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Interest Higher on MH?
Posted: Thu Apr 29, 2004 11:12 am
by Amy
Our Manufactured house burned down and we purchased a new one. We have 3 acres of land, a full basement, attached garage. We are trying to refinance. We have excellent credit and our lock in rate was 5.375 but were told because it is a "Manufactured House" The best they can do is 6.5. I don't understand why the fact that it is a "Manufactured" Matters? Please Help!
Re: Interest Higher on MH?
Posted: Thu Apr 29, 2004 12:23 pm
by Bill Fry
Find another lendor,If necessary use a morgtage broker who can find a lendor who offers better rates for MH. Some do,some don't.
Re: Interest Higher on MH?
Posted: Thu Apr 29, 2004 3:15 pm
by jgn
When I refinanced my primary home I was going to do purchase a new MH to replace my existing one at the lake and was quoted 1/2% more for the MH than primary. Wells Fargo said they charge 1/2 point more for MH, no reason that is just what they do. I could accept the 1/2 point but you were quoted 1 1/4 and that is to much. Try Wells Fargo and see what they can do for you.