Current Mortgage Rates
Saturday, November 21, 2009
A mobile home is built in a factory and then delivered by tractor-trailer. Though they are called "mobile," most of these homes are designed to be placed in one location for the life of the structure. Mobile homes are often confused with the self-propelled vehicles called motor homes or RVs. A mobile home is not intended to be moved from site to site. When placed on a permanent foundation, the home is only slightly different than a traditional home.
Mobile home loan rates are typically higher than traditional real property mortgage rates because the modular built homes are not considered real property and are therefore categorized as Chattel or personal property. Personal property can be moved, and the mobile home loan rate is higher because of the decrease in value the structure suffers when it is moved.
Current credit ratings play a large role in consumers' abilities to refinance mobile homes. Poor credit will probably require a greater interest rate, shorter term, or possibly no options at all. Your credit must be in good shape with no late or missed payments reporting in the 12 months preceding a refinance application. With proper credit, a qualified loan officer should be able to construct several different loan options for the qualified consumer. Make sure that you weigh your options in terms and rates and do not pay more in interest and closing costs than you absolutely have to. Avoid variable rates when possible and look at only programs that offer a fixed interest rate for the life of the loan, or at least for a pre-determined period of time.
Mobile home loan rates are typically higher than traditional real property mortgage rates because the modular built homes are not considered real property and are therefore categorized as Chattel or personal property. Personal property can be moved, and the mobile home loan rate is higher because of the decrease in value the structure suffers when it is moved.
Current credit ratings play a large role in consumers' abilities to refinance mobile homes. Poor credit will probably require a greater interest rate, shorter term, or possibly no options at all. Your credit must be in good shape with no late or missed payments reporting in the 12 months preceding a refinance application. With proper credit, a qualified loan officer should be able to construct several different loan options for the qualified consumer. Make sure that you weigh your options in terms and rates and do not pay more in interest and closing costs than you absolutely have to. Avoid variable rates when possible and look at only programs that offer a fixed interest rate for the life of the loan, or at least for a pre-determined period of time.
What is the Mortgage Interest Rate?
What Determines the Interest Rate?
What is the reason behind interest rates rising and falling all the time?
What is APR?
Does the APR Help?
What Determines the Interest Rate?
What is the reason behind interest rates rising and falling all the time?
What is APR?
Does the APR Help?
Find out the Current Refinance Rate
What is the Optimal Way to Lower Mortgage Rates
Where and How to Research Refinance Rates
What are Rate & Terms for Refinancing Rates
Where to find Buy Down Mortgage Rates
Negotiate for the Lowest Mortgage Rate Possible
All about Cash Out Refinance Rates
What is the Optimal Way to Lower Mortgage Rates
Where and How to Research Refinance Rates
What are Rate & Terms for Refinancing Rates
Where to find Buy Down Mortgage Rates
Negotiate for the Lowest Mortgage Rate Possible
All about Cash Out Refinance Rates
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Interest Rates
- What is APR
- Does the APR Help
- Find out the Current Refinance Rate
- What is the Optimal Way to Lower Mortgage Rates
- Where and How to Research Refinance Rates
- What are Rate & Terms for Refinancing Rates
- Where to find Buy Down Mortgage Rates
- Negotiate for the Lowest Mortgage Rate Possible
- All about Cash Out Refinance Rates
- Finding out Refinancing Rates for Mobile Homes
- Locking the Rates
- Managing the Mortgage
- Mortgage Application
- Mortgage Calculators
- Mortgage Insurances
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- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.75% |
| 30-yr. fixed jumbo | 5.25% |
| 15-yr. fixed | 4.25% |
| 15-yr. fixed jumbo | 4.75% |
| 7/1 ARM | 4.38% |
| 5/1 ARM | 4.00% |
| 3/1 ARM | 4.00% |
| 1-yr. ARM | 3.75% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.62% |
*Mortgage Rates Updated: 11/21/2009