Forum Thread

Any good companies that you can recommend for Refinancing a Modular (not Mobile) home in florida?

54 54 January 12, 2018 at 02:00 PM in Home & Home Improvement (2)
Deal
Score
0
840 Views

Thread Details

Last Edited by wayshar1 January 12, 2018 at 03:09 PM
0 Deal Score
840 Views
We have been in our current home for 10 years. Our mortgage was sold approx 2 years ago to a bank that does not allow prepayment of any kind. Even if I send in a whole payment, they won't accept it. My insurance and taxes are escrowed now but I can pay those myself if my new mortgage holder doesn't escrow.

The biggest thing for us is being able to prepay. If I can save some interest that would be great too. I was sending an additional 10-15% above my normal payment. This helps me pay less interest in the long run. My current rate is 6.75% and I know that we can get a better rate now. Our credit has improved and we are now in the low to mid 700's.

Any suggestions you have would be helpful. I've tried the big companies like Quicken and Rocket Mortgage. They do not do Modular Homes.

4 Comments

1

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2009
Old Hippy & Mortgage Pro
612 Posts
#2
I truly believe the people you are speaking with are confusing your Modular home with Manufactured 'mobile'.

Fannie Mae has conventional guidelines for Modular so any mainstream lender should be able to offer you conventional financing if your property meets the guidelines:
https://www.fanniemae.com/content....4/02.html
Reply Helpful Comment? 0 0
-Adam
Old Hippy & Mortgage Pro
This comment has been rated as unhelpful by Slickdeals users
Joined Jul 2014
L2: Beginner
54 Posts
54 Reputation
Original Poster
#3
Thanks for the info about Fannie Mae. So when I call quicken loans back do I need to ask for a Fannie Mae loan?
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Nov 2009
Old Hippy & Mortgage Pro
612 Posts
#4
Quote from wayshar1
:
Thanks for the info about Fannie Mae. So when I call quicken loans back do I need to ask for a Fannie Mae loan?
I am biased, but I see no incentive trying to explain to quicken anything when they clearly do not have the people trained (based on what you said they told you already); and I would suggest you speak with an experienced mortgage broker who knows what they are doing.

But either way, a Modular Home is absolutely available as a conventional loan product and should never be confused with a Manufactured Home. For any mortgage professional that falls under loan products 101.
Reply Helpful Comment? 0 0
This comment has been rated as unhelpful by Slickdeals users
Joined Jul 2014
L2: Beginner
54 Posts
54 Reputation
Original Poster
#5
Thanks for the info, is there an experienced mortgage broker you can recommend?
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2018. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard