Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Questions about refinancing and renovating

Author Message
Icon Mini Profile kayser





Joined: 11 Feb 2008

Posts: 1

1.00 Dollars($)
Post Posted: Mon Feb 11, 2008 7:21 pm    Post subject: Questions about refinancing and renovating
Like 0
Dislike 0

we want to do about $50,000 in renovations on a mobile home. We would love to refinance and hoping to lower our high 7.5% interest rate. Can you point us in the right direction?
Mac_7

Guest







Post Posted: Mon Feb 11, 2008 9:06 pm    Post subject:
Like 0
Dislike 0

I think it will be good to refinance now as rates are low. So, talk to your lender first and see what he has to offer you. You may then consult some more lenders to get better rates and terms. By the way, is your mobile home on a permanent foundation?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Tue Feb 12, 2008 5:51 am    Post subject: RE: 203k loan can be used to renovate
Like 0
Dislike 0

Hi Kayser,

You can consider taking FHA 203k loan to refinance and renovate your mobile home. Check out the eligibility requirements and improvements that can be made from a previous discussion on FHA 203k Mortgage .

Thanks
Guest









Post Posted: Tue Feb 12, 2008 2:45 pm    Post subject:
Like 0
Dislike 0

Unfortunately the 203k loan is not your solution---it limits the total rehab expense to 35K or less...

I'd need to know more about you, the property and your rehab intentions to advise you further.

Regards,

Scott Miller

_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile ezmortgageloanz

Moderator

best lender badge

Joined: 06 Apr 2007

Posts: 123
Location: National
37.57 Dollars($)
Post Posted: Tue Feb 12, 2008 2:47 pm    Post subject:
Like 0
Dislike 0

Sorry, that was my post above.

Regards,

Scott Miller

_________________
National FHA Mortgage Broker
www.BadCreditMortgageMakeover.com
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Wed Feb 13, 2008 3:20 am    Post subject:
Like 0
Dislike 0

Then what can be the possible options here? Any conventional loan I believe or may be renovation loans offered by lenders.
_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.116 seconds.