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Financing in Missoula County : Real Estate Advice

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Fri Mar 28, 2014
Aaron Pagniano answered:
Hey Kim,
There are many lenders and conventional banks which finance modular homes. Our market has lenders and mortgage brokers who are easily able to secure financing for modular homes. Some buyers find terms with smaller community banks, as well. Many homes in the Missoula area are modular or manufactured homes. If you would like more information let me know.

Thanks Kim,
Aaron
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Wed Jun 22, 2011
Shane Milne answered:
When your rate is about to expire, and your loan has not funded yet, you have options:

1. Let it expire, and the day afterwards you can lock in "worst case pricing" - meaning the higher rate between the rates when you locked in initially and the current interest rate.
2. Extend it, and:
a) if the rates are better than when you locked in, the extension with most lenders will be free
b) if the rates are worse than when you locked in, the extension usually has a cost (each lenders cost is different, check with yours, but typically it's 15 day extension for .125 in fee, 30 day extension for .25 in fee, but it can certainly vary)
3. Let it expire, and wait a full 30 days, at which point you can then lock in lower interest rates than when you initially locked, but if you re-lock within the first 30 days after your lock expiration it reverts back to the scenario in #1

So if you do not extend it, prepare for options #1 or #3.

Each lender's lock & extension policy is different, so be sure to ask yours so you aren't devastated by making the wrong move.

Now if you don't even want to buy this house anymore, like the real estate agents here have mentioned, consult your own real estate agent and read your contract, you could potentially lose your earnest money deposit and/or be liable for certain damages.
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Thu Feb 11, 2010
William Polack answered:
I have to agree with Mr. Mishra. Your IRA is not performing well now because it's buying stock at a lower price. When the market goes up, your investment will go up. Then it will go down again (you want it to go down). Again, the investment will pick up stock low and sell high and on and on. I would NEVER take money out of an IRA to put into a house that could burn down to the ground the next day and you lose all equity and your retirement. You will get hit with penalties and early withdraw fees and have to claim the amount as income (if it's not a Roth IRA) for next year. Consider the rule of 72: At a rate of 6%, your money will double every 12 years (72 divided by 6 is 12). So, $10,000 now is $20,000 in 12 yrs; $40,000 in 24 yrs; $80K in 36 yrs...and so on. I'd say to hold off on the small business until you can really afford it. If you're telling me that you have to lower your housing payments to open a biz, you need to get a biz partner or find a biz that's going to make more money in the forefront. Good Luck ... more
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