You may be considering refinancing your mobile home and here are several reasons why you might consider that option:
Mobile Home Refinance can mean lower interest rates
When you closed your first home loan, interest rates may have been quite a bit higher and now perhaps interest rates are substantially lower. Even with rates of 2%, with a mobile home refinance loan, you might be able to go as low as 1.5% or even 1%. Imagine how much you can save with your mobile home refinance with those kind of interest rates.
Mobile Home Refinance for a smooth switch from variable to fixed
A mobile home refinance loan is ideal if your existing loan has an adjustable rate payment. You can switch to a mobile home refinance loan with a fixed rate payment and know exactly how much you will be paying monthly.
Mobile Home Refinance for greater loan satisfaction
Perhaps you’re unhappy with the service or program your current lending company is offering you. A mobile home refinance loan will help you pay off your existing mortgage and switch to a lender more to your liking.
Obtain lower payment caps with Mobile Home Refinance
Your existing adjustable rate mortgage may have a payment cap that is too high. You can get a mobile home refinance loan in order to obtain lower caps. And if rates increase, you are still secure in the knowledge that your mobile home refinance payment caps will only rise to a certain point.
Extra cash with Mobile Home Refinance
You may need some extra cash handy for repairs on your mobile home. With mobile home refinance, you might be able to borrow the needed money.
Mobile Home Refinance can consolidate debt
If you’re having trouble keeping up with several bills, mobile home refinance lets you consolidate your debt into one single monthly payment. With a refinance loan, you can pay off your debt and stop collection agents from harassing you
California Mobile Home Mortgage Lenders
by Kent Pinkerton
A mobile home, as the name suggests, is a moving residence. These can be readily purchased just like buying a fixed home. A mobile home is perfect for people constantly on the move, as it gives the convenience of a fixed home on the road. It is no surprise that today an increasing number of people are opting for a mobile home.
In California, as in the rest of the United States, it is not possible to acquire a mortgage for a mobile home. If mobile home owners require a mortgage, they have to approach official lenders. These lenders provide financial assistance. California mobile home mortgage lenders are persons or groups that lend money for mortgage purposes from their own capital and funds.
California mobile home mortgage lenders are not funded or regulated by the government. Due to this reason, these loans are high-interest loans. However, interest rates depend upon current market rates. Given that a private body funds the loan, it is possible for people with poor credit ratings to acquire the loan. Consequently, people have to pay a higher interest rate.
Even though California mobile home mortgage lenders are private bodies, lending institutions have specified a few prerequisites. This specifies that the home that is financed is the main residence of the person applying for the loan. These regulations also predetermine the maximum loan amount and tenure. This is decided based on the locality, and can differ in high-cost areas. Loan periods vary between 15 to 25 years.
Specialized dealers or retailers mostly sell mobile homes. For the most part, these dealers themselves provide buyers with the names of California mobile home mortgage lenders. At times, these dealers may even arrange for meetings with mortgage lenders. While purchasing a mobile home it is important to remember that there are no government-aided California mobile home mortgage lenders.
California Mortgage Lenders provides detailed information on California Mortgage Lenders, Northern California Mortgage Lenders, California Mobile Home Mortgage Lenders, Southern California Mortgage Lenders and more. California Mortgage Lenders is affiliated with California Mortgage Interest Rates.
Article Source: http://EzineArticles.com/?expert=Kent_Pinkerton
What is a mobile home refinance?
A mobile home refinance is basically a deal where you pay off your first loan with a second loan that is better suited to you. In most cases, mobile home refinance deals result in lower interest rates. This way, mobile home refinance helps people build up more equity faster. The lower monthly payments of mobile home refinance loans also allow you to have more cash handy for another purchase.
When is the best time to get a mobile home refinance?
If interest rates are lower now than when you got your first home loan, getting a mobile home refinance loan could be your best option.
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