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The Watercooler
A ? about getting approved for a loan, either a bank or non-conventional
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<blockquote data-quote="DDD" data-source="post: 586912" data-attributes="member: 35"><p>Since you have time I would suggest that you use your computer to explore options...not financing options but home and neighborhood options. With the internet "Homes For Sale" usually allows you options that makes the search user specific.</p><p>For example Mobile, 2br 1 b, price 25,000 to 35,000 will bring up listings that meet your criteria so you don't have to look at million dollar estates. You'll be able to see alot of possibilities and likely will find areas you know don't suit you as well as some you've perhaps never seen. easy child/difficult child has done this daily since October and it really saves time </p><p></p><p>Regarding financing I don't know anything about mobile homes but I do know that we were shocked to find that most financial institutions did not accept applications for less than $50,000. What a world..sigh! But lenders usually are polite and helpful when people want to gather qualification information. It is "possible" to find residences where the sellers are willing to finance the sale because the interest rates are lower on savings accounts etc. than they can get for a home mortgage. You can check current rates online for both so you can see the difference. The other thing you can do on the net is "amortization". Enter your hoped for mortgage amount, plug in a mortgage interest rate and then enter the number of years you think you need to pay off the debt. You can quickly see how much for ten years or twenty etc. The payment will include the P and I. Don't forget you will also have taxes (annual divided by twelve) and home owners insurance premiums.</p><p></p><p>Basically you can become an expert sitting in your jammies and having a cuppa. Good luck. DDD</p></blockquote><p></p>
[QUOTE="DDD, post: 586912, member: 35"] Since you have time I would suggest that you use your computer to explore options...not financing options but home and neighborhood options. With the internet "Homes For Sale" usually allows you options that makes the search user specific. For example Mobile, 2br 1 b, price 25,000 to 35,000 will bring up listings that meet your criteria so you don't have to look at million dollar estates. You'll be able to see alot of possibilities and likely will find areas you know don't suit you as well as some you've perhaps never seen. easy child/difficult child has done this daily since October and it really saves time Regarding financing I don't know anything about mobile homes but I do know that we were shocked to find that most financial institutions did not accept applications for less than $50,000. What a world..sigh! But lenders usually are polite and helpful when people want to gather qualification information. It is "possible" to find residences where the sellers are willing to finance the sale because the interest rates are lower on savings accounts etc. than they can get for a home mortgage. You can check current rates online for both so you can see the difference. The other thing you can do on the net is "amortization". Enter your hoped for mortgage amount, plug in a mortgage interest rate and then enter the number of years you think you need to pay off the debt. You can quickly see how much for ten years or twenty etc. The payment will include the P and I. Don't forget you will also have taxes (annual divided by twelve) and home owners insurance premiums. Basically you can become an expert sitting in your jammies and having a cuppa. Good luck. DDD [/QUOTE]
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A ? about getting approved for a loan, either a bank or non-conventional
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