Interest Higher on MH?

[Amy]

Our Manufactured house burned down and we purchased a new one. We have 3 acres of land, a full basement, attached garage. We are trying to refinance. We have excellent credit and our lock in rate was 5.375 but were told because it is a "Manufactured House" The best they can do is 6.5. I don't understand why the fact that it is a "Manufactured" Matters? Please Help

[rmurray]

All rates have risen in the last few weeks...this lender is just trying to move you higher to the market rate by saying this is a different loan..requires reapproval..therefore new rate..

Some investors do charge 1/2% higher for manufactured homes...only because manufactured homes tend to have smaller mortgages on the average..

The point is rates are rising...you need to move forward ASAP...or they might well be higher..

[Amy]

Thanks we do have a lock it and we are moving fast. Our loan amount is 130000 because of the land and basement and it appraised for 160000. But they keep asking me if there is a steel frame underneith because if there is our interest rate will raise. I don't understand why. Our house is permanant and with the steel it is alot more sturdy than a regular wood bottom.

[Charlotte Maness]

I lucked out with my interest rate for my MH which ended up locked at 5% for 30 years, the mortgage consultant said he'd neve seen one lower. I "paid points" at closing but the IR was worth it to me,. The loan company, Wells Fargo!

My question is this, when I went to get my homeowners insurance I was told that if my home was modular that the insurance would be cheaper. Why etc. I am just wondering.

Everything is done, I move into my beautiful new home, next Thursday.

[rmurray]

You got in at just the right time...Wells is quoting 6.25% for new applications now..

Good Luck with your new home..