How to Refinance an Older Mobile Home
Many home owners who have equity in their mobile homes consider refinancing when rates are low so they can lower monthly payments. Also, using cash-out from refinancing an older home provides additional funds to make purchases or consolidate debts. Personal loans and mortgages are available for older mobile homes depending on whether or not the mobile home is considered real property or personal property. A mobile home placed on a permanent foundation with no titles is considered real property after an engineer inspection is completed. If a mobile home is titled in the owner's name, it is considered personal property.
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Instructions
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Update and repair any areas, both interior and exterior, of your mobile home as necessary. This includes the floor and roof.
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Review your current loan documents and deed to determine if your mobile home is personal or real property. This will indicate what type of loan the older mobile home qualifies for.
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Review mobile home mortgages available in your area. Visit local banks that are privately owned. They process their own loans in-house, which gives you an advantage if you have an older mobile home.
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Apply for the loan that matches your circumstances with the best interest rate. Provide the lender with the required documents such as tax returns, pay stubs and additional income information.
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Get an appraisal on your older mobile home. The lender generally requires a recent appraisal to offer refinancing. This ensures the lender that the mobile home has a value great enough to cover the amount of the refinance loan.
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Complete the refinancing of your older mobile home by signing the loan documents. This includes a new note and payment schedule.
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References
- Photo Credit Camping - Mobilhome image by albillottet from Fotolia.com
