I would like to learn about the salient points to keep in mind while applying for mobile home mortgage. Will some one please help?!
You may want to check your other thread...How to own a house without money
There is a link there by smith_grow about such things I think...I did not and would not check it out myself...
But please keep this in mind... Here is also something that smith_grow said.
It is indeed a great idea to own a house without money yet it is not difficult!
I really don't understand what he/she was trying to say there.
I will say this...It is not a good idea to own a home, even if it is a mobile home when one admits to having no money.
All the replies to your other thread apply to mobile homes as well.
Save your money until you can afford to undertake such a financial commitment. Too may folks are buying things they just cannot afford. Financial companies are allowing too many folks to have too much money...in the hopes that all will go well. Well, often times it doesn't.
Don't be a part of the I want it NOW generation just because someone lets you have it now, regardless of whether or not you will be able to afford to pay for it in the near or far future.
I might add...it is not wise to think like the character in the skit I've linked below. It is sad but true that there really are a lot of folks out there that seem to think that way.
(Thank you too, to the member who originally sent the link to the skit. I have shared the link and enjoyed the skit myself numerous times.)
Here is a link that might be useful: Don't buy stuff you cannot afford skit (video)
Cheap in cost ...
... often turns out to be cheap in value, as well.
And may turn out to be increasingly so, as time goes along.
Also, I find it difficult to conceive of a lender being willing to offer 100% of the cost of the home, plus closing and ancillary costs, with no immediate financial investment on the part of the so-called owner.
In a habitation that, if the purchaser defaults, may be difficult to sell for enough to cover the full amount of the loan.