     Flint Allen (Flint) | Friday, August 04, 2000 - 08:43 am 
My wife and I bought a 32x70 manufactured home in January of this year. When we bought it, the salesman told us to wait until we made about 10 payments and then refinance it to get the payments and interest rate lower. He also mentioned that we may need to include an acre of land with the new mortgage. Is this necessary? Also, does anyone have any other tips when refinancing a manufactured home? |
| Don Semler (Dsemler) | Friday, August 04, 2000 - 11:30 am
First, the lender will need to know if your property is "real Property" or 'personal property". Also, is it a single wide or double wide. i'm assuming it is a double.
If it is "real property" you may be able to refi it. However, sounds like the salesman took you on this.
Why did he say you needed to wait for 10 months?
Credit issues? |
| Flint Allen (Flint) | Tuesday, August 08, 2000 - 07:59 am
It is a double wide, and I'm assuming since it is "moveable" property that it would be considered personal property. I have not put any sort of foundation beneath it...yet. I guess that's probably why the salesman said we would need to include the land that it is sitting on as part of the refinancing package.
The reason he said that we needed to wait for a short period is 1) because the only credit I had at that time was revolving credit and 2) because we are on a variable rate plan. The rate we are paying now will go up (since rates have gone up) after 12 months.
I appreciate any help that anyone can give me. |
