According to Richmond’s Multiple Listing Service, the average price of a home in Richmond increased from $225,000 in 2013 to $272,000 by December of 2017. See examples.
A portion of your mortgage payment goes towards paying off the debt on the home. In five years, you would have paid off nearly $22,000 of the loan.
Depending on your individual tax situation, the interest that you pay on the mortgage loan can be a deductible item that could have totaled up to $10,980 over 5 years.
When you add up all of the benefits of home ownership, it becomes significant quite quickly. And while each individual’s experience will vary, those who made even just an average housing decision in 2013, accumulated significant wealth in the 5 years they owned the property. (disclaimer)
One South Realty Group
2314 W. Main St
Richmond, VA 23220
Call Us : 804.476.8264
This website is provided for informational purposes only and should not be interpreted as legal or financial advice. Contact a mortgage lender directly to learn more about mortgage products and your eligibility for such products.
Below is a chart of current mortgage rates, based off of a national survey of mortgage bankers. This chart is for illustrative purposes only and is in no way a guarantee that you will be able to qualify for these rates, or these programs, without a formal application and full underwriting.