indicate a growing number of people are working toward this goal:
- $137,000 is the current average mortgage balance across the U.S.
- $244,000 is the average new mortgage balance in the U.S.
- $9.9 trillion is the total mortgage debt in America.
- A record 107 million Americans, which represents 43% of the entire adult population, have auto loan debt, according to recent data released by the Federal Reserve Bank of New York.
- 754 is the median credit score for a new mortgage in the U.S.
- 43.9% of mortgages originated by banks, and 9% of mortgages originated by credit unions.
Even if you bought yourself a hand full of Mega Millions lottery tickets this evening on the way home from work, you will most certainly be part of the population who will have to get back up tomorrow and get back to work!