Mobile Home Refinancing Lenders

When searching for mobile home refinancing lenders, many issues must be considered, yet stricter construction requirements and the increased willingness of lenders to customize loans for their customers can make refinancing an attractive solution for mobile home owners. It used to be fairly difficult to obtain a mortgage for a mobile or manufactured (pre-fabricated) home. Lenders worried about the quality of materials used in building these homes, knowing that factories were likely to reduce building costs wherever possible. Unlike 'regular' homes, where the land and house both served to secure the loan, mobile home refinancing lenders fretted over the possibility that since the land the homes rested upon was often leased, landowners might eventually refuse to renew a lease and borrowers might default on the mortgage rather than go through the expense of moving the home.

Also, mobile homes were often protrayed as somewhat more vulnerable to the effects of natural disasters. Many news reports have featured views of mobile homes with crumpled walls or of such homes being swept off their foundations during a storm. Even though in many cases these incidents occurred because the homes were not adequately secured to their foundations, such perceptions lingered in the minds of lenders and made it difficult to obtain a mortgage in the first place, much less secure mobile home refinancing lenders. Stricter construction standards and laws have greatly reduced the possibility that inferior products will be produced. Now manufactured homes are actually regarded with respect and admiration, as builders provide a great variety of styles for their customers. Recent laws ensure that the homes will be even more energy efficient and built with better quality materials than many homes which are built according to traditional standards and methods.

An Internet search will yield a great number of mobile home refinancing lenders who are willing to work with their customers to secure financing for a new mobile home or to discuss refinancing options. Most will refinance a Single or Doublewide mobile home, and are able to work with either a dealer or a private individual. Also, lenders are willing to fund land purchases, either separately or alongside the purchase or refinance of a mobile home. Credit card and bill consolidation services are included as part of the agreement if this is necessary. Special enticements to customers include free applications, fixed rates, and no out-of-pocket expenses for the loan process. Some companies offer the option of skipping a payment once at the customer's discretion. (This latter option may be appealing to many customers in uncertain financial times, yet actually increases the customer's interest costs in the long run.)

The programs offered by mobile home refinancing lenders fall into fairly familiar categories. One loan program may reduce the term of the loan. Loan officers analyze the situation to see if the terms can be shortened, which will decrease the number of years required to pay off the mortgage, thus saving the customer a great deal in interest costs. Also, better interest rates are usually available with a short-term loan. Another customer may benefit from the option of having a lower payment each month than the previous loan required. Land-purchase loans may be secured for either a new purchase or to grant better rates for customers with an existing mortgage. Each person's financial situation is unique, so be sure to consider the various options in relation to personal goals and finances. Carefully read and understand all the terms and rates proposed by mobile home refinancing lenders. Do some research beforehand to become familiar with mortgage and loan terms. Glossaries can be found online which can help with this issue and loan officers should be able (and willing) to explain any aspect of the loan which the customer does not understand.

Find out the answers to the following issues, which may greatly affect the cost of the loan. Identify how much money will be required by the lenders as a downpayment. Does the loan have any closing costs or fees which must be borne by the buyer? (Sometimes property taxes or insurance must be prepaid. Consider whether to pay these items as a lump sum or have them rolled into the mortgage.) Are there any balloon payments or is the mortgage a fixed-rate loan? At times, additional discounts are given if mortgage payments are deducted electronically each month. Read articles regarding mortgages and lending practices to become familiar with the main aspects of the various options which are available. That way one is able to discuss these matters intelligently with a loan officer and should end up with a better deal than a person who is totally unfamiliar with these concepts. Pay close attention to the terms of the mortgage agreement which are offered by the mobile home refinancing lenders, since thousands of dollars may be saved or lost by changes in apparently small details of the contract.

An individual should be realistic about his or her financial situation as well, during these procedings. Do not attempt to buy more of a house than can be afforded. Otherwise, one may be in danger of becoming like those mentioned in Psalm 37:21 -- The wicked borroweth and payeth not again.... Interest-only loans and balloon payments may look tempting in the beginning, yet in the end these practices cost the buyer far more in ongoing interest payments. One last important item to consider is whether the savings which result from agreements with mobile home refinancing lenders are significant in terms of one's future plans. In other words, will the borrower be living in the home for a length of time which allows the costs of refinancing to be recouped? If a person plans to move before any savings will be realized, it would be better not to engage in refinancing in the first place. So research, ask questions and examine any refinancing contracts in the light of one's own parti
cular financial situation and future plans.




Ten years and counting | Dev release: 0.2.153.1 | What would you ask Senators McCain and Obama? | Announcing the Android 1.0 SDK, release 1 | Opening the door to geospatial data | Developer Day London videos and presentations now online | Always Be Testing Webinar on Monday

Add to: File Insurance Business article Teen Photo Images