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#1 Rule For Getting a Home Mortgage

Mortgage lenders have tightened standards recently. But consumers still have the potential to get approved for a bigger home loan than they can afford.

A general rule of thumb is that no more than 28% of gross monthly income should go toward house-related debt (including taxes and insurance). Besides first mortgages, this includes home-equity loans, which allow people to take out a lump-sum loan against the house, and home equity lines of credit, which allow people to borrow against the house over time, taking out money when needed. *To view the full post, please visit the San Diego real estate blog

Posted by San Diego real estate blog San Diego real estate agent on 05/05/2008 09:16 AM

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