R
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!
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!
