For years owners of stick built homes or even those who
own a manufactured home on their own land have been able to refinance their
property with extra cash back for the equity that they have in the home.
This has been a very popular way for home owners to take some of the added value
out of their home that the recent housing boom created while they still live in
and enjoy their existing home.
This option was never available to people
who live in manufactured housing in a land-lease community (a manufactured
home community or mobile home park).
Finally credit worthy, manufactured home owners now have programs
available that will permit homeowners on leased land as well as owned land to find new financing or refinance their existing
loan and receive extra money to do with as they please.
If you have
an existing loan on your manufactured home, when you refinance, typically, the
new interest rate is lower than the existing interest rate, offering the
possibility of huge savings over the years. BUT that is only a small
benefit compared to the home owner's overall financial health, which can be
dramatically improved, if the "cash out" is used wisely.
smart home owners will use the extra cash to pay off other, higher interest debt,
like high interest credit cards, student loans and auto loans. Using the
equity in your home to pay off higher interest monthly financial obligations
makes excellent economic sense. By combining existing debts into one
smaller monthly payment you will have more of your income left to use at your
Of course "cash out" programs are also available if you own
your home free & clear. The only two requirements being that the home
owner has a solid credit profile and that the manufactured home is a 1976 or
The home owner's participating in this type program can
elect to use the money as they please. Many have used the money to not
only pay off high interest debt, but to also take that dream vacation or help
kids, or grand-kids through college.
You have a good idea what your
manufactured home is worth. What would you do if you had some extra
monthly income or a chunk of cash at your disposal?
If you own a manufactured home in a land-lease community, or on land that you own, and would like more information, just submit the form on the right. One or more of our participating lenders will contact you to discuss the possibilities.