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.