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My wife and I are in our 50's. We purchased a brand new 1994 Palm Harbor modular and have lived in it since then. My wife's mother owns the land that it is located. We need to refinance the mortgage on it within the next 2 years. We currently have it financed at 4.99%. We both have excellent credit. What are our options in the middle Georgia area?

jenkin7 · Posted: Fri Nov 20, 2009 11:16 pm Post subject:

Hi GFJ,

A 4.99% interest rate is not that bad. However, if you still want to refinance the loan at a lower interest rate, you can contact a local lender and check out what kind of interest rates they can offer you. Since you have excellent credit, it will make things much easier for you. But credit is just one of the important factors. There are several other qualifying criteria which you need to fulfill in order to get the loan.

Besides contacting the local lenders, you can also go for a no obligation free mortgage quote with the community lenders. They will assess your credit scores, income and other required factors. If you qualify for the loan, they will offer you free mortgage quotes. It will give you some sort of idea as to what kind of rates you can expect on the refinance loan.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

it's worth looking around at your refinancing options - you may find there are more than you thought or that you can get better offers than you realised. With good credit and a good income to debt servicing ratio you are a better bet than may others out there at the moment.

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