Question:

How to do a successful refinance on manufactured (mobile) home?

Answer:

Mobile home loans typically carry higher rates and if you have owned your home for a number of years it is likely that current rates are lower and you may like to refinance your manufactured (mobile) home with a new vendor, or use a cash-out refinance if your home qualifies.

Refinancing Manufactured (Mobile) Homes to the Best Mortgage Terms

The mobile (manufactured) home industry has its specifics and you can find a mobile home community network online. A lot of your questions will be answered in a specialized mobile home forum, and it is possible to receive a lot of recommendations and testimonials from mobile homeowners who have already walked through a mobile home refinancing (with or w/o cash-out).

  • Locate a manufactured (mobile/modular) lender who is able to pay personal attention to your manufactured home refinancing needs.
  • Make sure there aren't any balloon payments and penalties on your newly refinanced mobile mortgage loan and the rates you are offered are really the best in your area.
  • A reliable lender is going to prove that their rates are the best and will not place restrictions on you approaching other lenders prior or after obtaining a loan.
  • Also, mobile home refinance application fees should be minimal or non-existent.
  • Demand from the loan consultant that you are informed about your manufactured home loan refinance approval every step of the way. Lack of unpleasant surprises is a good sign.
  • A reputable mobile home financial specialist should help you with free advice about mobile home refinancing options with no obligations from you before you decide to go with them, so just find one.
  • Do not be shy to negotiate your modular home refinance mortgage terms.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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