Christian Mobile Home Refinancing Loan
Searching for a Christian mobile home refinancing loan should be on the top of a borrower's to-do list if his current mortgage has a high interest rate or the payment is too high to pay. A borrower's home should not ruin his life. Careful evaluation of a person's financial situation and serious research into all the options for mobile home refinancing loans will give peace of mind that he got the best possible deal.
The first thing a borrower should do when looking for mobile home refinancing loans is to get his finances in order. This will help determine what type of contract the borrower should be looking for and possibly where he should get the loan. There are many options, but only a few that will work perfectly for a particular borrower. Wise shoppers will consult a financial adviser to help determine the best mobile home refinancing loan. This person could be a trusted, knowledgeable friend or a professional, and should be able to answer questions about ARM, fixed rates, 15 versus 30 year mortgage, etc.
When applying for mobile home refinancing loans, the consumer will have a choice of 15 year versus 30 year mortgages. This option will sometimes dramatically change your the borrower's interest rate. Adjustable Rate Mortgages (ARM) are mortgages in which the interest rate is not locked in. This could be a good option in an unstable market, especially if interest rates are going down. The best idea is to find a very knowledgeable financial adviser and let that person evaluate the borrower's situation and give a few suggestions. This way the borrower will not have to consider 100s of options that don't apply to his situation.
When the borrower has finished talking with an adviser, he should have 3 or 4 mobile home refinancing loan options available. The borrower should closely look at each option and try to pick out the worst terms in it. Not all mobile home refinancing loans work for everyone, but the borrower's goal is to avoid refinancing again. The Christian shopper should always bring his decisions to the Lord first. First Timothy 4:10 tells us, "We trust in the living God." Our God is capable of handling any decision brought to Him. We can pray that the Lord will guide us into the right path. Deciding on which mobile home refinancing loan will work may take some patience and total trust in God for the answers.
Mobile home refinance mortgage sources can be found among local banks, traditional mortgage companies, and firms that specialize in these types of mortgages. If an owner is interested in refinancing a mobile home, there are companies that cater to the homeowner's particular requirements. Whether the owner owns his own property or his house is located in a park, he has the option of refinancing. Some contracts can be accomplished for both the property and mobile home that it rests upon. Other companies deal specifically with the house itself.
This unique option allows the mobile home owner the freedom in refinancing that traditional homeowners do not have. A chattel lender, or loan source that finances mobile homes unattached to property, has requirements that may vary from lender to lender. They include mobile home refinance options for double-wide and single-wide mobile homes. Chattel lenders usually have minimum and maximum refinance terms that they will allow for this refinancing. A building must qualify by meeting year, model, and inspection requirements.
The borrower can get cash outs or debt consolidation just as the owner of a traditional house. To protect the investment of the lender in case of default, many lenders require a minimum year model for a mobile home refinance. These types of structures do not hold their value as well as traditionally built houses, so chattel lenders must cover their risk by only covering the value of newer models. Mobile homes that provide permanent dwellings or vacation homes located in a park can both receive a refinance mortgage. Some restrictions do apply according to each lending institution.
A homeowner can apply online at many lending sources. In some cases, a consumer can receive an answer to an application within 2 to 3 weeks. It is possible to find a lending company that will risk a loan to a consumer with poor credit, however, most require a good credit score and an earning ability to repay the loan. Some lenders do not require appraisals, but may require inspections before extending the loan. There are many mobile home refinance sources available that can specialize in any homeowner's needs. But the first source we as believers turn to is our Lord. The psalmist writes, "In thee, O Lord, do I put my trust; let me never be put to confusion" (Psalm 71:1). Once we have taken our decisions to God in prayer, the we need to check out several companies to get the best refinance option.
Refinance A Christian Manufactured HomeNow is a good time to refinance a manufactured home because of the low interest rates available in today's market. However, there are several variables to consider before a borrower signs his name on a contract. There are many resources available on the Internet that will help borrowers decide if refinancing is right for their situation. A borrower who decides to refinance will get a new loan with better loan terms, that replaces the former mortgage. Typically, the main reason for refinancing a mortgage is to get a lower interest rate. However, some may sign a new contract to remove the co-signer from the mortgage or to shorten the loan term, thereby saving money on interest. Regardless of the reason for refinancing, the process should save money long-term, as well as lower monthly payments.
Many companies are willing to help a borrower online. Of course, anyone looking to work with one of these companies should make sure that the firm is in good standing with the Better Business Bureau. Legitimate companies, that refinance a manufactured home, will offer free applications and quotes. If a manufactured homeowner is interested in comparing refinancing options, he will find it a quick and easy process to compare refinancing companies on the Internet. After the homeowner is approved, he will need to provide income and job verification, as well as other documents the refinancing company will ask for.
There are a few guidelines to follow in order to qualify for this type of contract. First, the house must have been built in 1990 or more recently. Second, companies will refinance manufactured homes only, and will not cover land mortgages. Finally, the present balance of the mortgage must be greater than $15,000, with 15 or more years remaining on the original loan. When a company is considering whether to approve refinancing or how much to approve, they will weigh three criteria: capacity (can the borrower afford a refinanced loan); credit (does the borrower pay bills on time); and collateral (the value of the home). When all these factors are weighed and conditions are met, the homeowner will be able to refinance a manufactured home.
To refinance a manufactured home can be a good way to be a good steward with the homes through which God blesses us. Philippians 4:6 exhorts us, "Be careful for nothing; but in every thing by prayer and supplication with thanksgiving let your requests be made known unto God." He is the one who owns all we have, and we must manage our financial decisions in the light of His Word and after coming to Him in prayer. By refinancing, anyone can save money on interest and monthly payments, while paying off existing debt more quickly.
Manufactured home refinance rates tend to follow the pattern of regular mortgage rates because they have to be competitive with lenders that are encouraging traditional homeownership. In the past, in order to finance a modular house, there was a 20% down payment needed and the loan life was 10-20 years. Unlike traditional houses and land, manufactured ones are only financed for the home itself. Manufactured home refinance rates can be obtained by those seriously considering refinancing their newer model modular one. Most finance companies will not refinance a house that is not worth $35k or more.
Modular houses tend to decrease in value over time, unlike real property. Most manufactured homes are on a site in a park community or on leased property. Land appreciates, homes do not. The financing for a manufactured home is called a Chattel mortgage, or personal property mortgage. These types of plans should include an appraisal of the home, and should be done fairly early in the loan payment life. These companies have strict guidelines when it comes to applicant qualifications. These guidelines are to protect not only the lender, but the applicant as well.
The applicant seeking a manufactured home refinance loan should have good credit (660 credit score or above) with at least 3 open active charge accounts. They must have established credit for at least 24 months. They must provide income verification with employment that has been consistent. They must have made at least 3 monthly loan payments to their original chattel mortgage lender. Two years of tax returns are recommended. There must be no repossessions, charge offs, or major collection activity on the applicants credit report. The applicant must not have filed for bankruptcy in the last five years, and their debt to income ratio must allow for the payments of a new loan.
The house to be considered for the much needed loan must not be more than 25 years old. The home must have been built to HUD standards. Manufactured Christian home refinance loans will not be given for less than $20,000, so the house must be worth at least $35,000. In order to refinance to consolidate debt, the model must not be more than 15 years old. The home should be on a lot in a community or park or on leased land. It must be at least 750 square feet, set at the site, livable, and skirted. Qualifications vary depending on the lending institution. It is advisable to heed the advice of 2 Chronicles 18:4, "Enquire, I pray thee, at the word of the LORD to day" and then to speak with a local lending institution for a complete list of qualification requirements.