Posted on: 17th Sep, 2009 11:31 am
hi! my husband and i are currently financing a 2002 mobile home on our own property. it is a 30 year fixed note with a 9% interest. a few yeasrs ago i was screwed and refinanced for $2000+ and only lowered my rate .5%. we both have good if not excellent credit. we have always made our payments on time. are their any companies out there that will refinance a mobile home at a decent lower rate? if so how do i find them? i have called two that i found online and they could only tell me they could lower it to 7.75%. is 1.25% worth the time and money? i would also like to do a 15 year instead of a 30. it would be nice to have something lower so we can work on paying this off. thank you in advance.
If you plan to stay in the property for a longer time period, then you would definitely gain from refinancing the property at a lower rate. In my opinion, it would be a good option to refinance your loan into a 15 year fixed. But you should note that you'll have to pay the closing costs. You've mentioned that you spoke to two of the lenders. I would suggest you to speak to some more and check out if they can offer you a lower rate. Also, you can seek a no obligation free mortgage consultation from the lenders of this community. This consultation will help you know the type of rates and terms prevailing in the market.
Generally speaking if you plan to be in the home for at least two years then a 1% reduction in interest rate will warrant the refinance.
7.75% sounds very high though for today's rates. I would highly recommend continuing to shop for better terms than what you have been offered so far.
7.75% sounds very high though for today's rates. I would highly recommend continuing to shop for better terms than what you have been offered so far.
