Make Additional Payments On Your Manufactured Home Loan

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2 Comments

  1. My daughter and son in law have been paying on their mobile home for 21 years (30 yr mortgage). The principle never goes down. The company told him to pay extra so he has been but it doesnt go to the principle they still take half for interest. What can they do ? It’s like they are stuck in this home .
    Thanks

    1. Hi Jan,

      It sounds like the loan has a very high interest rate. However, that’s how amortization works on mortgages and loans – the interest is always paid to the bank first so on each payment the interest goes down a few pennies and the principal goes up. Sometimes buyers will also add the taxes, additional warranties, setup, etc. into the loan and that makes a huge difference. He can always try to have the home refinanced – if it’s through a bank it shouldn’t be too difficult (assuming he has a good credit score). However, if it’s through a manufactured home finance company (dealer-financed) getting refinanced is very difficult.

      Best of luck!