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

writes:

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).

I lump buying/setting up a new manufactured or modular home in with
building,
though obviously they're not exactly the same. Main thing is you're
talking
about the same project (getting a new place).

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.

I wonder how those folks make their money, with all the paperwork
involved, but
I suppose that if somebody handles ten million dollars in mortagages per
month
and gets 0.1% commission, it adds up...

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!

Right! You shoulda seen the looks on their faces when I started reciting
my
credit history.....

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.

Precisely what we're doing...

And a good thing too....

Here's another one for ya: I bet neither of us would have any problem
getting a
30 year mortgage, even though we'd be nearly 80 when said mortage was paid
off
(barring any advance payments). Huh?

73 de Jim, N2EY


snicker Well, believe it or not, that is what we're going for. We
thought about the 15-year but what we decided is we'd rather double/triple
payments at our own control...just for the very reason of potential job
loss.

I need to send you an email on another, personal note... I'll do it soon,
remind me if I don't!

Kim W5TIT