"N2EY" wrote in message
...
In article , "Kim W5TIT"

writes:

I am
shopping for a new home and my husband and I have decided what we are
comfortable spending, what we need and desire in a new place, what kind
of
interest rate we'll accept, and what payment we want.

Weren't you folks having a place built, Kim? Or are we talking about the
same
thing?


No, no! We're not having a place built...we are ordering a manufactured
home (trailer, whatever-you-want-to-call-it). We are all set with land, and
explored building. But, for some reason, neither of us is particularly
interested in dealing with having one built (there's not one good experience
we've ever had relayed about dealing with builders...LOL).


Know what? One
mortgage company so far has told us, "you have a lot of room to move,"
meaning that we can get into something much bigger and more expensive
than
we are looking for. They seem shocked that we aren't interested in
"maxxing" out our limit!!

Sure. I've encountered that, too, in all sorts of transactions, Their
focus is
very narrow. And their fees and commissions are based on the selling
price.

And note that reselling mortgages is pretty standard, so the people who
sold
you the house and mortgage won't be holding the bag if you do default.


Yep, we've already been told as soon as the "deal is done," the mortgage
will be sold.


And, you're right about bankruptcy, too. When I said to a lender that we
weren't comfortable with the expense they were suggesting, they said we
could afford it and didn't know what the problem was.

Of course not. It's not their money or their house!


Or the accomplishment of having excellent credit!


I told them I think
about things like potentially losing my job or my husband losing his.
The
come back was that we always have bankruptcy available!!!

Now *that's* a new one! ;-)

Point is that the lenders &tc won't protect us from ourselves. *We* have
to do
that.

73 de Jim, N2EY

Precisely what we're doing...

Kim W5TIT