You might be moving to Massachusetts from another state or buying your first home in Massachusetts. No matter what, you should learn about Massachusetts home loans before you look for a house and a mortgage. This article tells you what you need to know before buying a home in Massachusetts:
In Massachusetts, the average price of a home is $185,700. Recently, homes in Massachusetts have been going up in value at a slower rate than the rest of the country. But in some parts of Massachusetts, the value of homes goes up faster than incomes. Because of this, many people in Massachusetts don't make enough money to buy a median-priced home with a traditional loan.
Home prices in Massachusetts vary a lot from one zip code to the next. In the summer of 2005, the median price of a home in Marion, Massachusetts, was $700,000. In Rochester, Massachusetts, it was $450,000, and in Acushnet, Massachusetts, it was $350,000. The average interest rate in Pennsylvania is less than the average rate across the country.
Massachusetts law says that balloon laws can't be made. Also, Massachusetts law says that homes with their own sewage disposal systems must be inspected by a state-approved inspector, and all needed repairs must be done before the loan closes.
