TOP REASONS TO REFINANCE YOUR
MANUFACTURED HOMES NOW
Mobile homes can be extremely cost effective, which is one of the reasons why quite a few people opt for living in a mobile or manufactured home. While there can be many reasons for one to refinance their mobile home, the following are the five:
GET A LOWERED INTEREST RATE
Since loan rates have been falling for the past few years, many homeowners who have had a loan for a few years or more may be paying higher interest rates. Another reason to refinance your manufactured home is if your credit rating has improved. In that case, you may not be able to quality for the lowered rate which was set when the loan was initially taken.
MAKE LOWER MONTHLY PAYMENTS
You can quality for a lowered monthly payment by getting a lower interest rate, which will automatically make the monthly payments go down. Another way of getting a lowered monthly payment is if you extend the length of the loan when you refinance. This will typically decrease the monthly payments apart from lowering the interest rates.
GET A REDUCTION IN THE OVERALL AMOUNT OF THE LOAN
Rather than just attempting to reduce the monthly payments, you should lower your interest rate, but allow the length of paying off the loan to be the same. This will reduce the amount which you will have to pay back.
MAKE IMPROVEMENTS TO YOUR HOME
Over time, it’s possible for homeowners to want to make some improvements to their mobile home. You can use the collateral of the mobile home to get the money you need to make the improvements to your home.
YOU NEED MONEY TO PAY OFF HIGH INTEREST CREDIT CARDS
Apart from using the collateral in your home to get money for home improvements, you can also get money for any other reason.
When it comes to the last two options, one needs to consider that they will be putting their home up, and if they over extend, they could find themselves losing their mobile home in the process.
Lean more or need help for manufactured home
Please visit www.mhlmtg.com/ecamp/gmfhome_2