financing/interest rate

[smm]

We are about to purchase a patriot home and finance thru them. We will be financing a construction loan for the basement also. Our credit score is pretty good, about 716. I'm told that it is high. If our credit score is this good, can we get the lowest interest rate as possible. Is the interest rate negotiable in this way? If we can, does anyone know what that rate may be or what we should hold out for?

[rmurray]

You asked..."Our credit score is pretty good, about 716. I'm told that it is high. If our credit score is this good, can we get the lowest interest rate as possible?"

Answer..yes...you have earned it..

You asked.." Is the interest rate negotiable in this way?"...

Answer...yes...mortgages are competitive and negotiable

You asked..."If we can, does anyone know what that rate may be or what we should hold out for?"

Rates change almost everyday...but this week loans are being closed on homes in the US for about 5.5%...some a little lower..some a little higher...usually manufactured home loans could be slightly higher simply because it is a lower loan...dollar costs of servicing a $100K loan is exactly the same as a $300K loan..yest 5.5% of 100K is far less than 5.5% or 300K..

There are other costs involved that can make the overall price of the loan vary..sometimes the loan with a slightly higher rate might actually be cheaper..

Lender closing costs can be far different from lender to lender..be sure to compare..often these costs are negotiable...If you are not putting down 20%..there will be PMI insurance or FHA insurance..FHA insurance costs are all the same on all loans..but PMI like any other insurance varies in price and some are more than others..be sure to compare these costs as well..

It is not uncommon to see folks negotiate that last $100 in savings on the house..and throw away tens of thousands in finance...Good Luck