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Interest rates changing mid-stream?

Discussion in 'Buying Overseas Property' started by raul, Sep 21, 2006.

  1. raul

    raul New Member

    Hey all,
    I'm in the process of looking to buy my first home. I'd found one, was pre-approved on a mortgage for 6.85%, and made an offer on the property. Some issues have come up so I've started looking at other properties as a back-up if this one doesn't go through. I found another one, but it's a modular (I'm more interested in the land anyway). My mortgage lady said that if it's a modular that my interest rate might go up .50 (making it 7.35%).

    Does that sound right? Would it normally be a higher interest rate for a modular, or is my mortgage lady trying to pocket a few extra bucks?

    Thanks!
     
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