Can I finance the move of my mobile home?

neifert_2006 · Joined: 02 Aug 2008 Posts: 1 1.35 Dollars($)

I currently have a loan for a mobile home in a trailer park. There is a piece of property about a 1/4 mile from me with a delapidated house sitting on 1.5 acres. Would it be possible to refinance with the cost of the property and the cost of the move. I would be able to demo the house my self, but will need to have a basement built.

adonis · Posted: Sun Aug 03, 2008 11:22 pm Post subject:

Welcome Neifert,

You mean that you wish to move the mobile home to the piece of property which currently has another house? I suppose you have taken a mortgage on the mobile home? how long is it since you've taken the loan?

If it's been a year since you've taken the mobile home loan, then refinancing will be easier.

0.10 Dollars($)

I've been in the house for over 5yrs. Yes there is a mortgage loan on the house. Is it possible to finance the cost of moving the house and constructing a basement on the property? There is already city water and sewer that can be tied into. I've gotten an estimate fot $7,500 to put in a cinder block basement, tie into the water and sewer, put in a drive way ,and grade the yard

0.10 Dollars($)

Hello.

I think you are willing to go for cash out refinance. So it will depend upon the amount of equity that you have on the property.

Jessica

Hi neifert,

You can do a cash-out refinance on your mobile home but for that you need to have sufficient equity, only then you can take out cash worth the cost of the piece of property and the cost of moving. But do you intend to move your home to the land which has the dilapidated house? what would do to the house then?

I'd also like to say that you need to find if you get suitable rate on the refinance loan, if possible, a rate lower than what you have now. Also, check out some of the basic refinance faq prior to going for it.

Regards,

Jessica.

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