Refinancing a mobile home to lower rate

mpwilkie · Joined: 17 Sep 2009 Posts: 1 1.38 Dollars($)

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.

Niicss · Posted: Fri Sep 18, 2009 2:01 am Post subject:

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.

chrisburns · Posted: Mon Sep 21, 2009 1:03 pm Post subject:

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.

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