Financing question

[Melissa]

Hi everyone. Thanks again to those of you who helped with my other questions. I have another one that I'm not sure you'll be able to answer or not. First of all we looked at the Champions and in our humble opinion thay are very cheaply made, of course they are easier on the pocket book as well. We so far are set on buying a Skyline (which will come from the San Jacinto, Ca manufacturer) Sorry Richard.... Anyhow what I have a question about is property. We have found some property we want that is for sale by owner. We don't have the cash to purchase the property, but we do have the credit. As in credit card credit. We could have the cash taken from our credit account and applied to the purchase of the property. The problem is...we don't REALLY want to do this and would prefer to buy the land and home through a mortgage, BUT, we are afraid the land will be gone if we have to wait for our home to sell before purchasing it. Have I confused you all yet? I have tried talking to a realtor but have not heard back yet so we are in limbo wondering...should we buy it, should we not buy it. If we buy it with cash can we later apply it to our mortage and get our cash back?? If we don't mortgage the property WITH the MH will the lender still see it as a mortgage or as a personal loan? Can you see we know NOTHING about this? The property seems perfect though and just what we want. A MH was on it once before so all the wiring, septic, etc is already on the property. As well as water! Is anyone familar with real estate and how that whole process works? Any advice would be appreciated!

Melissa

[rmurray]

I should be able to help you...
1)...You are very lucky to be able to have all these options...This comes from diligent care about your credit..few could be even be thinking about the credit card option..

2(...If the land is a buy, location makes you happy and you can buy it...DO IT..DO NOT LET THIS GEM SLIP THROUGH YOUR HANDS...because..

3)..when you complete your long term permanent financing..you will be doing a refinance and you will be able to recover most or all of your money to pay off your credit card...Refinance is only appraisal dependent and the amount you will be able to finance will be only dependent on the appraisal of the home you select and the land as a package..there are many stradgies to achieve your goals...some might involve 2 mortgages to help avoid pmi insurance...These are call 80/20 loan packages...80% fist mortgage and 20% second mortgage...so...even if the appraisal is nothing more than you combined purchase prices...you will be able to recover your cash and payoff your credit card...(you may have to file a mortgage on the property to one of you to get it pais off...but you should let the loan originator guide you)...

4) in your area..and with your credit..you should be looking at Wells Fargo Mortgage or Indymac Mortgage...both have scores of plans for those with good credit and aggresive interest rates..If you are not comfortable with the first originator you meet...try another one..

5)..you should be ONLY considering a real estate mortgage...not home only because of the really low interest rates.....

Good Luck....Do it

[tammy galpin]

why cant i find anyone to refinace me? i have a single wide mobile home. i have been looking and looking and all i get is " SORRY !" why???? where can i find someone to refinance my current loans.????

[rmurray]

Have you tried the loan section of this site.???..What are you trying to achieve.???..lower rates, cash back, shorter or longer term..How long have you had the home and is it on your own property?/

Refi requires that you have equity...If your home is rather new, this is very hard to do..