Posted on: 26th Dec, 2008 01:38 pm
i was told it is virtually impossible to refinance a manufactured home unless the title is purged. what does this mean? i assume it means we pay off the cost of the home only.
we have excellent credit, and our home (built after 1980, but not on a permanent foundation, although the home is in great condition)is in a coop part where we purchase the land. is it possible to refinance for a rate better than 5. 875 for 30 years? thank you.
we have excellent credit, and our home (built after 1980, but not on a permanent foundation, although the home is in great condition)is in a coop part where we purchase the land. is it possible to refinance for a rate better than 5. 875 for 30 years? thank you.
Hi kayakchick
Did you speak to other lenders about refinancing your mobile home. It is not necessary to refinance the mortgage with the current lender. You can check if other lenders are offering good terms and conditions to you. Yes, it may be possible to refinance at a better rate.
You have mentioned that the mobile home does not have a permanent foundation. As far as I know, lenders do not give mortgage unless the mobile home has a permanent foundation.
Thanks.
Did you speak to other lenders about refinancing your mobile home. It is not necessary to refinance the mortgage with the current lender. You can check if other lenders are offering good terms and conditions to you. Yes, it may be possible to refinance at a better rate.
You have mentioned that the mobile home does not have a permanent foundation. As far as I know, lenders do not give mortgage unless the mobile home has a permanent foundation.
Thanks.