How do I refinance my(double-wide) mobile home on permanent foundation with land (1.5 acres) in NC.?

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I live in Charlotte and my home is in good condition. My mortgage company (Chase) will no longer refinance Mobile homes even though they currently have my loan. They say they are unable to refinance because “they just don’t do it anymore”. They were unable to give me a company name to try and refinance and the companies I have contacted myself wont do it with land. That makes no since to me at all. My property/home are considered “real property”. I could really use some help on this. Thank you for taking the time to read this 🙂

7 Comments
  1. Reply
    Gaytheist Buddha
    May 1, 2011 at 12:27 am

    You go to another lender or a mortgage broker.

  2. Reply
    Sharon T
    May 1, 2011 at 12:41 am

    This is a tough market. Many lenders have dropped out of financing mobile homes, even on their own land. The reality is these homes lose value over time compared to stick-built houses.

    You might go to http://www.bankrate.com and see if they show any lenders.

  3. Reply
    acermill
    May 1, 2011 at 1:25 am

    All you can do is continue to shop around at various lenders until you find one who will refinance. Understand, however, that current refinances on mobiles are NOT at lower interest rates. Lenders are being extremely cautious with financing such structures, as they tend to decrease in value rather than increase or remain stable. Expect a relatively low LTV ratio to be offered, along with a scary interest rate.

  4. Reply
    dog ma
    May 1, 2011 at 1:44 am

    Holly –
    Check with a couple of local mortgage brokers. There are still plenty of lenders that will finance a double wide on a permanent foundation. It should actually be much easier and cheaper to finance than a mobile home on rented land, unless it is quite old. No lenders will look at anything built prior to about 1976. Good luck –

  5. Reply
    Penney Brown
    May 25, 2011 at 5:49 pm

    I truly can’t believe I ran across your post! We too are mortgaged with Chase and were told the same exact thing! We have 6 acres in NC with a Doublewide on a permanent foundation a 2001 model. I ahven’t checked locally but am in the process now! Good Luck!!!

  6. Reply
    Amanda
    August 2, 2011 at 10:43 pm

    We too are financed with Chase and we HATE them…they do not try and work with you on ANYTHING!!!! and there is so man depts that one of them says something different than the other!!!! Im looking into Refinancing just to get away from them!!!!

  7. Reply
    Daniel
    April 25, 2012 at 6:06 pm

    I have to refinance due to a divorce I am with 21st mortgage don’t go there I currently am paying 8.5% they told me it would go up to 10% if I refi with them that’s just Crazzy when traditional loans are at 3% I expected to pay a little more for a mobile home but not that . My credit score is 805. I’m going to keep looking

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