Refinance 

If you live in a singlewide, doublewide or larger mobile home we can refinance your existing loan. Your home can be on a park, community, family land, private land, or other land. There are no prepayment penalties on any of the loans. There are no application fees or upfront closing costs.  We will give you a free loan comparison to see if it will benefit you to refinance.

If your mobile home loan is with Green Tree, Vanderbilt, Chase, Conseco, or another high-interest lender, we can save you money! Even if you refinanced a couple of years ago we can still save you money. Rates as low as 7.00% * .

A. Monthly Savings Program:
Do you want to save on your monthly payment every month? Use this option and lower your house payment every month, stop paying the additional interest to your lender! Keep the extra cash every month in your own bank account. No prepayment penalties on any loans.

B. Term Reduction Program:
Shorten your term and pay off your loan more quickly, and you can save yourself thousands of dollars. You can keep your same monthly payment or in some cases lower your monthly payment at the same time. You will build equity in your mobile home faster by more of your payments going directly to the principal on your loan.    Bi-weekly payment options are available to pay off your loan even sooner!

C. * Rates:
Rates based on credit, term, home value, and other factors. For the lowest rates customer must have excellent credit (over 730+ fico), have a Double Wide, and receive a 10 year loan.  Refinance mobile home rates on park typically fall between 7.50% to 10.50%.  Mobile Home rates are lower for Double Wide.

Home Equity Loans / Cash Out Programs

We will refinance your loan and give you cash or pay off high interest rate credit cards or loans. Get extra cash to go on vacation, remodel your home or for whatever reason you like!

This program is not for those who have bad credit and are late on house payments and other debts. We will loan up the allowable LTV on your home that your credit history allows.

Rates start at 7.49% (for a 10 year term)
 

Purchase Programs for Manufactured / Mobile Homes

We can assist you with your manufactured/mobile home purchase. Your home to purchase must be secured to the lot or land already. We do not finance moving your home to a lot or land. We have programs for first-time homeowners, co-signers, and investment properties.

Some things you should know before buying a mobile home

Check your credit!
Know what your score is and what information is on your credit report. Repair incorrect information ASAP. Incorrect information can lower your score and increase your interest rate. Call creditors and credit bureaus. If you would like a free report on credit repair, please e-mail us at service@montereybayfinancial.com.

Keep your job
Consistent employment is a key for lenders. If you have an employment change planned in the near future, wait until after your loan closes.

Get your paperwork in line
Get in order paperwork such as W2s, 1099s, pay stubs, bank statements, and employment information. This will make the process much easier and faster. If you are self employed you will need 2 year business tax returns and

Get insurance quotes
Check around for insurance; it varies widely for mobile homes. Get quotes and insurance ready when you are going to purchase

Don't add to your debt
Wait until your loan closes before you buy items and get into more debt for items on your new home. Prepare for a down payment.

Down Payments
Down payments usually start at 5% of the sales price. The funds can come from savings or a direct family member.  Down payments must be verified in writing.  From either a checking or savings account statement. Gifted down payments must be documented.  We cannot accept down payment from Credit Cards or other types of loans that must be repaid.  Sellers cannot pay for down payments.

Know the lot rent and research the community
Remember to keep the lot-rent amount calculated into your monthly house payment. Research the community and ask questions from current residents to see if the community is what you need. See how often lot rent is raised in the community.

Know the home's value
To determine a fair value for the home, ask your real estate agent for a market analysis. We can also give you a NADA Analysis / Appraisal on the home. This way you can offer a reasonable price for the home.                                                                      TOP OF PAGE

Purchase Program Highlights

Rates start at 7.25% (with 20% down)

  • 5% down available

  • Gifted down payments

  • Programs for low or no credit first time home buyers

  • Insurance can be included in the loan

  • No maximum loan amounts

  • No prepayment penalties

  • Purchase approvals within 24 hours

  • Closing as soon as two weeks

  • Terms from 7 to 30 years

  • Investment financing available

  • Buy-for programs available for direct family members

  • Closing costs can be financed

  • 95% financing available

  • As much as 145% loan-to-value (LTV)

  • For Sale By Owner financing available. We specialize in this.

  • Retirement community programs and secondary home programs with lower rates starting at 7.25% (20% down required and 700 FICO).

  • Land Home Financing available in Colorado only,

APPLY NOW

CALL TODAY FOR A FREE NO OBLIGATION QUOTE on your Mobile Home Loan:                 1-831-920-4578 

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