Most people tend to believe that they can not refinance their manufactured or mobile home mortgage. In reality, however, there are a variety of refinancing options available. You have a mortgage payment and a deed you will receive when you finish your payment, the same as any other type of homeowner, you also have the same home loan options. If your current mortgage rate is higher than the current nationwide rates, or if your credit has improved since moving in, you most likely would save money, or even walk away with money, if you refinance your manufactured or mobile home.Like any other refinance, you are simply taking out a new loan, with better terms, rates, or both, and repaying your old loan in full. This will reduce your monthly mortgage payment. You can even refinance for more than you owe (but less than the home is worth) and walk out with that cash. Maybe you do not need to save money every month but you could get a loan with a shorter term and same payment as you have now.However, what will matter is whether the mobile home is located on your own private property, or if you rent space to put it on. Then things tend to be less favorable as the refinanced amount would only be worth what your home is worth, not including the land. For most homes the true value is in the land. Check with different lenders to see the terms and conditions for your particular state as it varies.Also, do not forget that you must pay closing costs. These can be paid upfront, or worked into your refinancing. You are better off paying them up front to avoid paying 30 years worth of interest fees on your closing costs. You will pay a lot more in the long run for these closing costs than if you paid them upfront.Right now is a good time for any home owner, regardless of type of home, to at least look into adjusting their mortgage. Use the internet for easy comparison of a wide variety of companies. There’s more often than not, a solution for everyones mortgage refinancing problems. Just be sure to do your research first and go in with some general knowledge gained from reading articles, and looking at lenders websites.-M Petrone