Boston Foreclosure Rate
Boston Foreclosure Rate
How much do I need for a mortgage payment?
Hi, I'm 23, and potentially buy a home in the next 2-4 years, probably on the coast north of Boston, (away from the city, in the suburbs). The fact that much of the economic crisis we are seeing today the results of loans dangerous that worries me though. When applying for a mortgage, will still be able to get one, even if I have perfect credit? A 5% down payment be a thing of the past? How much should I save to prepare for one? Fixed mortgages interest rates to 30 years through the roof? Or, on the positive side, Is it good for me that property values are declining, and foreclosures may have some really big business?
Plan 10 to 20% down, plus all closing costs. Housing prices are likely to continue declining for at least a couple of years. The peak for the mortgage resets Alt-A mortgages and the first not hit until mid-2009, so we can expect another wave of foreclosures and the continued decline in prices. However, the interest rates a couple of years down the road are problematic. With the Treasury printing money like crazy, have to tackle the main problems of inflation and interest rates will be fired. When? That's the million dollar question and nobody knows or wants to risk a guess.
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