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