Questions about refinancing and renovating

Posted on: 11th Feb, 2008 06:21 pm

we want to do about $50,000 in renovations on a mobile home. we would love to refinance and hoping to lower our high 7.5% interest rate. can you point us in the right direction?

Total Reply : 5

I think it will be good to refinance now as rates are low. So, talk to your lender first and see what he has to offer you. You may then consult some more lenders to get better rates and terms. By the way, is your mobile home on a permanent foundation?

Anonymous

Posted on: 11th Feb, 2008 08:06 pm

Hi Kayser,

You can consider taking FHA 203k loan to refinance and renovate your mobile home. Check out the eligibility requirements and improvements that can be made from a previous discussion on FHA 203k Mortgage .

Thanks

jameshogg

Posted on: 12th Feb, 2008 04:51 am

Unfortunately the 203k loan is not your solution---it limits the total rehab expense to 35K or less...

I'd need to know more about you, the property and your rehab intentions to advise you further.

Regards,

Scott Miller

Anonymous

Posted on: 12th Feb, 2008 01:45 pm

Sorry, that was my post above.

Regards,

Scott Miller

ezmortgageloanz

Posted on: 12th Feb, 2008 01:47 pm

Then what can be the possible options here? Any conventional loan I believe or may be renovation loans offered by lenders.

adonis

Posted on: 13th Feb, 2008 02:20 am