How to Refinance a Modular Home
- 1). Read your closing documents from your current mortgage loan. You should have a copy of both your title policy and your current mortgage note from when you closed on your current mortgage. Look for any language or amendments to these documents stating the home is a manufactured home. Often the legal description for manufactured homes may use the word manufactured home as well. If none of these documents state the home is a manufactured home, then it's likely your home is a modular home.
- 2). Contact multiple lenders in your area and request a quote for a refinance of a modular home. Explain that you are sure it is a modular home and not a manufactured home and request quotes. Many lenders do not offer financing for manufactured homes but will for a modular home. Often mortgage lenders ask additional questions to verify the home is a modular and not a manufactured home, or qualify their quotes are only for a modular home.
- 3). Ask the different lenders about their experience refinance modular homes. Competent mortgage lenders should ask for permission to verify the home is a modular home and not a manufactured home during the application process. Typically, this is done through a title search through a title company or title attorney. This is a normal part of the process and completing it early can only help speed up your mortgage closing.
- 4). Schedule a time for the appraiser to visit the home once you choose a lender and complete the application. The appraiser will likely need access to both the inside and outside of the home as well as the crawl spaces or attics. The appraiser will also verify the home's status as a modular home and not a manufactured home. Once the loan receives final approval, closing a loan on a modular home is the same as closing a loan on any other type of structure.
