Posted on: 28th Apr, 2010 12:53 pm
I have a doublewide mobil home on a permanant foundation, (for 15 yrs). The last time I had it appraised was 2 years ago for 87,000. I have a fixed rate loan through American General, at over 9% interest, pay off 67,000, and a 650.00 payment. I want to consolidate a tractor payment, (200.00 mth, 3500.00 pay off), and a 4-wheeler payment, (200.00 mth, 4700.00 payoff), and lower my interest rate. Credit score good, 75,000.00 yr income. CAN ANYONE HELP ME PLEASE?
mICHAEL
mICHAEL
hi balsabones!
welcome to forums!
if you have equity in your property and have a good credit score, then you would be able to refinance your home loan. as you refinance your loan, you will be able to use the cash out money to pay off your tractor, 4-wheeler, etc. you can contact your present lender and apply for a refinance. if you satisfy all the required criteria of the lender, he would accept your request.
however, you may even contact other local lenders in order to get a refinance if you do not want to go with your present lender. it's not mandatory to refinance the loan with your current lender.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you have equity in your property and have a good credit score, then you would be able to refinance your home loan. as you refinance your loan, you will be able to use the cash out money to pay off your tractor, 4-wheeler, etc. you can contact your present lender and apply for a refinance. if you satisfy all the required criteria of the lender, he would accept your request.
however, you may even contact other local lenders in order to get a refinance if you do not want to go with your present lender. it's not mandatory to refinance the loan with your current lender.
feel free to ask if you've further queries.
sussane
The max financing on a cash out transaction would be 85%. If you property is worth 87K. You won't be able consolidate both of those debts.
my husband and i have a single wide mobile home on a rented lot. we have fallen on some tough times and are now getting back on our feet. we have accumulated some credit card debt and wondered if a home equity loan was available on mobile homes?
Hi Vanessa,
If you have equity in your property, then you would be able to get a home equity loan on your mobile home. However, as your property is located on a rented lot, it will be difficult for you to get a conventional loan. You will have to go for personal property loan.
Thanks
If you have equity in your property, then you would be able to get a home equity loan on your mobile home. However, as your property is located on a rented lot, it will be difficult for you to get a conventional loan. You will have to go for personal property loan.
Thanks