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How To Refinance Your Mobile Home Loan
Many people have a mobile home that they purchased several years ago
when the interest rates were higher, and would like to take advantage
of the lower interest rates available today. However, they think
that because they don’t live in a conventional home, they will not be
able to refinance their mobile home loan. Nothing could be
further from the truth.
There are many reasons why you may want to refinance your loan; you
might want to lower your interest rate, you might want to lower your
monthly payment, you may want to keep the same monthly payment, but you
want to decrease the number of payments that remain, or you may want to
get money back to pay off higher interest rates on your credit
cards. Whatever your reason, you should be able to refinance your
mobile home loan.
The easiest way to qualify for a refinance is if you own your own
land. Basically, then you would be using your equity in your land
as collateral for your loan.
However, if you don’t own your land, you may still qualify for a loan,
dependent upon your credit score and how much you still owe on your
mobile home. Most, but not all, lenders will only refinance 80 to
85 percent of your home’s value if you do not own the land.
The first place to check on refinancing should be your local
bank. You already have a credit history with your bank, and they
are more likely to give you favorable terms than a bank that you have
no history with.
If you look online, you can also find companies that specialize in
refinancing mobile home loans. These companies are interested in
getting your business, and many have favorable interest rates.
You can also check with the dealer that you purchased your mobile home
from originally, they may offer refinancing or know which lenders will
extend credit to you. With a little effort, you can find a
company or bank that will allow you to refinance your loan.
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