Posted on: 03rd Jul, 2012 05:52 pm
Why are mobile home owners discriminated against in the declining interest rate environment we have? I am curretnly paying 7.9% and think that is a ridiculously high rate. Yet, nobody seems to be willing to refi a mobile home that is not on a fixed foundation or where the mobile home owner also owns the land.
Any ideas on where/how to get my rate down? Credit rating is "Good"
Any ideas on where/how to get my rate down? Credit rating is "Good"
Hello emboli,
The problem with this is that many manufactured home owners purchased their properties a few years ago at much higher loan to values when the banks were much more flexible in their loan programs, so when a borrower tries to get cash out for debt consolidation today, they realize it's almost impossible to find a lender who will go to 80-95% loan to value.
:idea:
The problem with this is that many manufactured home owners purchased their properties a few years ago at much higher loan to values when the banks were much more flexible in their loan programs, so when a borrower tries to get cash out for debt consolidation today, they realize it's almost impossible to find a lender who will go to 80-95% loan to value.
:idea:
Try looking for a chattel loan instead of a real property loan. If your manufactured home is not affixed to a permanent foundation then it is not considered real property/real estate, so no banks, credit unions or brokers can entertain your refinance. Search out chattel loans instead.
Thanks, Guest!! :)