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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.
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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
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.
Refinancing your manufactured home may be warranted if:
- Interest rates have become significantly lower than they were when you closed
your loan. Money can be saved on many loans even if the difference in interest
rates is only as low as 1% or 1.5%, however, anyone refinancing with such
a small change in interest should do so carefully and after much review of
the new and old loans.
- Manufactured home owners with adjustable rates may refinance in order to
secure a fixed rates. Fixed rates guarantee that you will know exactly what
your monthly payments will be from the start of the loan until the loan is
completely repaid. This may be deemed worthwhile because of the security of
a fixed rate, which will allow more confidence when you are involved in future
financial planning.
- Borrowers unsatisfied with their lenders or unhappy with the term of your
loan, may also refinance. Refinancing to a shorter loan term, for example,
will decrease the amount of interest paid. Refinancing to a longer loan term
will allow for lower monthly payments.
- If your manufactured home loan has an adjustable rate cap that is too high,
refinancing will give you the opportunity to secure a lower rate cap, affording
you more security in knowing that your loan will only be increased to a certain
point.
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