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
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