Refinancing a Pre-Manufactured Home

Refinancing is usually considered when the current interest rates are lower than when the borrower first made their purchase. When refinancing at a lower interest rate, the borrower can save up to thousands of dollars on the repayment life of the loan.

Therefore, if you want to save up money in interest rates of your manufactured home, refinancing is a viable and convenient option.

What Is Manufactured Home Refinance?

Refinancing means replacing the previous loan policy with a new more convenient one. This new policy is usually considered when interest rates in the market are low as compared to the ones in the previous policy.

Refinancing ones manufactured house is done on the same basis. It saves up money from high cost interest rates on that mortgaged house.

The refinancing for a manufactured home is also known as a Chattel mortgage or a personal property mortgage.

Features Of Refinancing Policy

Certain features of the policy of refinance for manufactured houses should be taken into account. Previously a down payment of 20 percent was required and most companies do not offer for houses costing less than 35k dollars.

Before applying to a policy, an appraisal of home is usually performed as early as possible. Over time, the cost value of the modular houses decrease as the house gets old.

A set of guidelines are designed to apply for refinance of manufactured home. these guidelines and criteria are required to be fulfilled before a deal is finalized.

Criteria For Applicant

Certain criteria is set up for the applicant. The applicants with bad credit history are often not entertained as most often, a good credit history is required to apply for refinance. In addition, at least 3 or 4 established charge accounts for 2 years or more are required.

A proper and detailed information about permanent income source and other possessions with no bad history of bankruptcy or charge offs should be there. He must have paid all the property taxes and previous company debts to apply for a new loan.

Physical Criteria Of House

Manufactured Home Refinance

The current condition and value of house must qualify according to criteria defined to be eligible for manufactured home refinance. The physical condition must be good and house must not be older than 25 years.

House must be built according to HUD standards defined. The worth of the house is also an important aspect. Most companies do not offer loan for houses less than cost of 20 thousand dollars. So the house should cost around or more than 35 thousand dollars.

The house should be located in a leased plot, a community or park land. The area covered by house must be around 750 square feet or more.

Specifications for qualification for manufactured home loans vary in policies offered by different companies. But an overall round up of criteria is necessary to be understood.

Decision Making

Before making any final decision, taking advice from an expert or experienced person is often the most wise step. A person who already has applied for a manufactured home loan will guide rightly in finding a right policy.

The specification and criteria for loan application must be discussed with an expert to avoid future problems.

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