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"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 |
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