Refinancing can be a big cost-saver, especially for mobile property owners whom don’t have mortgages, but instead “chattel loans. ”
Chattel loans finance a mobile home as a little bit of individual home, as opposed to as real-estate. Because of this, the attention prices on these loans are usually a lot higher than exactly what a home loan loan would command. This will leave the homeowner by having a hefty payment that is monthly lots paid in interest within the lifetime of their loan.
A good way mobile property owners can reduce these expenses is through refinancing—specifically, refinancing their chattel loan into home financing loan when the home is qualified.Continue reading