When Buying a Home, Think About How Much You Can Afford - 03/29/11 01:17 PM
Home prices are down but are you able to take advantage of them? If you are considering buying a new home, evaluate your budget now to find out how much house you can reasonably afford. These are some things to consider.
You may be approved for more than you can afford. When evaluating your mortgage application your lender will review your income and current debt obligations. Typically, your lender will approve you for a mortgage that is three times your annual income, or two and a half times your combined income with your spouse. Your lender bases the amount they can … (0 comments)

How do FHA Mortgages Differ from Conventional Loans? - 03/04/11 08:19 PM
Consumers who are shopping for a new home mortgage have plenty of lending options at their disposal. The two most common types of mortgage loans are FHA mortgages and conventional loans. Conventional loans are those made by a lender and insured by a private mortgage insurer. FHA loans are also made by lenders, but rather than a private insurer, the U.S. Department of Housing and Urban Development insures these mortgages.
Private Mortgage Insurance Private mortgage insurers are for-profit companies that provide insurance on the loan should the homeowner stop making payments and the lender need to foreclose. The lender passes this … (0 comments)

 
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Len Malena - OC Realtor

Trabuco Canyon, CA

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