Refinancing Manufactured and Modular Home Loans

Mortgage Loan Outlet offers wholesale interest rates for refinancing modular and manufactured home loans with payment options for fixed amortization and interest only. Compare refinancing, second mortgages, 1% home purchase, debt refinancing and home equity loans online.

As the expense of purchasing homes rises, more and more consumers are looking at options other than the standard site-built home. Modular and manufactured homes, also known as mobile homes are becoming more popular as a lower cost option. The quality of these homes has increased immensely over the last few decades, but the problem of building equity still exists. Unlike conventional houses, mobile homes usually depreciate in value, much like a car.

Despite the name, mobile homes aren't really very mobile. Moving them costs thousands of dollars, and there aren't many places where they are welcome. Residents are vulnerable to rapid rent increases, changes in rules and even in park ownership. If the homeowner doesn’t own the land this can mean rent increases that are unaffordable and no option to leave. The lack of a fixed foundation and the age of the home can also affect financing options. Borrowers will have a much easier time financing and a better chance at refinancing if they own the land as well as the modular or manufactured home. However, if borrowers make the right choices there are definitely finance options.

A well-made home placed on real estate that is owned in an excellent location can make all the difference. "The perception is that they are not of the same quality and may not hold their value," says Larry Landaker, a real estate agent with Keller Williams. "The reality is, if they're done right, they can hold, and increase, their value." In fact, in February 2007 a $529,000, two-story, modular house was assembled in Sarasota, Florida. It may be the most expensive modular home in Florida, but not for long. More modular homes ranging in $750,000 to $1 million have been ordered for construction. Will the homes appreciate? They are built to withstand 140mph winds and come with all the bells and whistles, but whether or not they appreciate may depend on the real estate value.

If you are financing a mobile home or hoping to build equity and refinance in the future, make sure that you consider all your options. Investigate warranties. Make sure you will be able to insure your home. Then give much thought the land on which you will build the home and consider it a permanent site. Be sure to check with lender to get the best deal. There may be many options available and you want to get the best deal.