Interest Rates

[burtf51]

I asked the lady salesman about interest rates on a new Deer Valley home with 5% down on a 10 year loan. I have a 730 beacon score, She quoted me 4.25%. I went across the street and looked at the Champions, giving the guy the same info and he quoted me 7.25% on a home with basically the same sq. footage. Ya think this guy is trying to kill me on the back end? LOL! Or is the other saleslady pulling my leg?

Another thing, it's funny that no one I talked to seems to know the price on their manufactured homes. I asked them how do they expect to sell something when they don't even know the price.

How much markup is there in manufactured homes. I can't seem to find any information on their invoice prices. I know people have to make a profit and I'm willing to buy at 500 to a 1000 over invoice. But I'm not gonna be taken to the cleaners on the front and back end.

Gosh I gotta do alot of research.

[rmurray]

You better shake the 4.25% lady off your leg..At best she is quoting a short term Adjustable rate mortgage..Both seem to be quoting a home/land mortgage..Home only would be higher even with that high credit score..Unless you put down much more..Lowest rates on mortgages always require 20% down which would not require lender mortgage insurance

The final price of a home will have many varibles...Your desires example: a/c or no a/c, skirting, required land prep....They should all have written base prices and then after an interview with you be able to quote a written price offer with all you want of need..

If a dealer only made $500 to $1000 per house..he would be out of business in less than 1 month...You are getting your numbers from autos where a dealer will sell 100 to 200 per month...A home dealer will not sell more than 50 per year in todays market..Eveery home dealer in the country would die for $100 to 200,000 gross profit in a month like that car dealer gets

The Home comes from factory needing the dealer to spend tens of thousands to make it ready for you (land prep from $5000 to $20,000 ( up to $50,000 out west), permits can be as high as $15,000 in some areas, set up of about $6000, a/c from $3500 to 4500, underpinning from $1200 to $6000) all added at the local level ( none would be in the invoice)...

The best way to get the best price is to visit the bookstore here and invest in the buying guide offered..The book will tell you how to negotiate the best price..It can easily save you thousands of dollars..

You will find it here.. https://ssl.xpr.com/mfdhousing/mfdcart/ ... de=&sesid=

[rmurray]

One more thing..you should go to this site and spend sme time learning about mortgages...

http://www.mtgprofessor.com/

Thisa is the BEST Mortgage Education site on the web....