| While home refinancing is quite common, many people | | | | speak with your lender about your particular state's |
| don't know that mobile home loan refinancing is also a | | | | laws regarding manufactured home refinancing. |
| viable option as well. For anyone who owns a | | | | As with any type of home refinance there will be |
| manufactured home you may want to take a closer | | | | closing costs involved. Most lenders will allow you to |
| look at your options. Here is a look at what you should | | | | add these costs into the total loan amount or give you |
| know about refinancing a mobile home loan. | | | | the option of paying for them yourself upfront. Keep in |
| Why would you want to consider refinancing? Well, | | | | mind that while it may seem convenient to go ahead |
| the main reasons include a much lower interest rate or | | | | and add them to your balance, you will be paying |
| loan terms, debt consolidation, or money to buy big | | | | interest on those fees for the life of the loan. That |
| ticket items. | | | | could add up to a lot of extra money over many |
| How does manufactured home refinancing work? | | | | years. If you are short on cash then you may not |
| When you decide to refinance your loan you are | | | | have a choice. |
| paying off the loan you now have and signing a new | | | | Also, mobile home loan refinancing could involve points |
| loan that has lower interest rates and fees. This lower | | | | in order to get the lowest possible interest rate. This |
| payment frees up cash to use however you wish. | | | | could easily add $1000-$2000 in extra fees that must |
| Refinancing is also something people will do in order to | | | | be paid upfront. But, you also have the choice to add |
| shorten the length of their mortgage. | | | | these point fees into the loan as well. |
| Regardless of whether your mobile home is on | | | | Refinancing a manufactured home loan can be a good |
| acreage somewhere or in a mobile home park you | | | | move if you will be living in the home for years to |
| can still qualify for loan refinancing. With that being said, | | | | come. If you plan on moving within a few years then |
| it is important to understand individual state laws which | | | | you may want to reconsider refinancing. |
| may be different from others. You should definitely | | | | |