By John Sebastian

It used to be that you would have a hard time trying to get a loan for a mobile home. But with the number of owners increasing and the quality of the homes getting better, it is not as difficult to obtain financing as it used to be.

However, if you are trying to get refinancing for your mobile home, you may still find it difficult to obtain a loan. There are still a lot of options available for the resourceful home owner if you are willing to look a little deeper.

One of the best options available is if you own the land that your home is located on. Banks are more willing to refinance your mobile home and land than just the home by itself. The lenders typically view a manufactured home as an asset that will decrease in value whereas land generally is viewed as an asset that will increase in value.

This is not to say that you cannot get refinancing if you happen to live in a mobile home park, it is just easier to obtain if you happen to own the land along with the home.

The first thing is to get an appraisal of your land, both with and without the manufactured home. If the land in free and clear, you can usually get 100% of the appraised value. If you still owe money on the land, then the amount you can borrow will be reduced.

Lenders are usually ready to process your loan if you use your land as collateral. They will want to see your title, or loan documents. They will also need to have a current appraisal. They may accept yours if it is current, but usually they will conduct their own.

If you own a lot of land, you may want to do a lot split before taking out a second mortgage. This way only one acre is tied up with the loan. Then, if something were to happen, only that one acre is affected, not the rest of your property.

One final word of caution: It may be tempting to take out a second mortgage or refinance your mobile home and land, but take care not to overextend yourself. You could end up in serious financial trouble and end up losing your home and your land.

You can go to http://www.mobile-home-refinace.com to learn more ways to refinance mobile home and land.

By Mark D. Miller

If you are considering signing a mortgage on manufactured home, do not sign the papers until you have thoroughly worked out the issue of land to put your home on. You should never accept a mortgage without knowing for sure where you want the home to sit, and that it is legal for it to be there.

Your options for obtaining land will be to rent property owned by someone else, buy land, or to take package deal, which includes the mortgage on the land and the manufactured home. Each of these arrangements has their own set of circumstances to consider.

Renting Land

If you are going to live in a community of manufactured homes, you need to run this by your mortgage lender first. Many lenders will not allow you to put a home which they finance, on rented property. This is because the risk is high that you will, at some point, be required to move away from the land.

Most manufactured homes today have permanent foundations that cannot be picked up and moved. If you are asked to leave the land you are renting, there is a serious problem with the home. Many homes in this circumstance are merely abandoned, leaving the bad debt on the lender.

Even if you do find a lender willing to allow the home to go onto rented property, it is advised that you check into other options. You will not be able to have your home on a permanent foundation if you opt to move it into a community where land is rented out and it will limit your chances of selling the home in the future since buyers will be limited to getting loans from lenders that will approve a home on temporary foundation and on rented land.

Buying Land

Unless you can afford to outright pay for your land, you will have to take out a second loan in order to pay for it. While this should not be an issue with your mortgage lender, you must make sure that you can secure the loan for the land and that you can afford to pay back that loan and your mortgage simultaneously. The interest on both loans could very well leave you paying more than if you bought a conventional home.

Land/Home Package Deal

One of the easiest loans to secure for people with less-than-stellar credit histories or those that want a low down payment, is a mortgage that includes the home, land, and all set-up costs for the property. Manufactured home retailers often extend these loans themselves, so you don't have to jump through the rigorous standards of a bank or larger lending company. The problem is the ease of obtaining these loans almost always comes with a much higher interest rate.

If you have reasonable credit and a down payment, it is in your best interest to look into a conventional home before taking a mortgage on manufactured home. You will likely come out ahead by paying less interest on a home that is worth more in the long run.

If you are interested in buying a manufactured home, visit Owner Financing Home Mortgage or http://www.homeloansandrefinancing.com to get some solid tips and information on various home loans and refinancing options.