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Re-financing
Posted: Tue Dec 26, 2006 2:29 pm
by iggybus
We have a 32x80 2001 Palm Harbor with 7.5+ acres financed with an adjustable rate mortgage. We have had the home for 5 years and have fair credit. There is now only one of us working as one of us is caring for an elderly mother so the only other income we have is the mother's SS and anuity.
Is there any way we can refinance to get a fixed-rate and maybe lower our payments? Our interest rate as of Feb is around 10%.
Re: Re-financing
Posted: Wed Dec 27, 2006 7:48 am
by admin
While there has been some slight drop in rates recently, interest rates have been going up over the past year. If You Have a variable Rate Mortgage you do need to refinance as soon as you can. Stop the bleeding now, because it looks like rates will not fall substantially any time soon.
Anyone reading this who is tempted to take an adjustable rate loan to get the initial low payments should take note.... those low starting rats can turn on you. An adjustable rate usually makes sense only for a VERY short term loan. If your starting with an artificially low rate on a ten, fifteen year or longer mortgage chances are your payments will grow over time.
At ManufacturedHomeLender.com they match manufactured housing lenders and borrowers and offer a convenient way to shop for a manufactured housing loan in a secure, pressure-free environment. You don't have to leave home, spend hours filling out dozens of applications.
They are a mortgage information referral service that accepts requests regardless of credit history. Their goal is to provide you with information and choices to make an informed decision for your financial future.
It is a good place for you to discover which participating lenders offer the best programs and rates to meet your needs. The best part.... the service is always FREE for anyone looking for a manufactured housing loan. Click HERE to see if they can help you.
Best of luck