refinance ??

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mdguad

refinance ??

Post by mdguad » Fri Jan 17, 2003 7:22 pm

My mortgage broker says that the reason our refinance loan came back set at 6.75% with 1 point, is because of the type of home I'm refinancing - specifically a manufactured home. (2002 Silvercrest - 2000 sq ft. w/many upgrades, on 5 acres (which we owned free and clear prior) set on a permanent foundation). Our credit ratings are 670 + and are at 34% debt ratio. He says the underwriters are the ones calling the shots because this loan will go to Fannie Mae and they have higher interest rates. Does this sound legitimate?

Bill Fry

Re: refinance ??

Post by Bill Fry » Fri Jan 17, 2003 10:40 pm

No,find another broker who has access to more lendors.Fannie mae rates are some of the best.

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