Is it Possible to Refinance my Mobilehome?

Absolutely, you can.

Most lenders that specialize in Manufactured home & Mobile home finance treat manufactured and mobile homes similar to conventionally built homes and will consider lending to homeowners who already have equity in the home they own, or qualified buyers that are considering buying a manufactured home or a mobile home. You may be asking, “Why would I consider refinancing my home?” There are some great reasons why you might be interested in doing a refinance of your manufactured home; possibly lowering your current mortgage interest rate and monthly mortgage payment, paying off high interest rate credit cards and auto loans, paying for your children or grandchildren’s college tuition, or making home improvements to maintain the value of your home.

When you refinance your manufactured home you are esentially getting a new loan with better terms to pay off your current loan. If you are currently in a situation where you can afford your monthly payments, then refinancing your home with a lower interest rate may allow you to shorten the length of your loan, pay it off sooner, and easily make additional principal payments towards the principal balance of your loan from time to time, if you so desire. Financing for manufactured homes and mobile homes is available for mobile homes in space rent parks, parks where you own your own lot, co-op parks, and mobile homes or manufactured homes located on privately owned land.

Because these mobile homes are manufactured off site, they aren’t the same as a standard stick-built home. The laws and regulations concerning the financing for mobile homes and manufactured homes vary from state to state, so be sure that your lender or mortage broker is compliant with your state laws, and is licensed to loan funds to you. Knowledgeable lenders that have experience in Manufactured Home Loans and Mobile Home Loans will be able to answer your questions in regards to the laws and regulations in your state.  The costs associated with refinancing your home mortgage should be similar to the fees that you paid when you financed your home purchase.

Some lenders like California Manufactured Home Finance, offer a low, flat rate fee, if you are looking to refinance with the lowest fees possible. Most borrowers have the option to go ahead and pay the fee(s) up front, however you can also include the fees into the new loan amount and keep out of pocket expenses as low as possible. Just like a traditional home loan, borrowers can also “buy down” their interest rate. To do this, borrowers must be charged with “points”. Points are additional fees that are paid at the time of closing to the lender that is financing your new loan. Usually a point is considered one percent of the new loan amount.

The process of refinancing a manufactured home or a mobile home is essentially a similar process to refinancing a stick-buit home, however there are certainly some differences. It is very important for mobile home and manufactured home owners select a good lender that is experienced in mobile and manufacutred home loans that can guide you through the process easily.

Bookmark It