Refinancing your doublewide gives you the chance to lower your monthly payment, lower your interest rate, consolidate some debt or move your home out of a mobile home park and onto your own land. In order to refinance, you need to have equity in the doublewide and have good credit. Typically refinancing is only a good option if you can get a rate that is at least one percent lower than your current mortgage rate.
1. Ask your current lender about refinancing options for your doublewide. If you prefer to stay with the same lender, this may be the easiest and best option for you. At a minimum, you can ask about the rate and compare it to other quotes you get to see if you want to stick with this lender.
2. Consult with mortgage companies that specialize in manufactured home mortgages to get refinance rate quotes. Typically these companies can offer refinancing that includes the doublewide and the acreage, which is not the norm for traditional lenders. If you have land that you need to refinance as well, you can get it all done with one refinancing loan when you use a specialty lender for manufactured homes. Some of these lenders include MH Loans, Florida Mortgage Corporation and 21st Mortgage (see Resources).
3. Visit your local bank or other banks in your area to inquire about rates for refinancing your doublewide. Not all lenders offer manufactured home refinancing.
4. Complete an application with the lender that is offering the best refinancing rate. Make sure that your doublewide meets the age requirements before applying. For instance, it can’t be any older than 1970 for MH Loans or 1976 with 21st Mortgage. The application questions include the age of your doublewide, if you are keeping it in a park or on your own land, your credit score and your income. Be prepared to show proof of your income, such as W-2s.
Possibly Related Articles:
- During the 2011 increase in private loans
The forecast for the year just begun is positive when it comes to private loans, the consultant Clifford Auckland has made a report which shows that the application for mortgage financing in the urgen…
- Analysis of Financial Statements
Chapter 2 Analysis of Financial Statements
Of the reports that corporations issue to its shareholders, the annual report is the most important, has two types of information, a director’s letter des…
- Class of the consolidation-one of the debt of loan
The debt consolidation implies the withdrawal of a loan in order to pay other lenders off. This is generally done to ensure rate of below average, for the ease of maintenance or to ensure the fixed in…
- How To View Multiple Low Car Insurance Rates
How you choose to access low car insurance rates is entirely up to you. You still have the option to visit an insurance office or call the provider. However, most people now choose the ease and simpli…
- 5 factors that determine your credit score
Here are 5 factors that determine your credit score:
1. Do you pay your bills on time? The answer to this question is very important. If you pay your bills late, or if you have an account that has be…
- Credit Card Debt Freedom Tips
The use of credit cards can help and facilitate the user in the transaction either to shop or pay other bills such as insurance billing, mobile phone credit bills or other bills that allow to be tra…
- Debt or Equity: Special Considerations
It is usually more costly and difficult to get financing in exchange for equity than debt. Debts generally require monthly payments regardless of the flow of capital, and it is unlikely that a new com…
- Credit Reports
* A credit report is a record of how you have paid your credit card debt and other credits.
* Indicate if you paid on time or their bills, the amount of money you owe to your creditors, and if you …
- Bankruptcy Lawyers in Charleston SC is worth to Try
When your debt situation is getting worse and unmanageable, why don’t you try bankruptcy? This is one of the methods that many people try and get benefit of it. Even though, there are also some people…
- MYTHS AND FACTS ABOUT THE MONEY
Often we believe something that is not necessarily true in reality then, this is what happens to the money. There are some myths or assumptions about the money that is actually wrong but this is our h…
How to Refinance a Double wide