Lenders weigh your housing expenses and total debt against your monthly income to determine your ability to repay a loan. You must prove that you have the cash available for the down payment and closing costs by verifying funds from sources such as bank accounts, stocks, bonds, mutual funds, sale of an existing home, or gifts from family members.
To determine your credit risk, lenders look at your previous mortgage payment history, rent payment history, credit card use and installment debt payment history. If you pay your bills regularly and on time, you're demonstrating the integrity that lenders are looking for in a borrower.
When you ask for a manufactured home loan, you put the manufactured home itself up for collateral. Lenders will want to know what the home is worth before funding a loan.
It's worth considering refinancing your manufactured home loan, even if your monthly payments are manageable.
Here are four reasons why manufactured home refinancing is right for you:
1) To get a lower mortgage interest rate for your manufactured home. Not only will this lower your monthly manufactured home mortgage payment, but you'll pay less in the long run.
2) To switch from an adjustable rate to the stability of a fixed rate manufactured home mortgage. Often, that fixed rate can be locked in for the life of your loan.
3) To pay off your manufactured home mortgage sooner by shortening the term of your loan. Imagine being free of monthly payments!
4) To add or remove a spouse or co-applicant. These changes may also allow you to get a lower interest rate.
Every situation is different. Once you're approved, you'll receive a loan approval letter with different options for you to choose from. It will also contain a list of the documents you'll need to provide.
We will start with a Nada value of your home. If more value is needed, we will order a comp appraisal.
Homeowner's insurance is designed to protect your home. It is also known as hazard insurance, or fire insurance. While the lender requires this coverage, you determine which insurance company will carry the policy. Under new federal regulations, homeowner's insurance premiums will be escrowed.
The refinance closing will be conducted the same way that your loan was closed when you first purchased the property. Soon after your loan is approved, your loan consultant will send a list of documents you'll need to bring to the closing.
Don't add to your debt. If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying.
The lender determines the fees and commissions that will be required of you at closing. Be sure to ask for a breakdown of what these costs will be.
Not always. Some lenders pay all points. Your approval letter will have both options for you to decide which loan best meets your needs.
This is called locking in a rate. Your approval letter will state how long your rate can be locked and what is needed to lock it in.
This varies, so get an estimate, especially if you're on a deadline.
No! We do not offer loans that are not favorable to our applicants.
How do I apply for a refinance loan?
Either fill out the application online or call us directly at 888-809-1145.
Remember, your application doesn't obligate you to borrow the money.