How to Refinance a Mobile Home in Pennsylvania
If you live in a financed mobile home in Pennsylvania, you can refinance your home loan to take advantage of the built-up equity. Typically refinancing is a good move if you have improved your credit since the original loan. Refinancing a mobile home loan allows you to lower your monthly housing payment by getting a lower interest rate. Some lenders also allow you to consolidate debt when you refinance. Typically traditional lenders do not offer financing if the home is on a temporary foundation, but there are other financing options.
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Instructions
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Call the lender of your current mobile home loan to get the payoff amount and interest rate. Ask if there is a prepayment penalty as well.
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Solicit rate quotes from a variety of lenders so you can compare the quotes and pick the best rate. Lenders that specialize in mobile home refinancing include JCF Lending Group, Earth Works Trust and MH Loans (see Resources). You can also use the loan finder service on the Mobile Home website to get additional quotes from specialty lenders. If your mobile home sits on your own land in Pennsylvania instead of in a rented lot or space, you can seek traditional mortgage refinancing rate quotes from your local banks as well as on the Lending Tree website. Banks with a presence in Pennsylvania include Wachovia, PNC Bank and Sovereign Bank.
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Submit an application to refinance your mobile home loan with the lender that offered you the best rate. Applications typically ask for the year the home was built, the size, the type of foundation it is sitting on, whether the land is rented or owned, the estimated value of the mobile home, the payoff amount of the current loan, the account number and lender details for the current loan and your employment history. Required credit and work history varies by lender. Typically you cannot have a bankruptcy on your credit report in the previous four years and you need a minimum credit score of 680. You must show at least a two-year work history. Proof of income may be required in the form of W-2s and paycheck stubs.
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Tips & Warnings
If you want to check your credit before you submit the application, you can get a free credit report each year from the Annual Credit Report website.
