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The process of acquiring mortgages and refinances for mobile or manufactured homes have become easier than before. Lenders were formerly unwilling to extend financing for this category of housing as they felt the value of the homes would decline rapidly due to a lack of permanent foundation. However, most mobile homeowners arrange for attaching the property to the land. In addition, the owners institute home improvement schemes by installing accessories available for the manufactured home market. This contributes to a rise in the worth of the property. Lenders are now willing to present refinance option at attractive rates to borrowers. You may go by these tips before considering refinancing your mobile home loan.
It is advisable to determine if you have a mortgage or a personal property loan for your home. It is probable that you secured a personal property loan originally for your manufactured home. Lenders do not make available a traditional mortgage or a refinance for a mobile home without a permanent foundation.
It is simpler to obtain a refinance package on a personal property loan than for a traditional mortgage. However, lenders grant access to traditional mortgages and refinances at lower interest rates. If you wish to seek a traditional refinance, you must convert your home to real property by securing the dwelling to a permanent foundation.
Study the market rates before deciding to apply for refinancing your existing loan. Since a refinance involves fresh closing costs, arrangement fees and prepayment penalties, it makes sense to settle for a new package only if the interest rate is low enough to compensate for these costs. It is crucial to ensure that your credit score has improved since you acquired the existing mortgage. You may not avail of the low interest rate with a poor score.
Put together a few home improvement projects to raise the worth of your home. This will increase your equity in the home. A higher equity will fetch a package with more attractive terms.
It is unlikely that you will get an optimum value of the interest rate by considering a single lender. Get quotes from several lenders to compare the terms of different packages. You may take on the services of a broker specializing on manufactured home loans to get an inclusive collection of options available.