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Optimize Your Investment: Mobile Home Refinance and Manufactured Home Solutions

Unlock the door to incredible savings and financial freedom with our exclusive Refinancing Manufactured Homes program! Imagine slashing hundreds of dollars* off your monthly mortgage payments - it's not just a dream; it's within your grasp! Get ready to embark on this exciting journey as we guide you through our easy, no-pressure process.

Apply now for your manufactured home refinancing loan, chat with one of our friendly loan officers at (800) 522-2013, and say hello to a brighter, budget-friendly future!

*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.

Meet Your Financial Goals with Triad

Buying a manufactured home is a great, affordable way to own your own house in today’s market. Manufactured homes are far less expensive than a home built on a site, and some of them are able to be moved around at not too much of an additional cost. However, you often have to pay a higher interest rate on manufactured properties since they are considered to be a higher risk loan for the mortgage lender. 

When speaking with most local banks, you may discover that refinancing your mobile home is not as straightforward as refinancing a traditional home. But that’s where the professionals at Triad come in— we can help you to refinance your manufactured home and ensure everything goes smoothly. 

Some manufactured home owners want to lower their interest rates, shorten the term, or maybe cash out on some of their equity. Triad can help you meet these financial goals.

What Are The Benefits of Refinancing A Manufactured Home?

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-    Save money in interest payments by getting a lower rate

-    Smaller monthly payments
-    Shorten your mortgage term, allowing you to save on interest and pay off the loan quicker
-    Decrease your insurance premiums

 

Manufactured homes that sit on permanent foundations don’t quickly depreciate like many personal property items do.  Your manufactured home will increase or decrease in value depending on the real estate market in your area.

A lot of older mobile home refinance loans have unfavorable terms featuring high-interest rates, and balloon payments. So refinancing a new mobile home loan can save you lots of money and give you some peace of mind.
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Modular Homes vs Mobile Homes

Manufactured homes that sit on permanent foundations don’t quickly depreciate like many personal property items do.  Your manufactured home will increase or decrease in value depending on the real estate market in your area.  If the value goes up on your home, you some may be able to pull money out of your equity to pay off any debts, lower the interest rate, and etc.  
 
A lot of older mobile home refinance loans have unfavorable terms featuring high-interest rates, and balloon payments. So refinancing a new mobile home loan can save you lots of money and give you some peace of mind.

What Are the Requirements for Manufactured Home Refinancing?

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The specific requirements for financing a manufactured home may vary depending on the lender, the current market, and the area you live in. However, these are some common basic requirements you can expect:

-    Your manufactured home must have been constructed after 1976 
-    It must be  “double-wide (min. 20 feet wide)”— meaning at least 600 square feet of living space.
-    The home must be affixed/on top of a permanent foundation.
-    It must be on land or a lot that is being financed along with the home

How To Assess Your Financial Status Before Refinancing

Homeowners and potential homeowners need to know where their credit history stands before getting ready to apply for a loan. If you need to get your credit score higher, begin the work to do so before you start to refinance. If you apply for a loan before your credit is in a good place, this can lead to wasting time and money. 
 
The higher your FICO score is, the better the rate you may be able to get from a lender when refinancing your manufactured home. Try to get your score as high as you can before applying, ideally somewhere in the mid-to-high 700s.
 
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Then What?

Once you feel you’re ready to apply for refinancing, it’s time to collect your paperwork and reach out to a professional financial institution like Triad. 

Your lender will look at documentation of your credit score, as well as your income and any paystubs and W2s. You need enough income to be able to service your mortgage, and the evidence to prove it. 

Mortgage lenders that specialize in mobile homes will also likely look at the dimensions and specifications of your home.. To get the best rates, you will probably end up with a lender that requires your manufactured home to be permanently attached to its utility connections and that requires that it have all towing hardware removed. But these specifications depend on the lender and the area. 

The process of refinancing a manufactured home may feel complicated and difficult when trying to go through a traditional bank. It’s a different process than that of refinancing a traditional, site-built home. But Triad knows the ins and outs of manufactured homes, and we’re here to help you get the better rates and terms you’re looking for.