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Mobile Home Refinancing Loan $10,000 – $20,000 in Carson


This applicant owns a mobile home that has been appraised at being worth $160,000, and he has a mortgage on it for $100,000. He lives in Carson, and needs to buy a new vehicle. He doesn’t have the cash saved to buy a new car outright, and he has bad credit, so if he wants a new car he will have to get some equity out of his mobile home.

To refinance a mobile home with your bank, you will need to obviously have some equity, a steady job, and plenty more equity than the money you want. This applicant has a steady job which he describes in the application below.

Even if the trailer has been appraised at $160,000, the bank’s or private lender’s appraiser is still going to have to do another appraisal before anything goes forward.

The Application for Refinancing a Mobile Home Mortgage

What kind of loan are you applying for today? – I’m applying for a mobile home equity loan, but I want to refinance my mortgage with a different lender than the bank I have the mortgage with currently.

I own a mobile home in Carson, California, and it’s appraised at $160,000 dollars in the present market. I have a mortgage of one hundred thousand dollars on my unit so I have equity of $60,000. I need $22,000 for a car loan so I would have $38,000 left in equity and have a refinanced mortgage of $122,000. I really need a car so I can commute to Redding, Ca for a new job I just started.

What do you need this loan for? – As above, I need 22 thousand dollars for a new car for commuting to and from work.

How much to you need to borrow? – I need to borrow at least $22,000 dollars within the next two weeks.

Are you employed, and what is your industry of employment? – I am a pipe fitter and welder, and have been in the same industry for over 15 years. I just started a new job with a financially stable company that treats me very well.

How much do you earn each month after tax and deductions – you monthly net income? – I take home $3200 a month and have very little debt to service on a monthly basis.

How often do you get paid – biweekly, weekly, monthly? – I get paid biweekly so I can make mortgage payments every two weeks or monthly if need be.

How much debt do you have to service monthly – your total payments, and what those payments are for? – I have a personal loan payment to make each month for $700, but that is the only debt I have. I have a monthly mortgage payment of $400 dollars each month.

Do you have any other financial responsibilities, child support, alimony, etc? – I have one child support payment of $450 per month. My total payments including child support, mortgage, and personal loan is $1630, plus credit card debt.

How much credit card debt do you currently have? – I have one American Express card, and owe $3200 dollars on it. I pay $250 per month on that credit card. I hope these debts are not going to hurt my application for refinancing.

Do you own your own home? – Yes. I own a mobile home. See above.

How long is your current mobile home mortgage for? – 5 year term which is due now, but my mobile home is mortgaged over 35 years.

How much can you afford for a mortgage payment each month in your estimate? – I estimate that I can handle a mortgage payment of $1200 a month or $600 biweekly.

Would you consider your credit rating to be good or bad? – Good. My FICO score was checked recently, and my FICO score is 680, which I understand is pretty darn good.

Is there anything else you can tell us about your application – please be detailed? – Sure. I have always been a hard worker, and have always paid my debts on time and in full. This is why my credit rating is good and not bad. I have managed to keep my credit and good name even through my divorce which was closed up and finalized last summer.

I also have references for my word, my work, my employment, and my financial state throughout the years. I have secure employment, and I have never missed a payment with any of my creditors. You can rest assured knowing that I will make all my mortgage payments on time and in full. You can check with my current bank to get information about my payment history.

I really need this loan badly as I really need to hold this new job. I am planning to move my double wide trailer up to Redding in a year or two, but for now I have to commute for family reasons.

 Mobile Home Mortgage Refinance from $100,000 to $122,000

We will point out our applicant’s current mobile home mortgage, and then compare it the mortgage he wants to refinance to. First we will setup the current $100,000 mortgage. Lender’s will closely at what the applicant has for financial responsibilities on a monthly basis, their employment history, their age, and their credit rating (good or bad). The lender here has to determine if the borrower/applicant is going to be in a financial position to honor their loan agreement and commitments. It comes down to the normal risk quotient.

$100,00 Mobile Home Mortgage Before Refinancing

This is the existing mortgage which we will check to see if the applicant is being accurate with his disclosure. You will notice that the applicant never mentioned what his APR was on his mortgage, and what the actual numbers were. Here we go.

  • Mobile home principal loan = $100,000
  • APR (interest rate) = 4%
  • Time on mortgage = 35 years
  • Payment schedule = monthly

Results of this check finds that the applicant is very much accurate, and the monthly payments on the existing mortgage is $400. See below;

  • Total to be paid = $170,164.44
  • Total amount of interest = $70,164.44
  • Payments = $399.60

Now we have to calculate the new mortgage AFTER REFINANCING.

$122,000 Mobile Home Mortgage After Refinancing

This is the existing mortgage which we will check to see if the applicant is being accurate with his disclosure. You will notice that the applicant never mentioned what his APR was on his mortgage, and what the actual numbers were. Here we go.

  • Mobile home principal loan = $122,000
  • APR (interest rate) = 7%
  • Time on mortgage = 35 years
  • Payment schedule = biweekly

Results of this check finds that the applicant is very much accurate, and the monthly payments on the existing mortgage is $400. See below;

  • Total to be paid = $271,613.83
  • Total amount of interest = $149,613.83
  • Payments = $297.66

See how refinancing the applicant’s mobile home at this new interest rate is more expensive because of the 4% to 7% increase. This was the offer he first got from an early lender, and he smartly decided against the loan. Even though he said in his application interview he could afford $1200 a month, in the end he wasn’t prepared to take this kind of a hit in the increased APR.

When we spoke the borrower last he had found a different lender in San Francisco that was willing to give him an interest rate of 5%  on the refinance. A happy ending, but he had to make the mortgage for a 30 life time term of the note.

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