Posted on: 14th Jul, 2011 11:06 am
Sorry, I think I posted my question to the wrong forum the 1st time.
I am looking for help refinancing a 1999 Fleetwood double wide manufactured home. At the very least I would like to get a better interest rate and cut down the number of years I have left on my loan. Even better, I would like to borrow extra money in order to move the home onto my acre of land that I bought a couple of years ago. My greatest wish is to borrow enough to move the home and have an inground pool installed. Are any of these options something that I could get help with? I am in Alabama. My husband and I both have good credit scores (both over 700). We have a solid work history, and a low debt to income ratio. The only loans we have besides the home is a auto loan where we owe about $4000, and a consumer credit card where we owe about $2500. Both of these loans will be paid off in the next 12 months. Total left owed on our home is $45,000. We have gotten quotes, and it will take about $10,000 to move the home. A swimming pool will cost another $20,000 to install. I feel like the property will be worth well over our desired loan amount of $75,000. Any help or advice would be greatly appreicated. Thanks.
I am looking for help refinancing a 1999 Fleetwood double wide manufactured home. At the very least I would like to get a better interest rate and cut down the number of years I have left on my loan. Even better, I would like to borrow extra money in order to move the home onto my acre of land that I bought a couple of years ago. My greatest wish is to borrow enough to move the home and have an inground pool installed. Are any of these options something that I could get help with? I am in Alabama. My husband and I both have good credit scores (both over 700). We have a solid work history, and a low debt to income ratio. The only loans we have besides the home is a auto loan where we owe about $4000, and a consumer credit card where we owe about $2500. Both of these loans will be paid off in the next 12 months. Total left owed on our home is $45,000. We have gotten quotes, and it will take about $10,000 to move the home. A swimming pool will cost another $20,000 to install. I feel like the property will be worth well over our desired loan amount of $75,000. Any help or advice would be greatly appreicated. Thanks.
hi bamaashley!
welcome to forums!
you should contact an appraiser and get your property appraised. this will help you determine how much you may have in the property. if you have more than 20% equity in your property, then you will be able to refinance the existing loan and get a lower interest rate. the cash out money that you get can be used to move the property or add a pool to it.
feel free to ask if you've further queries.
sussane
welcome to forums!
you should contact an appraiser and get your property appraised. this will help you determine how much you may have in the property. if you have more than 20% equity in your property, then you will be able to refinance the existing loan and get a lower interest rate. the cash out money that you get can be used to move the property or add a pool to it.
feel free to ask if you've further queries.
sussane
Your concern will be dealt with accordingly with a mortgage expert in your country since I am not really familiar on how your country deal with loans. So I recommend that you see these experts and let them analyze this for you.
