Most manufactured homeowners refinance their manufactured home loans in order to lower their interest rates and monthly payments, shorten the repayment terms of their loans, tap into their home equities, or to consolidate debt. Basically, refinancing involves replacing an existing manufactured home loan with a new loan that pays off the remaining balance on the original loan, while offering one, more, or all of the aforementioned benefits.
Manufactured Housing News
A pre-owned manufactured home can be an excellent housing option for many potential homebuyers, whether they’re looking to purchase their first home, find a retirement home, or upsize from their current home. That’s mostly because many pre-owned manufactured homes provide amenities and features, which are similar to those available in new manufactured homes, at a lower sales price.
If you’re shopping for a manufactured home, determining the loan amount you’re able to handle can be quite difficult. Since purchasing a manufactured home with the help of a loan is a long-term financial commitment, assessing whether you can really afford a significant increase in your monthly debt payment could help you make an informed decision. To ensure you’re doing your calculations correctly, it’s important to know the components of a manufactured home loan as well as the elements that can affect the monthly loan payment amount. A manufactured home loan includes: