Quote:
Originally posted by Hard8s
Hey No Soup,
I own a Manufactured Home that is in a Mobile Home Park. I am looking to refinance, but I am having problems finding anyone who deals in manufactered homes, that do not have outrageous rates.  I live in CA, and I really do not want to go to a manufactured home dealer to get financing like I did when I bought mine.
I currently have a rate of 8.75% is that good or avg?
Thanks for any help!
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Financial Institutions generally have issues with Manufactured homes because they are more likely to lose value (depreciate) and would be more difficult to sell if you defaulted than a conventional home. You may want to try contacting some more institutions, if you have some equity in your home, that may be used to your advantage. Generally, Banks will give you a lower rate if you owe under a certain percentage (ie 80%) of your homes value.
As far as 8.75%, It is difficult to say because you didn't state when the loan was taken out. 1 year ago, that would be high, now, that would be average, 5 years ago that would be a great rate. Of course, these are all generalizations, but they should be relatively accurate.
At the current institution I work at, we can only loan out 89% of a manufactured homes value, but you would get the same rate as any other home. I would assume that there are similar institutions out in CA.
Thanks for posting! If you need anything else, just let me know!