How does refinancing a manufactured home work?
To refinance means that you take out a new loan, which pays off your previous loan, and sometimes leaves a bit extra left over. The best reason to refinance is to get a better interest rate (something that is usually possible when rates have gone down or your FICO score has gone up or if you had to take out a funky loan originally in order to quality) and owe less money each month. Also, you can refinance to a shorter term payment schedule (i.e. a 15 year fixed instead of a 30 year fixed) if you’re making more money than when you purchased the home and you can now afford a higher payment and would like to own your manufactured home free and clear sooner. Keep in mind that either way you go, you will need to pay closing costs all over again when you refinance, so make sure the end result is worth that expense. The rules governing manufactured home refinancing vary from state to state It is possible to refinance both park manufactures homes and models on private land, but because these a
