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There are several good reasons to refinance your mobile home loan:
- Interest rates are significantly lower than they were when you closed your
loan. Even if rates are quite 2% lower, you can save by refinancing to a rate
of 1.5% or even as low as 1%.
- If you have an adjustable rate and would like to switch to a fixed rate
to ensure that you will know exactly what your monthly payments will be until
the day the loan is completely repaid.
- If you are unhappy with your lender or if you are unsatisfied with the terms
of your loan. For example, if you would like a longer or shorter amount of
time to repay your loan, refinancing is a good option.
- If you have an adjustable rate with a cap that is too high you can refinance
to obtain a lower cap. This way if rates increase, you will be secure know
that you rate will only be able to climb to a certain point.
- If you need extra money for repairs or purchases, refinancing can allow
you to borrow more than is need to use for reasons outside of paying for your
Now could be the best time to refinance. A low interest rate could save you hundreds of dollars. If current mortgage rates are 2% lower than the rate used to close your loan, refinancing could be your best option.
Refinancing can also be used to consolidate debt. Rolling your debt into one loan allows you to have one easy monthly payment instead of having to keep up with several bills. Paying off your debt with a loan will take you out of collections and get rid of harassment from collection offices. Also, the interest rate on your refinanced loan will most likely be far lower than rates on credit cars or car payments.
Refinancing is essentially the process of repaying your first loan with a new loan in order to have a loan that is better suited to you. Most people who refinance end up paying lower monthly payments, building equity more quickly or taking cash out to finance a new purchase. Depending on your reason for refinancing, your new loan will either have a lower interest rate, a shorter term, a total higher than your original loan, or a combination of the above.