Refinance Your Single Wide with eLEND Today
Turn to eLEND for single wide mobile home refinancing assistance. It can sometimes be tough to find affordable interest rates when you want to refinance the loan on a single wide mobile home. At eLEND, we work hard to make home ownership attainable, and with that in mind are pleased to offer a FHA loan product designed just for manufactured home financing.
This program is ideal for many seeking to refinance a single wide on owned land. It offers competitive mortgage rates and a low equity requirement, meaning it may be possible to refinance even if you haven’t paid down much of the balance of your current loan, or if your property hasn’t appreciated a great deal since you purchased it.
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Below we explore some of the common reasons for refinancing…
Lowering Your Monthly Payment
If the rates currently available are lower than that of your existing mortgage you may be able to pay less each month by refinancing into a lower rate loan. Even if interest rates haven’t dropped significantly it might be possible to lower your payment by extending your loan term and paying the balance back over a longer period of time. Has your credit improved since you closed on your current loan? You may now qualify for more favorable lending terms such as a lower interest rate.
Paying Off a Loan Sooner
If your goal is to be mortgage free in a shorter period of time you might want to consider moving to a shorter term loan that is amortized over twenty, fifteen, or even ten years. As an added bonus the interest rates on these shorter loans are generally lower than comparable thirty year mortgages.
For the Security of a Fixed Rate
Do you have an adjustable rate loan on your mobile home? Are you concerned that if the rate adjusts higher in the future your mortgage payments might be more than you can afford? Ease your mind and protect your budget by refinancing into a new fixed rate loan.