Refinance A Manufactured Home

Now is a good time to refinance a manufactured home because of the low interest rates available in today's market. However, there are several variables to consider before a borrower signs his name on a contract. There are many resources available on the Internet that will help borrowers decide if refinancing is right for their situation. A borrower who decides to refinance will get a new loan with better loan terms, that replaces the former mortgage. Typically, the main reason for refinancing a mortgage is to get a lower interest rate. However, some may sign a new contract to remove the co-signer from the mortgage or to shorten the loan term, thereby saving money on interest. Regardless of the reason for refinancing, the process should save money long-term, as well as lower monthly payments.

Many companies are willing to help a borrower online. Of course, anyone looking to work with one of these companies should make sure that the firm is in good standing with the Better Business Bureau. Legitimate companies, that refinance a manufactured home, will offer free applications and quotes. If a manufactured homeowner is interested in comparing refinancing options, he will find it a quick and easy process to compare refinancing companies on the Internet. After the homeowner is approved, he will need to provide income and job verification, as well as other documents the refinancing company will ask for.

There are a few guidelines to follow in order to qualify for this type of contract. First, the house must have been built in 1990 or more recently. Second, companies will refinance manufactured homes only, and will not cover land mortgages. Finally, the present balance of the mortgage must be greater than $15,000, with 15 or more years remaining on the original loan. When a company is considering whether to approve refinancing or how much to approve, they will weigh three criteria: capacity (can the borrower afford a refinanced loan); credit (does the borrower pay bills on time); and collateral (the value of the home). When all these factors are weighed and conditions are met, the homeowner will be able to refinance a manufactured home.

To refinance a manufactured home can be a good way to be a good steward with the homes through which God blesses us. Philippians 4:6 exhorts us, "Be careful for nothing; but in every thing by prayer and supplication with thanksgiving let your requests be made known unto God." He is the one who owns all we have, and we must manage our financial decisions in the light of His Word and after coming to Him in prayer. By refinancing, anyone can save money on interest and monthly payments, while paying off existing debt more quickly.

For more information: http://www.christianet.com/homerefinance