Trying to Refinance

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jesse13579
Posts: 5
Joined: Thu May 12, 2011 1:15 pm

Trying to Refinance

Post by jesse13579 » Thu May 12, 2011 1:26 pm

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
Posts: 1459
Joined: Tue Oct 02, 2007 8:37 am

Re: Trying to Refinance

Post by David Oxhandler » Thu May 12, 2011 2:08 pm

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.
David Oxhandler
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David Oxhandler
Posts: 1459
Joined: Tue Oct 02, 2007 8:37 am

Re: Trying to Refinance

Post by David Oxhandler » Sun May 15, 2011 4:41 pm

Interest rates depend on your credit history. If you have perfect credit you can often negotiate a lower rate.
David Oxhandler
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rickey
Posts: 8
Joined: Sat Aug 31, 2013 4:53 am

Re: Trying to Refinance

Post by rickey » Sat Sep 07, 2013 10:17 am

well so far no luck no one will give loan to move doublewide I can get loan for land & buy a new doublewide an pay out more than it would cost than to jut move mine i dont want that much more to pay out I an 52yrs old want to get out
of paying the rest of my life . this is so sad just getting everything paid for life not far at all.

Celtlund
Posts: 118
Joined: Sun Jun 08, 2008 1:07 pm

Re: Trying to Refinance

Post by Celtlund » Sat Sep 07, 2013 2:14 pm

Have you tried a local mortgage broker?

rickey
Posts: 8
Joined: Sat Aug 31, 2013 4:53 am

Re: Trying to Refinance

Post by rickey » Sun Sep 08, 2013 8:40 am

yes but with no luck i am going to try a few more but thanks

David Oxhandler
Posts: 1459
Joined: Tue Oct 02, 2007 8:37 am

Re: Trying to Refinance

Post by David Oxhandler » Sun Sep 08, 2013 10:32 am

Residential lending is very tight for all types of homes. With interest rates only slightly higher than Federal bond rate returns there is little motivation for the major bankers to offer home loans.

Try the lenders that specialize in loans for manufactured homes
David Oxhandler
[email protected]

rmurray
Posts: 1086
Joined: Thu May 25, 2006 6:49 pm

Re: Trying to Refinance

Post by rmurray » Sun Sep 08, 2013 2:16 pm

This is the problem that I anticipated. An experienced local mortgage broker who has done manufactured homes should be able to help. You are not asking anything that dealers have to do everyday. When dealer sells new or used, the home is at his store and often folks are buying land. The lenders look at the deal as if the home was already there. They process the loan, appraise the home (as if it was on the land), approve the loan with usually 30 days to closing. The dealer then helps his customer to get a construction (bridge) loan to pay for home, land and improvements in steps as they are done. These loans have costs in the hundreds or more. Once done and there has been a final inspection and occupancy permit issued the original bank closes the long term mortgage. Usually for the whole amount of the construction loan and costs. I always found the biggest problem was time. After the original commitment expires the original bank reserves the right to start the approval process over. Even inside the time they often recheck credit and if there has been changes rescind the approval. It is a complicated process that usually takes an experienced helper to make it work. Check with local dealers for referrals to local brokers they have worked with. Good Luck..

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