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Refinance Manufactured Home

For mobile home owners the thought of refinancing doesn’t generally cross their minds. Although they may have some kind of financing in place, generally through the manufacturer or mobile home park in which they live, a lot don’t realize that they could refinance their current loan much the same way as they would if they owned a conventionally built house. Many lenders address mobile and manufactured homes the same as stick built homes.

There are any number of reasons to refinance manufactured home including consolidating debt, paying college tuition, or even buying a car.

As with any loan refinance manufactured home, you’ll be paying back your current loan with the new loan that will have improved terms that should save you money every month. The most important thing to look for in any refinance manufactured home opportunity is a lower rate of interest. This will lower your monthly payment and permit you to do other things with the extra money.

Another advantage of refinancing you may prefer to capitalize on is reducing the length of the loan. If you can easily afford your current monthly payment then by getting a lower rate of interest you are able to pay off your loan more quickly.

If your manufactured home is located in a manufactured home park or on your own private land, chances are good you will be able to get financing for it. The only difference could be laws and regulations that are particular to the state you live in because of the way in which mobile homes are built. Talking to your manufactured home lender will help clarify any issues you need to be aware of when it concerns loans on manufactured homes.

The costs associated with a refinance manufactured home will be the same as any mortgage for a conventional home. There will be closing costs which can either be paid in advance or rolled into the loan if paying them out of pocket is not an option. While rolling these costs into the overall loan is a good alternative to be aware that it will be subject to the interest rate you’re paying on the loan.

A different way to save money over the life of the loan is to buy down the interest rate with points. Points are an up front fee that’s paid to the manufactured home lender with each point contingent on the overall loan amount. Most manufactured home lenders base the amount their points are worth at one percent of the total loan amount. For each point purchased the rate of interest will drop one percentage point. Points are a good investment if you plan on owning your mobile home for a long period of time.

While there may be a few deviations with refinancing manufactured home, for the most part the process is identical to refinancing a traditional home. By working with your mobile home lender you’ll be able to secure a mobile home loan that works best for you. SJA

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