The Manufactured Housing Forums

I'm currently wading through lists of recommended brokers and banks for my mortgage and it's a struggle! Up front, the brokers seem more expensive, but I'd love to hear what you went with and what your experience was like. My new home is in Philadelphia if anyone has recommendations there...

Thanks SO much!

Natalie

When you say bank...I assume you mean the mortgage company affiliated with the bank...

Brokers offer some good services for consumers...especially if they have any special needs...most brokers deal with a number of lenders..each with different policies and programs...

Going direct to a mortgage company is fine for those with simple plans...they will offer the lowest costs...but you will be limited to programs offered by that mortgage company..and only their policies...might be good...might not be so good..If you credit is good...you have enough down payment and it is verifiable...going direct to a mortgage company might be a good idea...if there are many special circumstances..you might be better going to a broker...Find one that specializes in manufactured homes...they will be the most help...Check with local dealers for referrals..

It is a lot like buying car insurance...if you driving record is perfect...you might go directly to a company...but if you need anything special..you should go to an independent agent that handles many different companies..

Actually this last post is not quite right.

I work for a mortgage lender, not broker, in Texas. We process and underwrite in house and then the loans are sold to different investors.

We have as many, if not more, investor sources as any broker. We are on a correspondent lending basis with many investors that offer programs that brokers cannot match. Either in interest rate, underwriting time or products.

I just wanted to put my 2 cents in to this discussion. Many people think lenders do not have the options that brokers do.

In our case that is incorrect.

We only operate in Texas and Florida.........for now.

We do specialize in manufactured home purchases and refinances.

Best of luck,
Andrew

I stand corrected....I have worked with a few local "mortgage lenders" and have had fairly good service....

My only problem is that this adds another level of confusion for the buyer...From what I can see...in my state..there is not much apparent way to tell if an office is a broker or mortgage lender...Most mortage lenders in my area gave up manufactured homes when refis got so easy and plentiful....Now they are back at our door asking for business...