How to Refinance a Mobile-Home Loan
Refinancing a loan on your mobile home, or manufactured home, requires you to determine whether it is currently financed as real or personal property. A mobile home with a title held as collateral is considered personal property, like an automobile. However, if the mobile home is attached to the property and meets specifications set by the National Manufactured Housing and Safety Code, it may be financed as real property, just like a house, according to the North Carolina Real Estate Commission.
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Instructions
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Locate a copy of the deed, title or loan documents. Review the document and determine whether the mobile home is classified as personal or real property. If the mobile home is real property, there will not be a title.
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Contact a mortgage broker to refinance a mobile home that is real property. Mobile homes classified as real property are refinanced like a house. This means they receive long-term financing with lower interest rates. A mortgage broker will suggest several lenders for mobile-home refinancing in this case. You can choose the best rate and terms for mobile-home refinancing.
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Visit locally owned, private banks. These banks offer mobile-home refinancing for both real and personal property, regardless of the classification. Refinancing a mobile home through a private bank does not require an underwriter's approval and may be processed "in house." Therefore, if your mobile home is personal property, this is your best option.
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Provide your lender with the documents required, such as a copy of the deed, loan documents, your income statements, tax documents and employment verification. Complete an application to refinance your mobile home. Include your personal information along with the year, make and model of the mobile home you are refinancing.
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Complete the refinance loan by signing the new loan documents. This allows your new lender to pay off the previous loan on your mobile home and become the new lien holder.
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Tips & Warnings
To refinance a loan, some lenders require a new appraisal. Make sure your mobile home is in good condition and you do all repairs needed before applying.
References
- Photo Credit mobiles home 5 image by Marc Rigaud from Fotolia.com
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Comments
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I have been in the mortgage business for 8+ years. I am very familliar with dealing with double-wides on permanent foundation. If you have questions give me a call at 866-295-9339 x 777. Ryan Salo Bank Of England. FDIC, Equal Housing Lender.
