Christian Manufactured Home Refinancing
Christian manufactured home refinancing is a growing trend among manufactured homeowners. As mortgage rates fall, the temptation to refinance rises. This option means obtaining a new mortgage to pay off an existing one. Homeowners may refinance to switch from an adjustable rate mortgage to a fixed rate mortgage. Typically, though, homeowners refinance to take advantage of low interest rates. Others use this option for cash through cash-out refinancing. Whatever the reason, the process is unique for every homeowner.
Before applying to refinance, the homeowner needs to calculate the costs. Originally, if the new loan's interest rate was not at least 2% lower than that of the old mortgage, refinancing wasn't a good idea. Times and the market have changed, though, and this standard no longer applies. Homeowners now have to take into account the settlement costs, interest rate, points, closing costs and fees required. To determine some of the costs and factors for manufactured home refinancing, homeowners will have to contact lenders for exact fees. Starting with the original lender isn't a bad idea since they may offer incentives to keep the homeowner's business. Homeowners also need to consider if there is enough home equity to merit the hassle of refinancing. With all things considered, sometimes the homeowner doesn't come out on top.
Like regular home refinance, manufactured home refinancing is not an easy process. It is nearly as involved as buying a home all over again. Refinancing requires a lot of paperwork and a complete evaluation of your debt, income and credit history. As a precaution, homeowners shouldn't make any large purchases within six months of applying to refinance. Taking care of any outstanding debts before applying will also help the homeowner's chances of obtaining a better deal on their new mortgage. Homeowners who have previously been delinquent on their mortgage payment or threatened with foreclosure will most likely not be approved or not get a good interest rate.
"Teach me to do thy will; for thou art my God: thy spirit is good; lead me into the land of uprightness" (Psalm 143:10). Christian homeowners should pray about their decision to refinance. It is a big step and a long and involved process. Homeowners should be cautious as well because there are scamming lenders that make certain guarantees for quick manufactured home refinancing. Also, experience is invaluable. Homeowners should talk to someone who has already been through the refinancing process. Their experience will give greater insight into the whole process. Before applying for refinancing, check the background of the lender and make sure it is a reputable mortgage company.
Lowest rate refinancing is available through multiple lending sources throughout the Internet that can offer affordable, money-saving rates based on the current market. Whether looking to refinance for lower payments, shorter payment terms or cash out equity, lower rates are available dependent on current market trends and financial status. Knowing which lending company to choose for the lowest rate can be confusing unless one completely understands the basic principles of refinancing and has set a financial goal.
After determining what really needs to be accomplished, it is wise to approach several lending sources for free quotes. Most will be happy to entertain any questions and to put together a tentative lowest rate refinancing package. After comparing several lenders' refinancing proposals, determine which most closely aligns with the original refinancing goals. Unless a lending package is found that really meets the financial requirements and helps attain the initial goal, it is best to wait. Snap decisions based on partial knowledge can end up costing more in the long run or at the very least, accomplishing nothing.
Lower rates is what all smart consumers are looking for in any refinance package offered them. Several basic influencing factors can help accomplish the lowest rate refinancing possible. Substantial house equity, superior credit rating, and a stable income that more than adequately can repay debts are the most important personal, financial aspects that can assure the best deal available. Lenders are then more likely motivated to offer lower rates through low points, no closing costs, and rock bottom interest rates. Depending on the refinancing option chosen, the duration of repayment terms and the monthly installments also affect possible savings.
Lowest rate refinancing also depends on whether an adjustable rate mortgage or a fixed rate mortgage is chosen. It is possible to save money initially through an adjustable rate mortgage, but the rates could increase with the fluctuating market. Fixed rates may be slightly higher at the outset, but offer rate stability throughout the loan terms. Saving money through refinancing options is entirely possible but is dependent upon consumer awareness and lender competency. Being aware of all the ins and outs of each option prepares all the more in making the decision. Check Internet lending sources for a specialized, financial analysis. "For thou are my hope, O lord God: thou art my trust from my youth." (Psalm 71:5)
Christian Mobile Home RefinancingMobile home refinancing is a consideration for the consumer who desires to save money by lowering interest rates, shortening terms of a current loan, and debt consolidation by rolling unsecured debt into a single loan. Manufactured housing options are available online through various lenders. Some lenders will only refinance mobile homes without land included. This type of loan is called a chattel loan. If someone's manufactured house is located in a trailer court or on leased land a chattel loan is a good choice. Reconfiguring payments on manufactured housing has restrictions based upon the model of one's home, the value and the amount owed against it.
Lending specialists will provide the consumer with a free quote when it comes to mobile home refinancing. Refinancing interest rates are fixed, usually with simple interest and no prepayment penalties. Interest rates are determined by various factors such as, credit scores, amount of loan, and year of the house. Financing a manufactured house is available on single, double and triple wides. Some lenders will not reconfigure percentages on manufactured housing that is older than a 1989 model. Some lenders online advertise no down payment required on various percentages on housing. Debt consolidation can also be included in reconfiguring which will save the consumer money by rolling unsecured debt into the loan and allowing for cash back in order to pay those high interest debts off.
According to Federal Manufactured Home Construction and Safety Standards, a manufactured house is a factory built house, built in accordance with the rules designed by the organization. These standards include quality construction regarding fire, transportability, durability and strength. Manufactured housing considers the value of a house, which may require an appraisal of their home. Income and job verification will be a factor in determining eligibility, among other things, such as, credit scores, etc. Mobile home refinancing is a good consideration for the consumer who wishes to lower their monthly payment and interest as well as shorten the length of your loan, which in turn will cut down the interest paid.
Scripture says, "I call to remembrance my song in the night: I commune with mine own heart: and my spirit made diligent search". (Psalm 77:6) Consumers should be diligent in searching and comparing the various mobile home lenders for the best terms and rates. Though many lenders have minimum and maximum requirements regarding loan amounts, one should consider mobile home refinancing while rates are low.
Mobile home loan rates are typically higher than traditional real property mortgage rates because the modular built homes are not considered real property and are therefore categorized as Chattel or personal property. Personal property can be moved, and the mobile home loan rate is higher because of the decrease in value the structure suffers when it is moved. In most areas the chattel loan has been replaced by a bill of sale loan with a security agreement that is regulated by the UCC or Uniform Commercial Code. When a mobile home is permanently attached to the land, the higher rates will no longer apply and a conventional mortgage with traditional rates can be granted.
In 1970, the Veterans Housing Act authorized VA mobile home financing to mirror VA mortgages because guaranteed loans were allowed to be made by private lenders to veterans for the purchase of new and used mobile homes. Modular homes constructed after 1976 are called manufactured homes as defined by HUD or the Department of Housing and Urban Development. Mobile home loan rates are typically 3%-5% higher than a real estate mortgage. All such rates are based on the borrowers credit score, commonly referred to as the FICO score.
This score can be obtained by ordering copies of a credit report from any or all of the three nationally recognized credit reporting agencies Equifax, Experian, and TransUnion. If a borrower's score is high, a mobile home loan rate will be low. If the credit score is low, the interest rate will be high. Mobile home loan rates are directly related to the borrower's credit score and down payment amount. Borrowers seeking low financing costs should have over a 20% down payment and a good to excellent credit score.
Christians that are seeking the lowest rates should be sure that there are no inaccuracies on their credit report. They should also take measures to improve their credit score before receiving a mobile home loan rate quote. The fastest way to raise a credit score is to pay down all balances on all credit cards to at least 20% of their limits. This gives the borrower a low debt to income ratio and can raise a borrower's credit score up to 30 points in just 30 days. If a borrower would like to receive the lowest mobile home loan rates possible, then they should ideally have no debt at all. After all, the Bible even says in Romans 13:8 "Owe no man anything".