Apparently if you buy a home that is mostly assembled off site, then moved on-site and finished, it's by OK rules/laws a 'mobile' home. When I bought my home 2 yrs ago the dealer said you can cancel the title to real-estate and it will be considered a home. All was good until these rock bottom mortgage rates came around again. I can drop about 1.5%, over the next 28yrs that's a huge savings. So I start with USAA, great company, great prices for everything. Then they come back and say the county assessor site lists it as a mobile home, sorry can't help you! So I call my bank, Mid-First, being a small town OK bank, at it's beginning anyway, surely they will right? Wrong again! well 3 more banks, no, Quickenloans, advertising everywhere, sure, we can do it, pay the $400 good faith fee, get an appraiser out, and after 2-3 weeks, they call and say we don't do mfg homes! :cuss2:

So now I'm pissed, I'm sure rates are going back up again (all ready went from 4.3 w/USAA to 4.5) The other places were at 4.875 2-3 weeks ago.

Now mind you this 'mobile' home is not your parents/grandparents mobile home. It's 3 sections wide, 2x6 wood framing, drywall interior, sold wood floors shingle roof, no axels/wheels, brick skirting, concrete foundation, this baby isn’t moving unless God says so.

1) Any suggestions on banks that'll re-fi mfg homes? at a low rate
2) Why does OK law/whatever make it so once a home is listed as 'mobile' it can never be changed?! If that's the case, my neighbors house was not built on the site it's currently sitting, it was built near downtown ~40yrs ago then moved onto the property 20yrs ago.
What can I do, where do I have to go to get this changed? City council, State reps/Senators, etc???


http://i227.photobucket.com/albums/dd17/gadget-guy/New%20house/DSC_2941.jpg

TIA for any advise!
Bryan

Can you not obtain refinancing information from the dealer who sold you the product?
If not, you might consider contacting dealers who are their competitors.

You might also try 21st Mortgage Corp. at 800-955-0021.
Caveat: I located them online and know nothing about them other than what is shown at their site:
https://www.21stmortgage.com/web/21stSite.nsf/index?OpenForm

Thanks for the info. A quick call is all I needed! :omg:
My current rate = 6% Their currnet best rate ...
8.5% :ohno::dontgetit: Seriously everyone else is in the low 4's, might as well put it on a credit card!

Thanks for the link tho. Guess I'll just keep calling around.
Still don't get why OK won't allow it to be classified as a house, remove the mobile from the propery description.

Just called American Equity, they said best rates currently are 4.6%; but when I asked about mfg homes, he said they do them, but as a broker, there's only 2 companies that finance 'mobile' homes, and their current best rate is 6%.

So I guess that's where I'm at! :(

I don't think it's just an Oklahoma thing. Almost anywhere manufactured homes go down in value and it doesn't make sense for companies to refi them, too big a risk, at least at a low interest rate.