What Are Some Tips for Refinancing a Mobile Home Loan?


Quick Answer

An important factor in financing opportunities for mobile or manufactured homes is whether they are titled as real or personal property, according to Bank Rate. This effects whether consumers can obtain a traditional mortgage or must use a personal property loan known as a chattel loan.

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Full Answer

For a mobile home to be considered real estate, it must have a permanent foundation and the owner must own the land it occupies, says Bank Rate. The Consumer Financial Protection Bureau estimates two-thirds of mobile home owners own their land and may be eligible to replace high-cost chattel loans with a traditional mortgage. 18 states have policies allowing homeowners to acquire a title to land they do not own, according to the Corporation for Enterprise Development.

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