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Top Ten Mobile Home Mortgage Refinance Tips
If you are like a lot of Americans, you own a mobile home. Or
more correctly, the bank owns a mobile home that you live in and make
payments on.
You may find yourself like a lot of people, and find that you would
like to refinance your mortgage. Maybe you want to lower your
monthly payments, or maybe you want to reduce the number of years it
will take to pay your home off, or maybe you have another reason to
want to refinance your mobile home. Whatever the reason, there
are a few things you need to know before you try to get a new loan.
A mobile home is not like a conventional home, and it can be a little
harder to get your loan refinanced. This doesn’t mean that it is
impossible, just that it is harder to accomplish.
Before you give up hope, you might want to try these simple little
tips.
1.
Get
your
current
loan
documents together.
2. Get your last two paycheck stubs. (More
if you have them)
3.
Get
copies
of
all
your credit card bills.
4. Get copies
of your average monthly utility bills (include your cable,
etc.)
5.
Make
sure
your
monthly
payments are current.
6.
Check
on
your
credit
score. (If it is less than perfect, be sure
that
you can explain why)
7. Try
working with your local bank, where your checking and savings
account is. They already
know you and may be more willing to
work with you for a new
loan.
8.
If
you
own
the
land that your mobile home is located, let the bank
know. It is a lot easier to
get approved for a loan if you own the
land.
9.
Be
sure
to
clean
up the area around your mobile home. The bank
is usually going to appraise
your home
higher if everything is neat
and tidy.
10. You
might need to get a co-signer if your credit score is low or if
you have other credit
issues.
There iare no guarantees that the bank will refinance your mobile home,
but if you follow these tips you will have a better
chance.
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