Asked by Marcus Ricks, Lake Forest, CA • Tue Aug 5, 2008
I'm renting a 4 bedroom 2.5 bath, 1800 sq feet single family home in Lake Forest for $2700/month. I notice that some single family home pricing has gone down, but the selection is very limited. I'm prequalified and preapproved for up to $550K purchase, but I'm really looking for an all-in mortgage payment that is in closer alignment with what I would otherwise pay to rent a single family home. Am I being unrealistic in my expectations here, or just too sane in my approach to homebuying in Orange County? I'm thinking of waiting another 12 months. Is waiting a bad idea?
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