It's frequently believed that you can't refinance a mobile home however this isn't stictly true. It's true to say that it's more difficult but it isn't totally impossible. You see, when it comes to the financial industry, traditional mortgage home loans cover a larger share of the market whilst manufactured homes only cover a small part of the market. Also, mobile homes actually depreciate in value over time whilst tradtional (and also modular) homes increase in value.
If you are going to re-finance you manufactured home then you are essentially taking out a loan and using the manufactured home as collateral. It's totally possible to do this and it doesn't matter whether the home is built on private land or a mobile home park. You should know that refinancing a manufactured home isn't the same thing as refinancing a traditional home and the laws can vary depending on which state you live in. So finding a lender that is knowledgeable in the area of refinancing mobile homes is very important. Why you decide to carry out the refinancing in the first place is totally up to you. it might be that you feel you can get a lower interest rate by doing so or perhaps you are looking to consolidate your current loans, alternatively you might just want to buy a new car.
There are additional things you need to take into account when refinancing your manufactured home. Your ability to refinance is frequently linked to your credit score which means the higher the score you have the better chance you have of securing your finance. When your home was built is also important because homes built before 1976 don't meet the required standards that the lender insist upon. A lender also looks at the type of land that your mobile home is located. If it has been sited on land that you don't own, then you would need a chattel mortgage. Basically this kind of mortgage is used for anything that isn't considered "real estate" but is simply a type of moveable property.
Tags: manufactured home, mobile home, refinance, lender, refinancing, credit score, real estate
Related Posts:
How To Refinance A Modular Home
There are so many different materials and methods that can be employed when it comes to building a home. Some people use bricks, stone, wood, metal and strange materials such as bales of straw. Some folks also live in manufactured/mobile homes and modular homes.
No Down Payment Mortgage First Time Home Buyer
With all the problems in terms of the recession, falling house prices and banks being bailed out by the government, as a first time buyer you may feel that there is no way that you'll ever be able to afford your own home. Finding the down payment is one of the biggest hurdles but
How To Refinance A Mortgage With Bad Credit
There are loads of people out there with really bad credit and it's nothing to feel ashamed about. Some people simply find themselves in financial problems and often it's of no fault of their own. It could have been caused by losing a job, becoming ill or you could have just taken bad
Home Loan Options Available To You
Not all mortgages are the same, and when you begin searching for a mortgage, you will rapidly discover that there is an amazing array of kinds to choose from. One of the initial things you will need to decide is whether you desire a fixed rate mortgage or an adjustable rate mortgage. Fixed rate
Home Affordable Modification Program
In March 2009, the US government declared an initiative that was set into motion so as to aid homeowners to keep their homes and put off the threat of foreclosure. This program gives each homeowner in financial duress a glimmer of light in an area that seemed so dark and it is called the Home
Related Posts:
How To Refinance A Modular Home
There are so many different materials and methods that can be employed when it comes to building a home. Some people use bricks, stone, wood, metal and strange materials such as bales of straw. Some folks also live in manufactured/mobile homes and modular homes.
No Down Payment Mortgage First Time Home Buyer
With all the problems in terms of the recession, falling house prices and banks being bailed out by the government, as a first time buyer you may feel that there is no way that you'll ever be able to afford your own home. Finding the down payment is one of the biggest hurdles but
How To Refinance A Mortgage With Bad Credit
There are loads of people out there with really bad credit and it's nothing to feel ashamed about. Some people simply find themselves in financial problems and often it's of no fault of their own. It could have been caused by losing a job, becoming ill or you could have just taken bad
Home Loan Options Available To You
Not all mortgages are the same, and when you begin searching for a mortgage, you will rapidly discover that there is an amazing array of kinds to choose from. One of the initial things you will need to decide is whether you desire a fixed rate mortgage or an adjustable rate mortgage. Fixed rate
Home Affordable Modification Program
In March 2009, the US government declared an initiative that was set into motion so as to aid homeowners to keep their homes and put off the threat of foreclosure. This program gives each homeowner in financial duress a glimmer of light in an area that seemed so dark and it is called the Home