Posted on: 16th Sep, 2008 07:25 pm
i have a 1977 moblie home with out a foundation.can you refinance.and for how many years...my 1977 moblie home is on 1 acre of land with a shop on it. the house has no foundation. 3 yrs ago it appraised for 68,000 and we owe around 62000. we would like to refinance for a lower rate, possible for more money.and how long of a term can you go.
Welcome cagarrett,
I've discussed on a similar query at http://www.mortgagefit.com/refinance/personal-loan.html . Please take a look at it and then if you have further queries, just let me know.
I've discussed on a similar query at http://www.mortgagefit.com/refinance/personal-loan.html . Please take a look at it and then if you have further queries, just let me know.
Hi cagarrett!
Welcome to forums!
As its a mobile home, there is less chance of getting a conventional mortgage. However, you can qualify for a FHA mortgage but again they won't offer a cash-out refinance loan. So, best thing is to take out a personal loan which will be available to you at higher rates compared to that of a mortgage.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As its a mobile home, there is less chance of getting a conventional mortgage. However, you can qualify for a FHA mortgage but again they won't offer a cash-out refinance loan. So, best thing is to take out a personal loan which will be available to you at higher rates compared to that of a mortgage.
Feel free to ask if you have further queries.
Sussane