refinancing

[Michele]

We have a manufactured home on our property and recently tried to refinance it through our original lender, US Bank Home Mortgage. Has anyone else used them? They told us what fees and costs would be part of the process then, out of the blue told us we needed an engineering report to the tune of another $400. Then were inefficient and told us we had issues with our home, such as the need to prove that the porch wasn't an add on. We couldn't convince them that the home came with it. One issue after the next, then they told us the lock in (interest rate) date had passed due to our untimely responses, and wanted to charge us extra money to restart the process. NOw we have an appraisal fee, the report apparently worthless.
Anyone out there have a lender that is reliable and responsible? We will NEVER do business with USBHM again, based on our current experience. Bottom line: why would they work to refinance a loan that offers them less interest earnings, especially since lenders don't appear to be abundant.

[David Oxhandler]

An old rule of thumb says that if interest rates were at least two percent lower than your current mortgage, it would be time to refinance. However, this rule is only a theory; each homeowner must carefully analyze their specific situation Use our free Refinance Calculator to help decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

If it makes sense to refinance submit the Manufactured Home Loan Search form. There are a dozen loan offices that will get your submission. Those that have a program that meets your needs will contact you.