Refinance mobile home mortgage

HIGHLIGHTS
  • Financing a mobile home mortgage is more expensive than a permanent home.
  • Seek an FHA-backed mobile home loan or refinance.

How to Refinance a Mobile Home.

Generally speaking, traditional mortgage lenders are reluctant to offer mobile home refinance loans because, unlike homes built on permanent foundations, which tend to gain value over time, mobile homes tend to lose value, or depreciate, as time passes. Refinance lenders take a security interest in a home in which they lend money, in case the borrower defaults on the payments, allowing the lender to foreclose on the home. During a foreclosure, a lender will sell the home to recoup as much of their money as possible. Because mobile homes tend to depreciate, it is more difficult for lenders to get their money back in a foreclosure. For example, if a bank lends $50, 000 on mobile home based on its current value, and the borrower defaults 10 years later, the lender may only be able to sell the property for $10, 000, meaning the lender may lose money in the process.

Specialty Lenders

Specialty lenders allow borrowers to refinance their mobile homes. Keep in mind that loans on mobile homes are not the same as standard mortgage loans. Rather, they are generally referred to as personal property loans, and carry higher interest rates and shorter loan terms than regular mortgages. If you are interested in obtaining a refinance loan for a mobile home, look for a specialty lender who offers mobile home refinancing, and also see the FHA Financing Manufactured (Mobile) Homes page.

Again, you will probably pay a higher interest rate on a mobile home refinance loan than a standard home loan, so refinancing your mobile home may not be a sound financial decision. Make sure the interest rate offered to refinance your home will not cause you financial hardship.


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Chase Home Mortgages

2012-09-09 06:38:42 by shop4man

Sucks,if your trying to get a HARP or do a refinance to lower your interest rate go look somewhere else. I tried with Chase for 4 months and got the run around. Tried to get an Assumable loan due to my divorce and was told by Chase no because I own a Mobile and they dont do Mobiles even though Chase holds the current paper work on the my mortgage. Iam being penalized for owning a Mobile(2100 Sqft triple wide) with a interest rate of %6.625 when loans are available at %4 or less.
So the bottom line is if you own a mobile and Chase holds the mortgage dont waste your time trying to refinance with them.

Mobile homes

2006-11-21 09:20:23 by Mortgageman101

Becareful with purchasing a mobile home. Because of the following reasons. Mobile homes are difficult to find mortgages for. Most lenders do not finance mobile homes. If they do it is primarily double wides, on a fixed foundation, where you own the land. And they can not be in a mobile home community. The rates are relatively high unless you go FHA. Also mobile homes are extremely difficult to make a profit when/if you decide to sell. most of the time they depreciate unless in nice areas on the water like in FL or CA. Also if you find a mortgage and 4-5 years down the road you want to refinance it will again be difficult to find a lender

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Fixed Home Mortgage Rates and Refinance Loans Roundup at Citi Mortgage for ..  — Southern Daily Press
.. the mortgage-finance company reported in its latest weekly survey.

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