How Do You Refinance A Mobile-Home Loan?
Refinancing a loan on your mobile home, or manufactured home, requires you to determine whether it is currently financed as real or personal property. A mobile home with a title held as collateral is considered personal property, like an automobile. However, if the mobile home is attached to the property and meets specifications set by the National Manufactured Housing and Safety Code, it may be financed as real property, just like a house, according to the North Carolina Real Estate Commission. Locate a copy of the deed, title or loan documents. Review the document and determine whether the mobile home is classified as personal or real property. If the mobile home is real property, there will not be a title. Contact a mortgage broker to refinance a mobile home that is real property. Mobile homes classified as real property are refinanced like a house. This means they receive long-term financing with lower interest rates. A mortgage broker will suggest several lenders for mobile-home r
