Trying to refinance

[jesse13579]

Where to start.... My wife and I have a 2007 Deer Valley Hampton that we purchased new 3 years ago. We purchased the home after a sever hurricane damaged our old home and we needed a place to live. The home resides on 3/4 acres in rural Alabama. When we purchased the home we had good credit but because of the market we ended up with a 9.6% interest rate. We were told that after a year we could refinance the home and get a better rate and a lower payment. Well, it's been 3 years and I just can't seem to find anyone that will refinance a manufactured home in lower, rural Alabama. As it sits the land is not factored into the home loan, but I'm willing to finance in the land and everything to get a lower rate. Also since we purchased the home we have added a nice 20X16 deck with handrails and 2 sets of steps, and an unattached carport. The home is on a pallet and piers so I'm not eligible for an FHA loan. The home is financed through 21st century mortgage and they claim their lowest interest rate on refinanced home is only 9.3%. Any suggestions? I really need to refinance this home and get a lower interest rate. The payment is killing me. I'm willing to finance in the land and everything to get a lower rate.

[David Oxhandler]

Loans for a home with out land included will always carry a high interest rate as they are consumer loans. When the loan is not secured by real-estate lenders have a greater statistical risk and demand higher interest.

Financing of all types is difficult at this time. There is simply very little money being made available for home loans of any kind. BUT if you have good credit and the ability to make the payments there are loans available. A refinance at today's fixed rate could save you thousands over the term of your mortgage.

The Manufactured Housing Global Network offers a convenient way to comparison shop for a re-finance loan in a secure, pressure-free environment. You don't have to leave home, spend hours on the phone or jump through hoops to get the best rates, because we do all the legwork for you. Submit the form here and Stop the bleeding now.