We have a mobile home on 10 acres, and owe about 35k. We would like to either have a new home built or purchase a modular home on the property.

I have qualified for a 90k mortgage loan.

My question is:

If we build a 90K home, Will I still owe the 35K mortgage for a total of 125K.

I ask because one banker told us they would assume the 35k loan.

Not sure how this all works. Can someone explain.


Thank-You

what is the value of your 10 acres?

to answer your question...YES. the new mortgage company will pay off lein holder(35k), then start the construction process.

depending upon your situation, would tell me if a modular would be best or not.

Good Luck
Jim

Single-Wide or Double-Wide?


Single is tough sometimes.

Go with an SFR, stay away from the "wabblies". Never a good idea.