Mobile home refinance loans with any credit

Most of the people who have a mobile home would like to refinance it. There can be many reasons for doing this because they may want to pay off their existing debts, or buy a bit more land, use the money to add one, or it can be for any other specific reasons. There are certain things you should know before refinancing your mobile home, as it is quite different from a typical loan. Follow these tips if you are looking to refinance your mobile home

If you do not have your own land, then you need to work out a plan so that you are able to purchase some land for your mobile home. This will make the financing process much easier and you will not have to pay any rent for a spot in a park. If you have pets or children, then they will get more space to play in your new land. You can always extend your mobile home on this land later.

When you make a mobile home, make sure that it is fixed to the ground and should not be on wheels. Most of the banks will not offer a loan if they find your mobile home attached to a trailer hitch. This will give them a feeling that your home can be easily moved anytime. This will help you when appraisal time comes because there will be no pictures with wheels or a hitch to help underwriting tell you no. This is a must and most lenders will not even touch you if you do not get rid of the wheels and hitch.

When you apply for a mobile home refinance loan, make sure that it has a positive effect on your credit ratings. Review your credit report thoroughly and see if you have any unpaid debts from the past. You need to pay off the previous debts first so that you can keep your debt to income ratio low as much as possible and you will have better chances of getting approved for a mobile home refinance loan.