Posted on: 16th Jun, 2010 12:59 pm
currently own land and mobil home in de with fixed foundation, a-roof, additional stick built rooms attached. original mobile home is 1981. heloc appraisal was for $197,000 for home and property. have $43,000 used of a $100,000 heloc which was just moved from one provider to a new one(local bank). have applied for mortgage to purchase an investment property and was progressing well until they learned my home was originally a mobile one. now learned that appraisor probably will not let refinance go thru because of that. therefore am looking around for possible alternative refinancing if and when i get turned down.
Welcome celliott,
In case, you do not get a conventional mobile home loan to refinance the mortgage, you can go for personal property loans. You can use such a loan to refinance your present mortgage. You can get such loans from the retailers of your area who sell mobile homes. However, the interest rate will be higher compared to that of a conventional mobile home loan.
In case, you do not get a conventional mobile home loan to refinance the mortgage, you can go for personal property loans. You can use such a loan to refinance your present mortgage. You can get such loans from the retailers of your area who sell mobile homes. However, the interest rate will be higher compared to that of a conventional mobile home loan.