Is it Possible to Finance or Refinance a Mobile home loan?
Mobile home loans are tricky, which is why many traditional mortgage lenders and brokers don’t want to work on them. The owner of a mobile home can literally put wheels on the structure and drive away with it, which increases the risk of the loan compared to a home built on a foundation. Another issue with mobile home loans is that they are considered personal property rather than real estate. So, financing a mobile home loan without the land beneath it is similar to purchasing a car or RV. Most lenders that specialize in Mobile home loans treat them similar to conventionally built homes and will consider refinancing a loan for mobile homeowners who already have built equity. Why would someone consider refinancing their home? There are some great reasons to refinance a manufactured home; lowering the current mortgage interest rate and monthly mortgage payment, paying off high interest credit cards and auto loans, paying for children or grandchildrens college tuition, or making home imp
