Long Beach Area
Long Beach is a wonderful place to search for a place to live, especially if you are looking for a single family starter home. We suggest you keep an open mind and check out the surrounding towns as well. There is Lakewood to the north, San Pedro to the west, Garden Grove to the east just to name a few towns that may be a good fit in your home search.
Three Bedrooms Requirement
Some homeowners can live with a two bedroom home but for the majority of buyers a third bedroom is a necessity. Either the number of family members requires a third bedroom or there is a need for a home office. The search below is for homes with three bedrooms or more.
Priced under $700.000
All our homes below are priced between $500,000 and $700,000. We have proposed two purchasing scenarios below. Each case estimates the amount of money needed at the closing and the estimated monthly payment. The final payment monthly payment includes Principal, Interest, Taxes and Insurance. You will often see the acronym PITI used.
A $700,000 purchase with a 20% down payment, at a 3.37% interest rate requires $157,000 be brought to the closing. The monthly payment would be $3,400. A $700,000 with a 5% down payment with same interest rate requires $53,000 at the close. The monthly payment would be $4,300. A loan with less than a 20% down payment will require an additional mortgage insurance payment each month, therefore the last ‘I’ for insurance will be a greater amount.