The housing units which are built in factories, parks or on any other rented land rather than the fixed sites are called Mobile homes. Whenever the owner wants to change his place of his house, then he can carry all the things of his mobile home to the new place where he is going to occupy through tractors over public highways. So they are the homes which move around all the times and are not constructed on fixed sites. Thus usually they are less expensive than the homes built on site. Generally they will be constructed in rural areas and/or in those areas where the density of the population is higher. Such areas are called Trailer parks. The origin of mobile homes dates back to 1950s and the people have started to use mobile homes largely during 1960s and 1970s especially in U.S.A.
One can avail of the refinancing facility even for mobile home mortgage basically to receive better and lower rates of interest. The borrower can have either cash-out refinancing or home equity refinancing. Under cash-out refinancing, the amount of loan will be higher than the existing loan. The excess amount available will be used by the mobile homeowner for his childrens education or for making any structural changes or improvements to his home. Both the refinancing methods will offer tax rebates to the borrowers. Lenders like Chase in U.S.A. offers mobile home refinancing options to the borrowers for both single-wide and double-wide mobile homes. Single-wide mobile homes have the length of 16 feet and width less than 16 feet whereas double-wide homes have the length and width of 24 feet each or even more sometimes. Sometimes lenders offer refinancing facility even for making improvements to the mobile homes. Some lenders even offer refinance loans for the initial purchase of the mobile home at lower inter est rates.
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