refinancing??

[mdguad]

My mortgage broker (New Mexico) says that the reason our refinance loan came back set at 6.75% with 1 point, is because of the type of home I'm refinancing - specifically a manufactured home. (2002 Silvercrest - 2000 sq ft. w/many upgrades, on 5 acres (which we owned free and clear prior) set on a permanent foundation). Our credit ratings are 670 + and are at 34% debt ratio. He says the underwriters are the ones calling the shots because this loan will go to Fannie Mae and they have higher interest rates. Does this sound legitimate?

[rmurray]

NO...current rates are about 6% on most Fannie Mae loans..Most important..Fannie Mae does not have a different rate than for stick homes..

Your broker is making substancial profit on the backside of this loan...Try going directly to a mortgage company and cut out the middleman broker...That is where the best rates and costs are..