Mobile Home Mortgage Refinance - Guide

Mobile Home Refinance | Refinance Resources | Refinance Guide Rates & Calculators | Benefits of a Refinance | Refinance Basics

A Guide for Refinancing a Mobile Home Loan

Mortgage Refinancing Steps

It is a good idea to make sure you understand all the in's and out's of the process before you refinance your manufactured home mortgage.

Will a Mortgage Refinance Benefit You ?
Mobile home loan refinancing can be a benefit you in many circumstances. From saving thousands, consolidating debt to tapping into your home equity, refinancing can be a solution to imporove your financial situation. You can use our Refinance Loan Calculator to see if the numbers add up and it is in your best interest to refinance, or you can call us to get an honest assesment of if a mortgage refinance is a good option for you.

What Should I Beware of?
There are some predators in the mortgage broker community. It is absolutely vital to work with a State-licensed mortgage broker. Dishonest brokers put their personal profit before your financial well being. To make sure you are not taken advantage of, it is a good idea to work with a mobile home refinance specialist.

How do I Find an Honest Mortgage Broker?
To get the best mortgage refinancing deal you need to deal with an honest broker thatyou trust, and keep your loyalty to them. We follow strict ethical practices when dealing with each customer, and we also make sure you do not spend unneccessarily if a refinance is not your best option.

What are my Refinance Options?
Mobile home loans come in many shapes and sizes. Each refinance program serves a different purpose. What loan is best for you depends on your specific financial circumstances, and the benefits you hope to gain by refinancing your mobile home loan.

Calculate your Break-Even Point

Use the step-by-step worksheet below to give you a ballpark estimate of the time it will take to recover your refinancing costs before you benefit from a lower mortgage rate. The example assumes a $200,000, 30-year fixed-rate mortgage at 5% and a current loan at 6%. The fees for the new loan are $2,500, paid in cash at closing.

Description	Example
Your current monthly mortgage payment	$1,199
Subtract your new monthly payment	- $1,073
This equals your monthly savings	$ 126
Subract your tax rate from 1  (e.g. 1 - 0.29 = 0.72)	0.72
Multiply your monthly savings (#3) by your after-tax rate (#4)	126 x 0.72
This equals your after-tax savings	$ 91
Total of your new loan's fees and closing costs	$2,500
Divide total costs by your monthly after-tax savings (from #6)	$2,500 / 91
This is the number of months it will take you to recover your refinancing costs	29 months

If you plan to stay in the house until you pay off the mortgage, you may also want to look at the total interest you will pay under both the old and new loans. 

You may also want to compare the equity build-up in both loans. If you have had your current loan for a while, more of your payment goes to principal, helping you build equity. If your new loan has a term that is longer than the remaining term on your existing mortgage, less of the early payments will go to principal, slowing down the equity build-up in your home.

How does a Refinance Work?

Typically home refinancing is done when you have a mortgage on your mobilew home and apply for a second loan to pay off the first one. While taking the decision to refinance your manufactured home, it is important to first determine the amount you save each month with a refinance. Then, you can decise if it is worthwhile for your financial situation.

Are there Fee's to Refinance a Mobiel Home Loan?

A manufactured hoem refinance is similar to the process of financing your original loan, and there are fee's. However, the fee's save you a good deal of money in the long run, and they are generally "built in" to the loan. Therefore, you don't have to pay very much up-front costs. Here ae some refinancing fee's you can expect.

Application fee. This charge covers the initial costs of processing your loan request and checking your credit report. If your loan is denied, you still may have to pay this fee. 
With Us = Only $35 ( Industry Average = $75 to $300 )

Appraisal fee. This fee pays for an appraisal of your home, in order to assure the lenders that the property is worth at least as much as the loan amount. Some lenders and brokers include the appraisal fee as part of the application fee. You are entitled to a copy of the appraisal, but you must ask the lender for it. If you are refinancing and you have had a recent appraisal, you can check to see if the lender will waive the requirement for a new appraisal. 

Escrow fee. The lender will usually charge you for fees paid to the lawyer or company that conducts the closing for the lender. 

Homeowner’s insurance. Your lender will require that you have a homeowner’s insurance policy (sometimes called hazard insurance) in effect at settlement. The policy protects against physical damage to the house by fire, wind, vandalism, and other causes covered by your policy. This policy insures that the lender’s investment will be protected even if the house is destroyed. With refinancing, you may only have to show that you have a policy in effect. 

Title search and title insurance. This fee covers the cost of searching the property’s records to ensure that you are the rightful owner and to check for liens. Title insurance covers the lender against errors in the results of the title search. If a problem arises, the insurance covers the lender’s investment in your mortgage. 

Prepayment penalty. Some lenders charge a fee if you pay off your existing mortgage early. Loans insured or guaranteed by the federal government generally cannot include a prepayment penalty, and some lenders, such as federal credit unions, cannot include prepayment penalties. Also some states prohibit this fee. 

Please be sure to fill out our online application, or call us toll-free at (800) 882-1999, to discuss refinancing your loan.

Loan Application | Privacy | Blog | Testimonials | FAQ | Sitemap

(800) 882-1999
Get Pre-Approved Today

Mobile Home Refinancing

Mobile Home Refinance Refinancing Resources Refinance Basics Refinance Guide Refi Rates & Calculator Benefits of a Refinance

We Refinance Loans for Manufactured Homes.