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Getting a Mobile Home Mortgage Refinance Loan 5 Tips

Owning a mobile home is a real pleasure. There is a certain bond that is shared among the people in a mobile home community that you do not often find these days among other types of homeowners. Maybe it because the folks there just relate to each other better, somehow.

One thing that everybody relates to, though, is saving money. Most of us have fixed incomes that change very little from month-to-month, which means that cash flow stays pretty steady. In life, the only way to get ahead financially is to either increase your cash flow or decrease your expenses.

One of the biggest monthly expenses for homeowners is of course the monthly mortgage payments they have to make. Those payments are steadily due each month like clockwork. In fact, the process is so regular that many mobile homeowners can easily forget that they have a choice about how much they pay each month. They forget that they can always choose to refinance their mobile home mortgage loan.

If you are looking for a mobile home mortgage refinance loan, here are 5 tips for how to get the best rate:

1. You should refinance if you believe you can qualify for a lower interest rate than you have now:

One of the biggest questions that people who want to refinance their mobile home mortgage loan have is: should they apply for a refinance loan or not? The best way to answer that question for yourself is by deciding whether you believe you can qualify for a lower interest rate than your current mortgage rate. This is usually determined by one or both of the following:

* Has your credit score improved since you took out your existing mortgage loan?
* Have average interest rates gone down since then?

If the answer to one or both is "yes," then it would make sense to apply to find out whether you could qualify for a lower rate.

2. Getting the right loan requires that you shop for the best-possible rate:

It always pays to shop around for the best rate. It is very unlikely that you will land the best-possible rate you could get by just applying with one lender. Instead, apply to at least 5 refinance lenders.

3. You should not refinance if your breakeven point is too far in the future:

Every refinance loan entails paying some closing costs and other fees. A loan's breakeven point is simply the total closing cost amount divided by the monthly savings (in lower payments) you will realize by taking out this loan. For example, if you have to pay $2,000 in closing costs and you will save $200/month after refinancing, your breakeven would be 10 months ($2,000 divided by $200/month is 10 months).

In the above example, as long as you plan to stay in the home for at least 10 months, you should theoretically move forward with the refinancing loan.

4. To refinance, build your list of mobile home mortgage refinance lenders:

Time to start shopping! Go ahead and put together your list of mobile home mortgage refinance lenders. Do an online search to get your started, but feel free to ask fellow mobile home owners which lenders they like, as well.

5. Follow through with applying to at least 3 or 4 of these lenders:

Make sure you apply to at least 3 or 4 of these lenders, if not more. Sure, it takes a little bit of time to apply to each one, but just imagine if the 4th one is the one that offers you the lowest rate. Wouldn't that be worth it?

Consider these 5 tips as you apply for a mobile home mortgage refinance loan.
About Author Larry Donaldson :

Get a list of the best low-rate mobile home refinancing lenders at: <a href="" target="_blank"></a> Best Mobile Home Refinancing.

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Article Added on Saturday, March 17, 2012
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