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Sweetpea
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0.10 Dollars($)
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Post subject: Refinance |
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| I would like to refinance my manufactured home and combine my 1st and 2nd mortgage, pay off some debt, would like about 10,000. cash out for improvements. I have had no luck in finding a lender. I have been trying to find one for over a year. My manufactured home is on privately owned lake property, The MFH also has a permanent addition built on to it, about the same sq. footage on concrete foundation.Can you help me find a lender. I live in Minnesota. Thanks. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Sweetpea,
You have mentioned that you are trying to find a lender for over a year. Did the lenders reject your application for refinance? What reasons did they gave you for not accepting it?
What I can suggest you here is that you can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you in getting an idea whether or not you would get a loan.
Thanks |
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awilkins4675
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0.10 Dollars($)
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Post subject: mobile home re-finance |
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| I co-signed for my daughters mobile home . After 10 years of payments, she lost her job and missed some pmts. This is when i found out that the mortgage co. listed me as the buyer. Can i re=finance now that i am making the payments? |
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madhend
Guest
0.10 Dollars($)
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Post subject: refinance |
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| after only 8 months of our banrupcy being discharged, can we get a refinance our arm have reset and we have not been late or missed a payment. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi,
To awilkins,
As your daughter has missed some payments, you won't be able to refinance the mortgage outright. You will have to bring the loan current and then apply for a refinance.
To madhend,
It would be the lender's discretion whether or not he would refinance the loan for you. However, you should definitely apply for it and negotiate for a refinance.
_________________
Procrastination is the enemy of your financial sucess |
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sue1234567
Guest
0.10 Dollars($)
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Post subject: refinace a modular home (mobile home) |
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| We would like to refinance our home to get a lower interest rate and would also like to take around 15,000.00 cash out to pay for home improvements? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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sue, it's not easy to find lenders willing to help you with manufactured homes. the keys are as follows: do you own the land on which the home is located, and is the home on a foundation?
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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CAVoyageHomeLoans.sac
Guest
0.10 Dollars($)
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Post subject: Right time to Refinance |
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Mortgage rates are at the lowest point. When picking a Mortgage company to complete your refinance transaction you must ask your Loan Officer to give you the best options based on your qualifications.
Kal Patel
Voyage Home Loans |
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Beachgoer
Guest
0.10 Dollars($)
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Post subject: Refinance or Sell |
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| I have about 50,000.00 in debt,my husband passed away and I cannot get rid of this debt, I earn about 32,000.00 a year and my house is a manufactured home it's value is about $185,000.00 it's tied down and has a pool. Would it be better to sell and down size or try to refinance I am 65 years old and work everyday. Thank You |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Beachgoer,
If you plan to live in the manufactured home for the next 5-8 years, then it would be a good option to refinance the loan. While you refinance the loan, you will have to pay the closing costs. So, if you do not plan to stay in the property for long, I don't think it's a good option to refinance it. In that case, it's a good option to sell off the property.
Thanks |
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sarah1
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0.10 Dollars($)
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Post subject: streamline refinance |
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| When would be a good time to consider a streamline refi with FHA? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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you can consider it at any time.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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bjmat
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0.10 Dollars($)
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Post subject: re-finance my mortage. |
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| we have a 20 yr. mortgage and have 12 more yrs. to pay it off. We will probably sell within the next 5 yrs. Our home apprasies at 180,000 and we owe 67,000 on it. Our interest rate is 5.75% and could re-finance for 4.65%. It would reduce our monthly payments by 140.00. We have no bills, no credit cards, no car payments, etc. Should we consider re-mortgage. I am 61 and want to retire next yr. and down size then. I have a fixed interest rate now. We have excellent credit. Thanks for your info. |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Post subject: |
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| You have mentioned that you are planning to stay in the property for next 5 years. I don't think it would be a good option to refinance the property for such a short period of time. I can understand that it would lower your monthly payments to some extent but it won't help you in offsetting the closing costs that you would have to pay while refinancing. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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it's really a matter of doing the math. if your reduction in payments will end up paying for the upfront fees within a 2 or so year period, then it's not a bad idea at this time to refinance. if, as niicss notes, your savings isn't going to be that productive, then don't bother.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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