Getting a mobile home refinancing loan means swapping an existing mortgage for a new mortgage, probably with better rates of interest and better repayment terms. Typically, one should go in for a mobile home refinancing loan if the current rate of interest has dipped by more than 2% than what exists on the running mortgage. The basic purpose of a mobile home refinancing loan is to lock in a lower rate of interest and save a tidy sum on the overall mortgage payments.
However, there are many considerations before applying for refinancing. The first question to be asked is whether there will still be some savings after paying all the refinancing charges. While refinancing a loan, the charges to be paid are points, document preparation charges, tax service charges, appraisal charges and lender’s charges. Points may prove very burdensome, as they may be 1 or 2% of the entire mortgage value. Another point to be considered is whether there are any prepayment penalties on the existing mortgage. There may also be closing fees, which may increase the cost of the loan, and the owner may have to pay more than the savings.
It must be noted that a mobile home refinancing loan is different from a mobile home equity loan. In a refinancing loan, the owner exchanges the original mortgage with a new one, while in an equity loan, the owner takes a new mortgage on the equity built up over the period of time. A refinancing loan is a new first mortgage, while an equity loan is a second mortgage.
All lenders follow almost the same procedures to disburse a home refinancing loan. The preliminary step would be to conduct a new appraisal of the property. The amount of the refinancing loan would be different from that of the original mortgage, as it would take the appreciation into account. The new rates of interest would be applied, and clever mortgage takers would lock in that rate of interest for the remainder of the loan tenure. There is less paperwork involved, as most of it is the same as that done while taking the loan initially.
People with bad credit records and delayed payments on their mobile home mortgages find it difficult to get their loans refinanced. However, a refinanced loan is a prudent way of reducing monthly bills as well as a hefty sum on the overall mortgage on the mobile home.
Mobile Home Loans provides detailed information on Mobile Home Loans, Bad Credit Mobile Home Loans, Mobile Home Equity Loans, Mobile Home Refinancing Loans and more. Mobile Home Loans is affiliated with RV Loan Calculator.
Article Source: http://EzineArticles.com/?expert=Ross_Bainbridge
Saturday, February 2, 2008
Refinancing your mortgage can save you money, get your hands on cash, and help you take control of your finances, if done correctly. There are a number of common mistakes homeowners make when refinancing their mortgages that cost them thousands of dollars. Here are the basics of refinancing your home loan to help you avoid costly mistakes.
Refinancing to Save Money
If your financial situation has improved and you qualify for a better interest rate than you did when you purchased your home, you could save money by qualifying for a lower interest rate. This lower interest rate could also reduce your monthly payment amount; however, there are ways to lower your payment even you cannot qualify for a lower interest rate. If you purchased your home with a risky Adjustable Rate Mortgage (ARM) or have Private Mortgage Insurance, refinancing to a fixed rate loan could ease your peace of mind and help you lose the Private Mortgage Insurance.
Refinance and Get Cash
Refinancing your primary mortgage and taking cash back is generally more affordable than other home equity options. You will qualify for a better interest rate refinancing than you will with a second mortgage or home equity line of credit. To borrow against equity when refinancing, you simply borrow more than you owe on your existing mortgage and will receive the cash back at closing.
Consolidate Your Debt
Mortgage refinancing is a convenient way to consolidate your higher interest debts into one payment. By taking cash back when refinancing you can pay off your other debts and have just one payment. When you refinance to consolidate your bills it is important to understand that refinancing does not eliminate your debt; consolidating only restructures your debts, making them easier to pay back.
You can learn more about refinancing your mortgage while avoiding costly mistakes by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com/
Refinance Mortgage Loan
Article Source: http://EzineArticles.com/?expert=Louie_Latour
Refinancing to Save Money
If your financial situation has improved and you qualify for a better interest rate than you did when you purchased your home, you could save money by qualifying for a lower interest rate. This lower interest rate could also reduce your monthly payment amount; however, there are ways to lower your payment even you cannot qualify for a lower interest rate. If you purchased your home with a risky Adjustable Rate Mortgage (ARM) or have Private Mortgage Insurance, refinancing to a fixed rate loan could ease your peace of mind and help you lose the Private Mortgage Insurance.
Refinance and Get Cash
Refinancing your primary mortgage and taking cash back is generally more affordable than other home equity options. You will qualify for a better interest rate refinancing than you will with a second mortgage or home equity line of credit. To borrow against equity when refinancing, you simply borrow more than you owe on your existing mortgage and will receive the cash back at closing.
Consolidate Your Debt
Mortgage refinancing is a convenient way to consolidate your higher interest debts into one payment. By taking cash back when refinancing you can pay off your other debts and have just one payment. When you refinance to consolidate your bills it is important to understand that refinancing does not eliminate your debt; consolidating only restructures your debts, making them easier to pay back.
You can learn more about refinancing your mortgage while avoiding costly mistakes by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com/
Refinance Mortgage Loan
Article Source: http://EzineArticles.com/?expert=Louie_Latour
If you are in the process of refinancing your mortgage loan, you may be uncertain of the best way to get started. Doing your homework and researching mortgage offers before you apply can save you thousands of dollars. Here are several tips to help you get started on the right foot with mortgage refinancing.
There are a variety of different reasons for refinancing your home mortgage. Whether or not mortgage refinancing make sense for you depends on your motivation for refinancing and your financial situation. Homeowners choose to refinance their mortgage loans for a variety of reasons including lowering their monthly payment, qualifying for a better mortgage rate, and cashing out equity in their homes. If you are considering mortgage refinancing for any of these reasons there are a number of different loan options available to you, regardless of your credit.
Benefits of Mortgage Refinancing
Mortgage refinancing has many benefits depending on your financial goals. These benefits include:
• Cash Back From Your Home Equity• Tax Deductable Interest Savings• Shortening Your Mortgage Term Length• Choosing a Fixed Interest Rate• Dropping Private Mortgage Insurance
Mortgage Refinancing Options
When refinancing your mortgage there are many different loan options to choose from. If you are unable to qualify for a lower mortgage interest rate, you can still lower your monthly payment amount by choosing a longer term length. Additionally, you can qualify for a lower mortgage rate by negotiating with your lender to pay a point or two in exchange for a lower interest rate. Don’t write off Adjustable Rate Mortgages because someone told you when interest rates go up your payments will skyrocket; when leveraged properly, Adjustable Rate Mortgages can save savvy homeowners thousands of dollars.
You can learn more about your mortgage refinancing options, including costly mistakes to avoid by registering for a free mortgage refinancing video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
There are a variety of different reasons for refinancing your home mortgage. Whether or not mortgage refinancing make sense for you depends on your motivation for refinancing and your financial situation. Homeowners choose to refinance their mortgage loans for a variety of reasons including lowering their monthly payment, qualifying for a better mortgage rate, and cashing out equity in their homes. If you are considering mortgage refinancing for any of these reasons there are a number of different loan options available to you, regardless of your credit.
Benefits of Mortgage Refinancing
Mortgage refinancing has many benefits depending on your financial goals. These benefits include:
• Cash Back From Your Home Equity• Tax Deductable Interest Savings• Shortening Your Mortgage Term Length• Choosing a Fixed Interest Rate• Dropping Private Mortgage Insurance
Mortgage Refinancing Options
When refinancing your mortgage there are many different loan options to choose from. If you are unable to qualify for a lower mortgage interest rate, you can still lower your monthly payment amount by choosing a longer term length. Additionally, you can qualify for a lower mortgage rate by negotiating with your lender to pay a point or two in exchange for a lower interest rate. Don’t write off Adjustable Rate Mortgages because someone told you when interest rates go up your payments will skyrocket; when leveraged properly, Adjustable Rate Mortgages can save savvy homeowners thousands of dollars.
You can learn more about your mortgage refinancing options, including costly mistakes to avoid by registering for a free mortgage refinancing video tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
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