Refinancing Can Lower Your Interest Rate!
Refinancing your manufactured home to a lower interest rate can save you money each month by lowering your payment. When you first purchased your manufactured home the interest rate could have been higher than today’s current rates. Take a look at our financing example for a $40,000 purchase price in a park.
*Interest rates are subject to change without notice based on market conditions, credit score/credit history and loan to value. 6.99% based on 700+ credit score. Subject to final credit approval. An Equal Housing Lender.
PI= Principal Interest
Your individual circumstance may vary from the example above
What about the interest rate?
Because we are a mortgage broker we work with many different lenders and banks. Each will generally have different lending requirements which make every situation unique. Our goal is to save you time and frustration by looking for the best lender for your financing needs. This saves your credit score from being pulled too many times plus you get to work with our knowledgeable loan specialists who answer questions every step of the way.
|Description||Home Only Refinance||Land & Home Refinance|
|Minimum Loan Amount:||$25,000||$65,000|
|Model Year (Double Wide)||After June 15th 1976||After June 15th 1976|
|Model Year (Single Wide)
||1994 or newer||No program|
|Max Term (up to)||20 years*||30 years*|
|Loan to Value (LTV)||90%||95%|
* Down payment, rates and terms are based on client credit history, collateral, and program selected and will vary based on each clients situation.
Refinancing may refer to the replacement of an existing debt obligation with another debt obligation under different terms.
Interest rates are constantly changing. Your mobile or manufactured home loan may have had a higher rate at the time of purchase. You may have improved your credit rating since the initial purchase or your mobile home value may have increased placing you in a lower loan-to-value ratio. Both of these areas may result in a lower interest rate.
- Lower interest rate = lower monthly payments.
- Reducing your loan term and payoff.
- Thinking about adding your significant other to the loan?
- Need to remove someone from the loan?
- Currently financed under a balloon payment? Refinance to a low fixed rate!
- Do you have a variable mortgage? Now may be a good time to lock in a fixed rate!