Home Mortgages: The Many Possibilities of 200 Gs

By Jonathan Haeber
CMR Columnist

Your new home loan can get you many different types of homes -- big homes, little homes, homes on the lake, homes in the desert (I don't know why you would want to live in the desert).

Still, despite the current downturn in real estate, there are a lot of options for those who can obtain a 200,000-dollar loan. In fact, you could even live in the highly desirable Miami Beach, Florida, albeit in a tiny 600-square-foot condo, but still a very luxurious option.

Where, Oh Where, Should My Home Loan Go?

Yes, anybody with about 40K in yearly income, and some money saved up for a down payment, can obtain a new home loan for 200 grand. The big question is: where should you spend your loan? Of course, Miami Beach is a top-of-the-line choice, but you could also live in Branson, Missouri and command much more square footage than Miami Beach. Branson isn't a bad place to live -- in fact, it was recently voted as one of the best places to live for retirees. In Branson, you can count on almost three times the square footage that 200K will get you in Miami.

If the Sunbelt doesn't appeal to you, and you don't want to even think about living anywhere near that Mighty Mississippi, then consider Big Bear. 200 Gs in Big Bear will get you a decent-sized 900 square foot, two-story home.

The Many Roads to a Home Mortgages

As you can see, there are many options, and homes are still very much in the affordable range in most places. Choosing a home location will be the most difficult decision, but that all depends on your lifestyle.

The first step is to search for a good home loan that is within your budget requirements. This site compares rates from major lenders so you can decide which lender you'd like to start with. After that comes the fun part: looking at homes!

Source
New York Times: What You Get for 200,000 Dollars

About the Author
Jonathan Haeber is a marketing writer for Discovery Channel Stores. He recently purchased his first home, and took a self-taught crash course in home mortgages.

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