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Sometimes refinancing is done even if you are completely happy with your loan
and its terms in order to fund large purchases. For example, you may want to
refinance if you are interest in:
- Buying a car
- Paying college tuition
- Starting a home improvement project
- Consolidating debt
Deciding whether or not refinancing is worthwhile can be fairly simple. Most lenders will tell you that lowering your mortgage rate by 2% or more can save you a substantial amount of money, enough money in fact to justify refinancing your home loan. Also, if your loan term is too long or your monthly payments too low, regardless of a change in interest rate, refinancing may help your financial situation.
Refinancing pays off your current loan and allows you to take out a new, improved loan, even at a higher amount, in order to alter the repayment schedule of the loan or to fund large purchases. The purpose is generally to pay lower monthly payments at a lower interest rate and can be a great option for many people. If you are unhappy with your loan, are interested in a lower rate, or need to make a large purchase, apply online to contact up to four lenders about refinancing your manufactured home.
Low interest rates have prompted many homeowners to refinance their mortgages. If you have a manufactured home, you may have been looking into refinancing as well. In park or leased land mobile homes are both eligible for refinancing. If you are unsatisfied with your loan term or mortgage rate, now is the time to refinance in order to get the loan that is perfect for you and your finances. Fill out our free short form to contact up to four lenders about refinancing your mobile home.