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mpwilkie

Joined: 17 Sep 2009
Posts: 1
1.38 Dollars($)
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Posted: Thu Sep 17, 2009 11:31 am Post subject: Refinancing a mobile home to lower rate |
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| Hi! My husband and I are currently financing a 2002 mobile home on our own property. It is a 30 year fixed note with a 9% interest. A few yeasrs ago I was screwed and refinanced for $2000+ and only lowered my rate .5%. We both have good if not excellent credit. We have always made our payments on time. Are their any companies out there that will refinance a mobile home at a decent lower rate? If so how do I find them? I have called two that I found online and they could only tell me they could lower it to 7.75%. Is 1.25% worth the time and money? I would also like to do a 15 year instead of a 30. It would be nice to have something lower so we can work on paying this off. Thank you in advance. |
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Niicss

Joined: 03 Oct 2005
Posts: 2620 Location: New Jersey
409.63 Dollars($)
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Posted: Fri Sep 18, 2009 2:01 am Post subject: |
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| If you plan to stay in the property for a longer time period, then you would definitely gain from refinancing the property at a lower rate. In my opinion, it would be a good option to refinance your loan into a 15 year fixed. But you should note that you'll have to pay the closing costs. You've mentioned that you spoke to two of the lenders. I would suggest you to speak to some more and check out if they can offer you a lower rate. Also, you can seek a no obligation free mortgage consultation from the lenders of this community. This consultation will help you know the type of rates and terms prevailing in the market. |
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chrisburns
 Community Experts

Joined: 13 Nov 2007
Posts: 372 Location: Florida
64.35 Dollars($)
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Posted: Mon Sep 21, 2009 1:03 pm Post subject: |
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Generally speaking if you plan to be in the home for at least two years then a 1% reduction in interest rate will warrant the refinance.
7.75% sounds very high though for today's rates. I would highly recommend continuing to shop for better terms than what you have been offered so far. _________________ Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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