How much will this cost me?
We are a mortgage brokerage with a manufactured home mortgage specialist. We work with a little over 30 different lenders in Oregon and Washington and we are compensated by those lenders, not by you. The compensation is nearly identical between all lenders, so it doesn't matter where we send the loan, we are compensated the same. Lender fees will depend on which lender it goes to. Some lenders have fees and some do not. There will always be closing costs derived from title and escrow fees however. Rate and pricing on the loan will not only vary by lender, but will also be dependent on several qualifying criteria that each lender designates. From there, there is always a range of rates available. The lower the rate, the more expensive, and if you go high enough with the rate, you'll actually get a credit back to you that can be applied to any costs on the loan (this is how no cost loans are structured). Beyond all of that, most costs involved are derived from a percentage of the loan amount, so a small loan equates to small fees (and small credits if there are any) and vice-versa. There is really no clear cut way to answer this question since there are so many variables. It is our job to work with these variables and structure the options that would make the most sense for you. You'll be presented with multiple options and you'll be able to decide which you'd prefer. Although we are compensated by the lenders, at the end of the day, we work for you and we're there to help.
For those of you that will not be satisfied without seeing a dollar amount here, the costs will likely range from $0-$5,000. You have the power to choose where you fall on the rate and pricing continuum, but most clients elect to go with an option that usually falls somewhere in the middle of that range because it makes the most sense for them.