Posted on: 05th Sep, 2009 10:52 am
Everyone we call says, keep what you have. Or, we dont do mobile homes. We only owe 50,000. We have only 9 yrs left. But we have kids and cant afford the growing payment of 777.00 a month! We own the land that its on. No down payment with such a high monthly paymet. Credit has decreased since purchased home and 2 cars. Want extra cash to set home on foundation and build deck. Our home is the first thing we pay but it is getting harder as the escrow raises! we need a lower payment!
Guest,
Please forgive me. I do not mean to be judgemental. However, you purchased two cars when money is tight? Are the cars (combined) worth more than your home?
Even if you get some kind of interest rate reduction, it will not reduce your payment to the point where it will make a life changing difference. You need to change other things to make a difference. Sell the cars and buy cheaper ones. Get a second or third job. Don't eat out. Get rid of any luxury items such as satellite TV, etc etc
Please forgive me. I do not mean to be judgemental. However, you purchased two cars when money is tight? Are the cars (combined) worth more than your home?
Even if you get some kind of interest rate reduction, it will not reduce your payment to the point where it will make a life changing difference. You need to change other things to make a difference. Sell the cars and buy cheaper ones. Get a second or third job. Don't eat out. Get rid of any luxury items such as satellite TV, etc etc
you're right on, eric. i don't quite see much of a change in monthly payment with a refinance, either, especially if there is to be cash out for a foundation to be added. i understand car purchases a little better, since we all need transportation. after all, we can't be sure that our guest didn't go buy 2 clunkers instead of new benzes.
but i agree in large part with your message - lifestyle changes are more in order than a refinance - even if you're living close to the proverbial bone, there may need to be something else to take place, such as another (new) job or dispensing of luxury items, as eric noted.
it's not easy either way, and with mobile homes, it's probably a bit harder, as pointed out. lenders are not looking to get involved in financing mobile homes for the most part.
but i agree in large part with your message - lifestyle changes are more in order than a refinance - even if you're living close to the proverbial bone, there may need to be something else to take place, such as another (new) job or dispensing of luxury items, as eric noted.
it's not easy either way, and with mobile homes, it's probably a bit harder, as pointed out. lenders are not looking to get involved in financing mobile homes for the most part.
