Mortgage for MH

[Colette Sherrington]

Hello,

My husband and I are purchasing 2.43 acres - private property in Fort Myers, Florida - which has a modular/manufactured home which is on it. We close on Aug 22.

The bank where we are getting our mortgage, SunTrust, decided to charge us a point, an additional $567 to our closing costs. How legal is that?
I have asked a few people who deal with MH and they said that never heard of such a thing. When I questioned the mortgage broker about it, he became annoyed. I do plan on asking the mortgage broker about it again tomorrow before the final closing costs are sent to us.

Is there any way we can get out of paying this fee? I don't think it is fair especially since the issue wasn't brought up until after we started the mortgage process.

Thanks for your help.

[rmurray]

Your RESPA documents should have disclosed this fee....but..1% origination fee is very low indeed....only the most quality lenders have this low of fee..

I am sure that SunTrust will be happy to raise the rate 1/8 to 1/4 percent and lower the fees if you want...This would be beneficial to you is you intend to sell in the near future...

If you have a locked rate...you better go ahead and close asap...rates have risen in the last few weeks...you would not want this 1%...one time fee to cause you to pay 1% higher rates every year you own the home..Enjoy your new home..