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asfearing · Joined: 20 Apr 2009 Posts: 1 1.35 Dollars($)

I am interested in refinancing my loan on my condo, my interest rate is at 7.7%. I travel to the Los Angeles area up to 6 times a year(i live in wisconsin) I was online and saw some mobile homes for sale for under $50000. So I thought about maybe purchasing a moblie home in california and adding it to my current loan while refinancing. But many people around me said that it would be very hard to get a mobile home added to my current loan. Is this true? And what other details would i need to know or think about going into this??

donnabagley · Posted: Mon Apr 20, 2009 5:47 pm Post subject: mobile home purchase

Many lenders no longer provide financing for mobile homes. the do not retain value at all. worse than an automobile. you may really want to re-think this one

eric1 · Posted: Mon Apr 20, 2009 6:34 pm Post subject:

First of all, I definately recommend that you refinance your current loan. You can do A LOT better than 7.7% if your credit/income is in line.

Regarding the mobile home, that scares me a bit. They rarely increase in value. If anything, values in CA are on the decline. When you factor in your purchase price, the interest you will pay on that $50k, maintenance and utilities....It may actually be cheaper for you to get a cheap hotel room.

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Question about mobile home and refinancing

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