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Modular home loan refinancing

Q: We have a modular home in Yuma, AZ located in an age 55-plus park where we rent space. Our lending institution is charging us over 9% interest on our mortgage. Do you know if it is possible to get a lower rate and where?

A: Have you checked with the mortgage lender who holds the present loan? Since you're a current customer, they might be able to offer you a better deal. Also, if you're friendly with your neighbors, why not ask if they have a different mortgage holder than you to help unearth some other sources of financing?

More help from HSH.com

  • When refinancing at a higher rate makes sense

    Trade your old mortgage for a new, higher-rate version? There are times when it actually makes sense.
  • Should I pay off a mortgage early?

    By making extra principal payments or refinancing your mortgage, you could pay a lot less interest and free yourself from your mortgage ahead of schedule. Here are the pros and cons of retiring your mortgage early.
  • Are ten-year fixed-rate mortgages (FRM) available anywhere?

    Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.

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