This is where I would start...what are comfortable mortgage payments? how much can you afford, will you be taking a roommate? i have mortgage calculators on my website...use them to get an idea of what you're comfortable with paying. remember you'll have to keep in mind that you may have condo/HOA dues in addition to your mortgage if you buy a younger townhome. A lot of people say they dont want to pay condo fees but i really think you'll want to keep an open mind here...see what is included in the fees and weigh the value. If i could pay $500 a month and have all my utilities paid, grass cut, snow shoveled, and building maintained i would be all over it.
I have been helping my clients find great homes for 6 years, i am experienced, but i dont work in NJ...so if you want a 2nd opinion just email me.
good luck with school and house hunting.
dennis@DennisStrange.com
http://www.dennisstrange.com/mortgage_center.shtml - Tue Sep 9 2008, 08:25