Palm Harbor

[Billy]

Ok, I have an identical post to this on down the board, but I think it got lost in the shuffle.
One more question...and by the way, I was just using the 8% example, i will go no higher than 7%...with the homeowners ins, that needs to be in place before I take possesion of the home? He said the closing cost should be no more than 4-5%....but that wasnt in the contract to purchase....no closing cost were in the contract to purchase, he said as soon as the loan is secured we will know about that.

Thanks for the advice guys......also with the carpeting...since its a double wide, they shouldnt have to tear the carpet out of the home to reinstall as it probably has a seam down the marriage line....there was no noticeable wear on the carpet..its very...ummmm, challengeing when buying a mobile home.....12 months of research, and you kinda still feel like a babe in the woods when the process gets rolling

[rmurray]

Hey babe....There is a lot to buying a home...

Be sure you shop the finance...even 7% is too high...remember 1/4% equals $ 14 to $20/mo interest..or about $ 4000 to $ 7200 in total costs....

Because the first years insurance is required...it will be included in the closing costs...of course you can pay cash for it..

Once you have a final approval..they will present you with the RESPA documents...This is the federally required disclosures that are required...In this form..they will disclose all potential costs...Loan company (dealer in this case) profits will be called..
Origination fee, discount fee, processing fee, underwriting fee the list goes on...Near the bottom there will be a disclosure if the lender is getting any backside profit...It will not show as a closing cost..just a line item and no cost listed in the line..

There are items that are uncontolable...such as state loan taxes, filing fees...attorney or title company fees are estimates..remember in most states you have the right to chose both you insurance company and attorney...

You should shop the loan offer with other mortgage companies in your area...or nationally..There are some listed on this site ..where you can get a free offer just by listing some info...Try it..