Any suggestions on who to go to for a refinance for a Texas MHP? We have been paying 10.625% interest on $400,000 during our 5 year lockout mortgage. Park is worth $700,000+ and always had great income. Now that the five years is up the bank still wants to keep on collecting that high interest - so it is time to go shopping a new lender.
I’d start off by calling Pierce at Security Mortgage Group at (585) 423-0230. But you are right on the cutting edge of being too small for a loan broker (they have a $500K minimum loan size and 70% LTV on $700K park is $490K). Otherwise, you’ll have to hit the small bank circuit on your own.
But, yes, your current interest rate is horrible, and worth the effort to replace.
Thanks for the lead Frank! I have contacted Pierce and we will see if we can get this done. I am trying to be more careful this time, making sure the broker is someone of integrity - and I will have a lawyer review the note before signing!