How To Get Your Mobile Homes Refinanced

I bought a mobile home a few years ago. It was so nice to move into a new home that no one had ever lived in. I was able to have my cat, unlike the apartment where I used to live. It was home! And was it ever great to have my own home.

A few years later, the interest rates started going down, but mine stayed the same. I continued paying the same monthly payment at the same interest rate. The home was still mine, but I was paying more per month than I would have if I had a lower interest rate.

One day, my poor old car had to be retired, and I had to buy a new vehicle. That was when I realized that if I used the equity in my mobile home, it would help me make my car payment.

I’ve always had a good relationship with my bank, and a pretty good credit score. I had a few minor credit card bills, but they were small and current. I had developed a good track record as it were. So when I went to them to refinance, they were agreeable.

I had to bring in my current loan documents, pay stub, last years taxes and a few other items and I was able to get a new loan worked out pretty quickly. The really cool thing, the mobile homes refinance allowed me to save enough money to almost make my car payment. Boy was I ever excited about that!

I didn’t own the land my mobile home set on, but it was located in a nice park. The managers always keep the park clean and well maintained. Most of the homes were owned by the people that lived in them, and not rentals. Also, most people had taken the effort to add landscaping to their homes, and this made the whole area look clean and inviting. These factors really helped when I went into the bank and applied for a loan.

Obviously, if you are trying to get a refinance loan, it is generally easier if you own the land your home is located on. But as I learned, it is not necessary, and I was still able to get a great rate reduction.

The most important thing is having good credit and a good credit score. It is also important not to be overextended. If I had owed a lot on my credit card, I would have had to pay a higher interest rate, if I had even qualified to get the loan.

If your bank doesn’t want to loan you the money, you can always check with your local mortgage broker, they generally know which companies are willing to refinance mobile homes and can help you with the necessary paperwork.

By: John Sebastian

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You can go to www.mobile-home-refinace.com to learn more about mobile homes refinance.