Thursday, March 22, 2007

Mortgage Loans





You know I have to admit it would be a lot easier just to take out a loan an use that money to build my house, but then you have the whole issue of a mortgage payment every month and its doubtful that an earth bag dome would get approved for financing anyway since they are very uncommon and it would be difficult for a mortgage company to resale if you lost the house in foreclosure. But earth bag homes are not for everyone and I happen of know of some some straw bale comes and some that are just earth compacted by machine that are mortgaged.

There are a variety of options out there today for people buying or planning to build homes and with the cost of living rising everywhere the way it is its getting farther and farther from some peoples reach. There are several states, such as parts of Arizona where you can spend on a home and still not have much of a house to show for it. Now if you move to rural Maryland and send that much on a home your going to be living in a very very fine house, you just won't be able to find a job in the area that would pay the mortgage, unless you work online, that changes everything. Its important to find a Mortgage Company that can offer you a loan to fulfill your needs. For example, in a place where small beat up houses can cost you 400k you could get an adjustable rate mortgage or an interest only mortgage that will provide you wit a lower interest rate for a specific amount of time before it changes. During that time you can fix up that house and sell it and possible make an extra 100k to invest in something slightly larger. Then turn around and do the same thing to it.

But as the cost of housing goes up there are more and more options for a person to look into doing. For example, before I left the mortgage industry I heard some mortgage companies were offering 40 year loans.

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