Avg mortgage cost (Westborough: apartment, insurance, buying a home)

[MikePRU]

Part of the problem is that no one really knows what the OP is asking. Are they asking . . .

Am I getting a good price on this house?

Is it worth it (to me) to invest this kind of money?

Am I getting a good rate on my mortgage?

I could probably throw out a few more ways that one could interpret the OP's first post.

Originally Posted by BostonMike7

To be frank. we are going to need a lot more info...personal info.


All we are going to do here is speculate, and apply our own feelings, and financials to the question at large and generalize.

Well said and I couldn't agree more. The question needs to be more specific and there needs to be a lot more back story before anyone can make any kind of reasonable attempt at helping.

[Whatsnext75]

My mortgage is well under $4300 a month and ive fretted that mine is too much :eek but we don't know your monthly income. Maybe $4300 a month to you on a mortgage is peanuts.

[KatieZ]

It boggles my mi d someone making this kind of money comes here to ask such a ridiculous question.

[Partial Observer]

Originally Posted by KatieZ

It boggles my mi d someone making this kind of money comes here to ask such a ridiculous question.

No kidding. I saw a lot of this financial naïveté when I lived in Newton, and it eventually drove me toward socialism. Outside of professional entertainers, how can people with so little awareness possibly be worth so much money in the free market? If these are the ambassadors of the upper class, then I say we throw open the doors for unskilled laborers.

[jayrandom]

Originally Posted by Partial Observer

No kidding. I saw a lot of this financial naïveté when I lived in Newton, and it eventually drove me toward socialism. Outside of professional entertainers, how can people with so little awareness possibly be worth so much money in the free market? If these are the ambassadors of the upper class, then I say we throw open the doors for unskilled laborers.

Financial naivete drove you toward socialism? Your question has a simple answer: the employment market doesn't really care how financially aware you are. Certain professions, particularly business and to a lesser extent investing, require you to be financially astute to succeed. In most other cases it doesn't really matter. Doctors are a classic example, but there are a host of other professions where the particular skill is valuable and no business sense is needed, people like engineers and scientists.

You're expected to be good at what you're expected to be good at and the rest isn't really important. My employer encourages me to save for retirement, but beyond that they don't really care what I do in my free time. For lots of people, if you've got more money than you think you need there isn't really a strong incentive to become financially savvy. They've actually already mastered the first rule of money management--which is to be happy with spending less than you have--but they can and do waste money or inadequately prepare for the future with at least no present-day consequences.

I would give the OP a bit of a break, at least they've started asking questions. This isn't really something you learn in school, you learn when you have to learn.

[Nobodybody]

Originally Posted by GeoffD

How does that work? The FHA limit for Worcester county is $285,200. It's not the $523,250 limit of Suffolk, Norfolk, Middlesex, and Plymouth counties. The 3% VA/conforming loan cap is $417,000. Can you get a 3% loan bigger than that in Webo? I haven't had a low down payment mortgage with PMI since I was really young so I'm not up on the rules. I thought jumbo mortgages needed a 20% down payment these days.

Good point - I was basing my experience on Middlesex and didn't know the Worcester cap.

[GeoffD]

Originally Posted by KatieZ

It boggles my mi d someone making this kind of money comes here to ask such a ridiculous question.

My guess: It's either someone who couldn't possibly afford a $4,300 mortgage payment wondering who could possibly be buying those enormous plastic boxes or it's someone not born in the USA who fits the Westborough demographic and has no previous home ownership experience.

[Bruins_Fan]

Think the OP has been chased away...

[MikePRU]

Originally Posted by jayrandom

Financial naivete drove you toward socialism? Your question has a simple answer: the employment market doesn't really care how financially aware you are. Certain professions, particularly business and to a lesser extent investing, require you to be financially astute to succeed. In most other cases it doesn't really matter. Doctors are a classic example, but there are a host of other professions where the particular skill is valuable and no business sense is needed, people like engineers and scientists.

You're expected to be good at what you're expected to be good at and the rest isn't really important. My employer encourages me to save for retirement, but beyond that they don't really care what I do in my free time. For lots of people, if you've got more money than you think you need there isn't really a strong incentive to become financially savvy. They've actually already mastered the first rule of money management--which is to be happy with spending less than you have--but they can and do waste money or inadequately prepare for the future with at least no present-day consequences.

I would give the OP a bit of a break, at least they've started asking questions. This isn't really something you learn in school, you learn when you have to learn.

Absolutely. I couldn't agree more with this post and I'm glad that you are no longer on hiatus from CD.

Originally Posted by Bruins_Fan

Think the OP has been chased away...

Looks like they haven't logged on in a couple of days.

[Whatsnext75]

Someone implied the OP is asian...maybe he's not from here and isn't sure how things work. Many of them come here and run cash businesses (restaurants, nail salons) and they have quite a bit of cash flow to buy a house but dont know what theyre doing.