Financing

[Donna]

My home is attached to land and I have a 30-yr. mortgage with Wells Fargo.
They say I can refinance and change to a 15-yr. mortgage only if the home cannot be moved and is on a permanent foundation. Can you please define permanent foundation? I live in Florida.

[rmurray]

It is likely that your home is on a "permanent" foundation now...All Florida placed homes placed since the wind zone requirements would qualify...Did the person you spoke with know they already hold the mortgage???..They have the same rule for the 30 year mortgage you already have..

What rate are you at now...and what rate do you expect to get??..do you expect a cash out loan??

Looking for an address in Florida for a particular WF office I noticed they offer a on-line refi application...No application fees..often no appraisal..but not available in every state..

When dealing with Wells..you should deal with an originator who specializes in manufactured homes...One of the best is Lynn Baccio in this office...Give her a call....

236 Mariner Blvd, Spring Hill, FL 34609
Phone: (352)666-2500 Fax: (352)666-9580

[Donna B]

I suspected the person I spoke to on the phone was confused. We have a 30-yr.
mortage with Wells Fargo but is not fixed. It is 5.8%, but increases in seven
years. I would like to get a 15-yr. fixed. I didn't expect cash. What is a cash out loan?

Yes, we passed the wind zone requirements when we placed the home on piers
last January.

Thanks so much for the contact person at Wells Fargo.