Refinancing Rates for Mobile Homes
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Refinancing Rates for Mobile Homes
If you own a mobile home you surely remember the financing procedures from when you purchased it. Lenders are less motivated to invest in mobile homes because of the danger of depreciation over time. The same wariness goes for refinancing mobile homes.
If you are looking to refinance your mobile home, you will find that refinancing rates will be higher for this type of property than for a single family home. Mobile home refinancing rates will greatly depend on your credit worthiness as judged by the lender. If you have good credit and steady employment, the refinancing rates that you will be offered should not be too great. However, if you have credit issues and cannot show an employment history, your refinancing rates will be much higher.
Remember, lenders are interested in good investments and in mortgages they are investing in the person and the property. If the property and the person are higher risk, the rates will be higher. Check around the Internet and with local mortgage brokers who can give you specific refinancing rate quotes for your mobile home. Be sure to get more than one quote so that you can try to get the best rate possible.
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| Jennifer Mathes, Ph.D. |
