refinance modular home mortgage

They can cut their interest rate, which reduces mortgage terms and interest expense and increases their overall cash flow. They can also take out built-up equity in their home to pay off outstanding debt, such as credit cards, or make home improvements to increase the overall value of their home.

When Lori Allen of Reeders, Pennsylvania, refinanced her home mortgage in January, it helped solve a number of cash flow problems. The 39-year-old financial assistant at Aventis Pharmaceuticals needed to pay off $4,500 in school, municipal, and property taxes that threatened to setback attempts to improve her damaged credit rating.

Also, she wanted to delete other lingering bills that were squeezing her budget. It would have been hard for me e up with $4,500 on my own, says Allen, whose husband died of a brain aneurysm 10 years ago.

Im a single parent in a e household, so had I not been able to refinance, it wouldve been hard for me to stay on top of my current bills. Now, I dont have to play catch up.

Allen refinanced the original $154,000 30-year, fixed-rate mortgage at 10.35% interest into a $175,000 20-year, fixed-rate mortgage at 8% interest. Although she signed the original loan agreement in 1999, she didnt begin making payments until 2001 because the builder experienced significant delays constructing her home.

Otis T. Harper II, senior mortgage officer for United National Mortgage Corp.

in Easton, Pennsylvania, which issued the loan, says Allens refinance was plicated than most. First, the refinanced loan amount jumped from $154,000 to $162,000 because Allen had to pay a substantial prepayment penalty for paying her initial loan back within 24 months.

Harper then rolled the $4,500 in back taxes into the loan, added closing costs, and an additional $3,000 to pay off other personal bills. plicating matters was Allens credit rating.

Her credit scores were kind of low, says Harper, so we offered her a mortgage credit program, which doesnt take her credit card history into account. Instead, it looks at how youve paid your mortgage.

If your mortgage history has no missed payments or payments that were 60 days late, we take that into account as to the kind of interest rate we can offer.. .

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