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?

You might also take a minute or two and read our article on Refinancing Manufactured Housing Loans and our Manufactured Housing Resource Center, too.