If a mortgage does not include a home, only the land, what t

macker · Joined: 25 Mar 2008 Posts: 1 1.32 Dollars($)

I want to refinance, but every web site I see involves home mortgage, specifying the type of home. I live in a mobile home on the land, but the mobile home is not part of the loan, only the land on which the trailer sits. What kind of refinancing options are available without an actual dwelling being involved?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi macker,

Welcome to the forum.

You want to refinance. That means you already have a mortgage right. Then talk to you lender and see what are the options that he can provide you. If he cannot provide you affordable options then you can shop for lenders to refinance the mortgage.

BTW why do you want to refinance? Is your present loan an ARM?

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

You should be able get a regular mortgage on the property, most of the time a lender won't give a loan on a mobile home, we had to pull the tongue off ours to consider it a permanent structure, so if you are just going for a loan on the property, you should not have an issue.

sara

Hi Macker,

I guess you need to take out a land loan in order to refinance the land on which your mobile home is situated. Regarding the type of land loan you should take out, I suggest you go for a free consultation with the lenders in this community. The lenders have a wide range of loan options to offer, so hopefully they can come up with something good provided you fulfil the qualifying criteria.

Know more about land loans before you go for it.

Take Care

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