Buying a place for single mom w 2 kids in a safe area
Hi,
I am a 34 year old single mom of two kids, 7 and 8. We are Asian. I am interviewing for a position in midtown Manhattan. I am planning on buying a 2-3 bedroom condo as the first home. Budget $300K-$500 --- with good school system or alternative and affordable schools in the area. I will be teaching at night till 10pm twice a week. So, safety is a concern.
The job I am interviewing is more a 3 years contract renewable two terms. I plan on living in this place for at least 6 years.
Where should I start looking? What should I be concern? Are there any parts of the City (NYC and NJ side) to stay away from? I should be able to have 20% down payment. I will be going with a 15 year or 30 year fixed rate mortgage. Will there be any Pre-Payment Penalties on these mortgage products?
Would it be wiser to rent in Manhattan first and explore options? I just do not want to waste money on rent.
Thanks in advance.
-Y101
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