| The equity in your home begins to noticeably | | | | something that makes financial sense for you. |
| appreciate once you have lived there for more than | | | | 3. Get your credit report and credit score before |
| two years. In other words the difference between | | | | approaching any lender. This will also help in deciding if |
| what you owe and what your home is worth is | | | | this type of loan is feasible for you. The law provides |
| enough that you can tap into it through a | | | | that you can get one free credit report per year and |
| manufactured home equity loan refinance. | | | | for small additional fee the reporting agencies will |
| Let's look at real number to get an idea of how this | | | | provide your overall FICO score. This is a good starting |
| works. If your home is worth say $150,000 and your | | | | point in determining if you'll be able to obtain a loan |
| mortgage has been paid down to $95,000 then the | | | | although there are other factors that mix into the |
| difference between the two is the amount of equity in | | | | equation. |
| your home; in this case $55,000. This equity can be | | | | 4. Shop around to get the best possible deal. Have |
| borrowed against with a home equity loan or through | | | | each lender fully explain their loan products so that you |
| refinancing a current mortgage for a larger amount. | | | | understand what they are offering. Be specific with |
| This money can be used for just about anything but | | | | your questions and ask them to explain anything you |
| the more popular choices among homeowners include | | | | don't understand to your satisfaction. Ask about the |
| paying off bills or debt, home improvements, or money | | | | length or term of the loan, closing costs, other fees, |
| for college or continuing education. | | | | and the interest rate. |
| If you are considering refinancing your current | | | | 5. Let all your prospective lenders know you are |
| mortgage or getting a equity loan on your | | | | shopping around. They will actively sweeten the deal if |
| manufactured home here are some things to keep in | | | | they know they have competition. |
| mind to ensure you get the right loan for your needs. | | | | 6. All proposals and quotes need to be in writing. This |
| 1. The market for manufactured home equity loan | | | | gives you the opportunity to compare your choices |
| refinancing is very competitive with a large number of | | | | and pick the one that works best for you. It will also |
| financial institutions vying for your business. In fact you | | | | help prevent any unwanted surprises at closing. |
| may already be getting solicitations through the mail, | | | | 7. Don't sign anything until its time for closing and you're |
| phone, and email from some of these institutions. While | | | | comfortable with your choice. And never sign any |
| most are on the up and up to be wary of anyone | | | | paper work that has blanks on it and be sure to read |
| trying to solicit some form of home loan from you. It is | | | | everything thoroughly. Any good lender will also inform |
| better to seek out reputable financial institutions such | | | | you that you have three days to change your mind |
| as your local bank, credit union, mortgage broker, or | | | | and cancel any refinance if you don't feel right about |
| online mortgage source. | | | | the outcome. |
| 2. An appraisal done by a certified appraiser will be | | | | Doing a manufactured home equity loan refinance can |
| required by any lending institution. It is still a good idea to | | | | be a good financial tool to tap into your homes equity |
| have an idea of how much your home is worth before | | | | for a variety of reasons. But remember that it is your |
| hand. There are online services that provide estimated | | | | home and your most valuable asset so proceed |
| home values. This will let you know if refinancing is | | | | carefully and thoroughly research all your choices. |