mortgage: What's Your Buying Power? - 01/08/09 05:47 AM
What's Your Buying Power-Interest Rates vs Purchase Price
 
Most folks think that when they apply for a loan the Lender qualifies them for a certain total amount of money.  This is only partly true.  What you are being qualified for is the amount you are able to pay EACH MONTH, and this determines the total amount that the bank will lend you.
 
Let's suppose you want to borrow $200,000 to buy a new home.  You have the down payment and closing costs saved up and you contact the Lender for a loan.  When the Lender runs your credit report … (0 comments)

 

Elaine Cerrato

Ocean City, MD

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Coldwell Banker

Office: (410) 723-8543

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Real Estate, Mortgages, Buying, Selling, Buyer's Agent, Condominiums, Second Homes, Investment Properties,


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