Posted on: 20th Apr, 2009 04:42 pm
I am interested in refinancing my loan on my condo, my interest rate is at 7.7%. I travel to the Los Angeles area up to 6 times a year(i live in wisconsin) I was online and saw some mobile homes for sale for under $50000. So I thought about maybe purchasing a moblie home in california and adding it to my current loan while refinancing. But many people around me said that it would be very hard to get a mobile home added to my current loan. Is this true? And what other details would i need to know or think about going into this??
Many lenders no longer provide financing for mobile homes. the do not retain value at all. worse than an automobile. you may really want to re-think this one
first of all, i definately recommend that you refinance your current loan. you can do a lot better than 7.7% if your credit/income is in line.
regarding the mobile home, that scares me a bit. they rarely increase in value. if anything, values in ca are on the decline. when you factor in your purchase price, the interest you will pay on that $50k, maintenance and utilities....it may actually be cheaper for you to get a cheap hotel room.
regarding the mobile home, that scares me a bit. they rarely increase in value. if anything, values in ca are on the decline. when you factor in your purchase price, the interest you will pay on that $50k, maintenance and utilities....it may actually be cheaper for you to get a cheap hotel room.
