Posted on: 05th Jan, 2010 05:21 am
we bought a single wide mobile 2 years ago and it was financed as a vehicle loan at 8.25%. it sits on a temporary foundation on our ranch while we are slowly building our main house and garage. the plan is to move it to another location on the ranch after completion of our other buildings. my husbands credit is 811 and mine is 795. would a refinance be worth doing? we own the land free and clear, and my husband is reluctant to involve it in the process, but we have surveyed 15 acres out in case we need to do that, and that is the location where the trailer was installed. any suggestions?
You may refinance the mortgage as the mobile home carries a higher interest rate. However, you should note that you'd be responsible for paying the closing costs. Also, it would be a good idea to refinance the mortgage only if you plan to stay in the property for a longer period of time such as 7-8 years.