Posted on: 03rd Sep, 2009 03:15 pm
i have a mobile home. i only owe 20,000 on it. i would like to refinance or have a home equity loan. i had it appraised 9 years ago at 73,000. i would like 25,000 loan. it is a 1998, 28 by 68.
Welcome spriefer,
You will have to appraise the property now and check out it's appraised value. If there's equity in the property, then you can get a refinance or a home equity loan. In my opinion, refinance is a better option as you would have only one loan to pay off. If you take a home equity loan, you would be liable to pay off two different loans.
You will have to appraise the property now and check out it's appraised value. If there's equity in the property, then you can get a refinance or a home equity loan. In my opinion, refinance is a better option as you would have only one loan to pay off. If you take a home equity loan, you would be liable to pay off two different loans.