Getting a mobile home refinancing loan means swapping an existing mortgage for a new mortgage, probably with better rates of interest and better repayment terms. Typically, one should go in for a mobile home refinancing loan if the current rate of interest has dipped by more than 2% than what exists on the running mortgage. The basic purpose of a mobile home refinancing loan is to lock in a lower rate of interest and save a tidy sum on the overall mortgage payments.

However, there are many considerations before applying for refinancing. The first question to be asked is whether there will still be some savings after paying all the refinancing charges. While refinancing a loan, the charges to be paid are points, document preparation charges, tax service charges, appraisal charges and lender