Posted on: 27th Feb, 2010 06:23 pm
i have a 1996 double wide mobile home. it cost $60,000 but i only owe $30,000. i remarried last year and we have two children at home. i refinanced five years ago with a local bank. it is time to refinance. i want to refinance $30,000 and borrow $25,000 to add another bedroom and get new appliances and other upgrades. my husband is 47 and i am 53. i own the land.
i'm having a hard time finding a loan. should i try to remodel or just buy a bigger trailer. my house note is $360 now. i know it will be more.
i'm having a hard time finding a loan. should i try to remodel or just buy a bigger trailer. my house note is $360 now. i know it will be more.
The maximum amount of equity you would be able to pull out is 85%. Also, it's going to be extremely difficult to find a mobile home lender in this market. They are far and few.