Location, Location, Location

The concentration of mortgage defaults in certain geographic areas is more proof that the location of a property is a key to its value. And that a revised mortgage is only affordable if the property is in an areas with ample jobs, schools and other essential services.

The housing boom resulted in too many homes being built on "affordable" land. And too often the land was affordable because it was far from jobs and services. In this regard, the important questions to answer are:

Do the lower mortgage features offset any deficits in the location of the property?

Are jobs available in this area that make these homes affordable?

Will the increased commuting costs offset some of the mortgage savings?