Posted on: 30th Aug, 2008 09:19 am
I have this Five and one loan thru M & I Bank. I would prefer the 30 year fix. I am having a difficult time finding a lender at this point in time that will help me out. I know they are out there somewhere. Financing from a bank in MI. or somewhere there are alot of moble homes. And financing something like I have is easier. I am on land not in a park. I owe probably around a 95,000.00 on this land and moble home.
Trying to find a lender that will give me a 30 yr. fix rate. I have excellent credit. On a 1973 moble home. It is on land.
Hi donna,
I believe you're talking about a 5/1 year ARM, isn't it? I think you're not getting a lender for the refinance because the mobile home is old enough compared to the property standards that lenders look for. What I suggest is that you talk to the bank regarding any alternative payment plan they can offer you. Or may be if they modify the loan and allow for a lower monthly payment, it'll help you pay down the mortgage.
I've replied a similar query at http://www.mortgagefit.com/refinance/1973-mobilehome.html#59087 . Please take a look at it and then let me know if you have further queries.
Thanks
I believe you're talking about a 5/1 year ARM, isn't it? I think you're not getting a lender for the refinance because the mobile home is old enough compared to the property standards that lenders look for. What I suggest is that you talk to the bank regarding any alternative payment plan they can offer you. Or may be if they modify the loan and allow for a lower monthly payment, it'll help you pay down the mortgage.
I've replied a similar query at http://www.mortgagefit.com/refinance/1973-mobilehome.html#59087 . Please take a look at it and then let me know if you have further queries.
Thanks