Posted on: 12th Jun, 2010 12:24 am
I am having trouble getting a loan to pay off my existing land mortgage and trade in my very old manufactured home for a new one. The prospective lenders only want to finance the new home but not the existing mortgage. The land is a valuable piece of land mixed commercial and residential use. What lenders can do both or combine everything in one.
I don't think lenders would be ready to give such a loan wherein you would be able to combine everything into one. You can speak to the lenders of this community and try to get a no obligation free mortgage quote which will give you an idea whether or not you would get a loan and what type of rates you may qualify for, if any.