Home Buying in Cadillac>Question Details

Megan Meyer, Home Buyer in Cadillac, MI

This property is paid for.So if I could get the double wide with maybe a five year ballon on a land contract that would be great.

Asked by Megan Meyer, Cadillac, MI Sun Nov 1, 2009

Help the community by answering this question:


a baloon payment is called that because in 5 years it blows up in your face.A lot of people found they could not cover the sudden payment the baloon demanded and lost their home. Do not count on being able to get another loan. It might not happen. Instead get a fixed rate mortgage and never worry about your payment increasing. Over the next 1.5-3 years interest rates WILL increase. When they do you will find it more expensive to get a loan. It may also be a lot harder to find loans.

I would suggest that you look for used and yes, even reposessed double wides. You can buy a repo'd double wide a lot cheaper than one on a lot or from a dealer.
0 votes Thank Flag Link Mon Nov 2, 2009
Megan; What property are you talking about. I dont have all of the information.
0 votes Thank Flag Link Mon Nov 2, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer