Appropiate montly rate for a $200k loan?

I am getting a manufactured home (but for simplistic purpose, -let%26#039;s assume I%26#039;m buying a home) for the first time. I am very new to all these mortgage terms, having spent hours reading about (interest rate, apr, loans, etc). I still need clarifications on some concepts.

-Based on the price of our home and the cost of the contractor to put that home on our property, the total costs comes to around $200,000.

- I am looking at different lenders and looking for a 30 year loan with a fixed-rate of 6% or less. I know interest rate is the extra amount I pay each month in addition to to the principal. However, based on this website of lenders:

http://rates.interest.com/icom/rate/mort...

I see %26quot;rate%26quot; and %26quot;APR%26quot; as similar. I know interest rate is monthly and APR is the summation of interest rate. But how come the numbers are close or similar?

- On the list, I see some processing fee as high as $7K to low as $300. Is this a one time thing?

Appropiate montly rate for a $200k loan?

A 200,000 trailer?!?!?!?! You%26#039;re kidding!

Tralers are terrible investments. They go DOWN in value like cars. VERY VERY VERY bad idea.

You could get an AWESOME house for $200K.

Appropiate montly rate for a $200k loan?

For a %26quot;normal%26quot; house a rate of 6% on a 30 year fixed is good assuming you%26#039;re paying around 2,000 or less in total closing costs.

APR is next to useless to you because it%26#039;s execution is not uniform. It%26#039;s designed to let you know the cost of the money including the rate plus the costs, divided into the total repayment years. If I give you a 6% rate for no costs the apr is 6%. If I give you a rate of 6% for 7,000 your APR is probably more like 7%. (we won%26#039;t tell the poster above that a manufactured home and a trailer are very different!).

Appropiate montly rate for a $200k loan?

double check with your bank that you are buying a mfg. home - they DO NOT appraise the same value as a reg. home. I had a friend that was able to obtain a mortage for it at first, but when she went to refinance they would not do it because the laws changed and they could not get the value out of it. READ the fine print in your loan and ask lots of questions. Some mfg. homes are beauftiful these days but you might be able to get a true stick built home for the same price. Good Luck