Boston is a combination of old and new, has one of the most beautiful old architecture building and is also house to tall sky scrapers. It is also a piece of history, a place where the great revolution took place.
When we look at the mortgages in Boston, the total houses that are present in the city of Boston are 1,434, this number includes the condos and rentals etc. and the thing that really gets the eye of every person that is looking for a Boston home mortgage are the statistics.
A whopping 87% of these houses are owner occupied. Like every other place, mortgages in Boston are like a basic necessity to them. This is further supported by the fact that 83% of the houses are on a mortgage. To make things even easier about 17% of the owners have used a second mortgage.
That makes a total of 66% people have a first mortgage on their houses, which is encouraging for any new resident thinking about mortgaging. 4% people have a second mortgage and 17% have a home equity loan on their houses. So you have plenty of choices to choose from and there are a lot of people who can give you feedback on this. Mortgage has also been on the rise due to the fact that as much as 21.9% of an individual’s income is used on covering the expenses of their houses.
Apart from that you get to choose from a variety of house depending on the number of family members and their requirements. This means that you can easily get a 7 person household. Among the houses 2 and 4 person households are most easy to find attributing to 36% and 21% of the total houses respectively.
To make things even easier you get to choose from as many as 5 different ways about how you want your house to be heated. Amazingly in Boston, electric heat is not the dominant one. That place is taken by oil heating systems which are present in 75% of the houses. You also get to choose from gas and wood heating.
If you want even more control, there is also a solution for that, you can choose the number of bedrooms you want in your house according to your needs, if you want a small house you can get it. They could only contain 1 or 2 bedrooms and there are 2% and 22% houses offering this, respectively. But then if you want a bigger house then there are even more houses. You can get 3, 4 or 5 bedrooms which are in 48%, 24% and 3% houses respectively.
Boston is one of the glooming cities in the US, and the people who are trying to find the best Boston home mortgage packages, then you will have to personally visit the market, and the next thing is to weigh your options and carefully understand all the conditions and terms that are mentioned. Only when you have done that thoroughly you will be able to get the best package.
And the next thing is to manage with a little less, see the think is that in the modern times of recession and problems, it is better to cut down on some of the luxuries and get a Boston home mortgage plan that has less interest and you have minimum problem in paying it. Boston is indeed one of the places to live and the mortgages will make that happen with ease.
This blog is mostly about news, articles and suggestions on mortgages, equity loans, housing loans, home refinancing, mortgage refinancing, mortgages for people with bad credit, bad credit remortgages, home equity line of credit, commercial mortgage loans online, second mortgage rates and other refinancing options.
