Refinancing your doublewide gives you the chance to lower your monthly payment, lower your interest rate, consolidate some debt or move your home out of a mobile home park and onto your own land. In order to refinance, you need to have equity in the doublewide and have good credit. Typically refinancing is only a good option if you can get a rate that is at least one percent lower than your current mortgage rate.
Ask your current lender about refinancing options for your doublewide. If you prefer to stay with the same lender, this may be the easiest and best option for you. At a minimum, you can ask about the rate and compare it to other quotes you get to see if you want to stick with this lender.
Consult with mortgage companies that specialize in manufactured home mortgages to get refinance rate quotes. Typically these companies can offer refinancing that includes the doublewide and the acreage, which is not the norm for traditional lenders. If you have land that you need to refinance as well, you can get it all done with one refinancing loan when you use a specialty lender for manufactured homes. Some of these lenders include MH Loans, Florida Mortgage Corporation and 21st Mortgage (see Resources).
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Visit your local bank or other banks in your area to inquire about rates for refinancing your doublewide. Not all lenders offer manufactured home refinancing.
Complete an application with the lender that is offering the best refinancing rate. Make sure that your doublewide meets the age requirements before applying. For instance, it can't be any older than 1970 for MH Loans or 1976 with 21st Mortgage. The application questions include the age of your doublewide, if you are keeping it in a park or on your own land, your credit score and your income. Be prepared to show proof of your income, such as W-2s.