Manufactured Home Refinancing Salem OR
Mortgage West Inc
237 State Street
Gateway Business Bank
660 Hawthorne Ave Se Ste 130
Mortgage First Corporation
615 Commercial St Se # 205
State Or Dept Veterans Affairs
700 Summer St Ne
Prime Financial Group Inc
698 12Th St Se
Sunset Mortgage Company
198 Commercial St Suite-260
3400 State St Ste G780
Countrywide Home Loans Inc
3882 Center St Ne
Willamette Valley Bank
101 High St Ne
State Treasury State Ore
350 Winter St Ne Ste 100
Top Reasons to Refinance Your Manufactured Home
| 4 Top Reasons To Refinance Your Manufactured Home|
Tue 08/11/09 10:15:19 pm
by Josh Ladick
There are plenty of good reasons to refinance. I will explain some of the most common reasons and also provide some useful advice on what you need to consider before refinancing your mobile home.
Why consider a manufactured home refinance? When you refinance your manufactured home, you are basically getting a new loan, usually with better terms, to pay off or replace the loan you currently have. While the mobile home refinance loan process is quite different than a real property stick built refinance, financing for manufactured homes is available in space rent parks, co-op parks, parks where you own your own lot, and mobile homes or manufactured homes located on privately owned land. In no particular order , here are the Top Four Reasons to refinance your Mobile Home:
1. For a fixed rate loan, to provide stability 2 . To access home equity for home improvements
3 . To lower interest rate and/or monthly payments
4 . To consolidate debt/pay off credit cards.
The first reason for refinancing your mobile home mortgage is to obtain a fixed interest rate and eliminate the costly adjustable rate feature of your existing loan. Sure, an adjustable rate mortgage is a good way to purchase a mobile home with low initial monthly payments, however, the sporadic rate fluctuations and the potential for large interest rate jumps can be not only alarming, but very costly. This is why many homeowners consider refinancing into a fixed interest rate loan.
The second reason for refinancing is pulling the equity out of the mobile home; this is a popular reason for refinancing. Perhaps you are in need of some cash to pay for your children or grandchildren's college tuition, or you are looking to make some home improvements to maintain the value of your home. Planning for retirement is another common reason to tap into the equity you have built up in your manufactured home.
The third reason behind refinancing a mobile home is to lower your current interest rate and monthly mortgage payment. Now this may seem simple; who doesn't want lower payments? But even if you are currently in a situation where you can afford your monthly payments, then refinancing your mobile home loan with a lower interest rate may allow you to shorten the length of your loan, pay it off sooner, and easily make additional principal payments towards the principal balance of your loan from time to time, if you so desire, to pay the loan off even sooner.
Now let's review the fourth reason that mobile home owners have for refinancing; consolidating debt, paying off high interest rate credit cards and auto loans. Taking cash out of your home to pay off debts that have high interest rates and non-deductible interest costs is a very popular reason behind refinancing mobile home and manufactured home loans. The interest on you...
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