Posted on: 06th Aug, 2010 06:03 pm
i'm on total disability. i own a double wide that has three room addition. the mobile home is not on a permenant foundation but the add-on is. it sits on 1 acre of privatly owned land. my property appraised ttwice in the last 5 years over $125000.00. i currently owe $20000.00. is possible to refinance and free up some of equity?
Welcome Darby,
As you've equity in your property, you would be able to refinance your loan. However, as the property is not on a permanent foundation, most lenders won't be ready to give you a mortgage. Rather, you may have to go for a personal property loan in order to refinance your current mortgage.
As you've equity in your property, you would be able to refinance your loan. However, as the property is not on a permanent foundation, most lenders won't be ready to give you a mortgage. Rather, you may have to go for a personal property loan in order to refinance your current mortgage.