Wednesday, October 13, 2010

Locked in Mortgage Rate

I met with the banker today and locked in our new mortgage rate at 4.25%.  That is with the .25% additional because it is a manufactured house.  Now we just need to wait to see how the appraisal comes back.  I'm hoping we don't have any problems with it.  I had so much trouble finding a bank that would lend to us because it is a manufactured house.  As soon as they heard that it was a manufactured house, they told us that they couldn't do it and we likely wouldn't find any bank that would lend us the money. 

I don't want to live in a manufactured house long term but for us this is a good thing right now because we will be able to live in it while we build our own house.  My hubby will do a good majority of the construction himself so a typical construction loan wouldn't fit our needs because they will usually only do them for 6 to 9 months.  Since he will be doing most of the work, I think that it will be longer than 9 months.  So, we will have to have a good chunk of money to do the exterior of the house on cash. 

In 3 to 4 years time, I will have a new house that I love on 20 acres of land in the country.  For that, I'm willing to do what it takes.

Do you have preconceived ideas about people who live in mobile homes?  Would you ever do it to get the end result that you want?

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