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Ellen Freudenheim

First Time Home Owners: Thinking of Buying a Home in Brooklyn? Mortgage ABCs.

By February 25, 2013

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Real estate prices in Brooklyn are zooming....and there's a woeful shortage of inventory, too, meaning there's not that much to look at. Apartments that a few years ago might have been affordable are suddenly approaching a million dollars--and that's before the bidding wars start. In some neighborhoods, mostly in Brownstone Brooklyn, foreign investors and others are offering cash, which trumps even a great bid.
So, before the real estate frenzy bites you this spring, think twice: can you afford to buy in Brooklyn? Can you afford to buy at all? And if so, what are the ins and outs of that essential assist, the mortgage?

Here's a great resource for first time mortgage-seekers, not from your local bank (which wants to lend money) but from HUD, called Looking for the Best Mortgage.

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