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Chattel loan refinance: a better loan on your manufactured home
Bought your mobile or manufactured home with dealer financing? You can refinance it on a chattel loan, even if the home sits in a park, on a leased lot or on family land. No land required, no mortgage insurance, and a broker who checks first whether a regular mortgage would cost you less.
RATE-AND-TERM REFINANCE
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The basics
What is a chattel loan refinance?
A chattel loan refinance replaces the loan on your manufactured or mobile home with a new one, without involving the land. Chattel loans are personal property loans, secured by the home itself, which is why they work for homes in parks, land-lease communities, rented lots and family land. Many owners took dealer financing on the day they bought. If your credit has improved or rates have moved since then, a rate-and-term refinance can lower the rate, change the term, or both. Home Loans Inc brokers chattel refinances through Triad Financial Services (NMLS #1063), a manufactured home lender since 1959.
Who it fits
Who can refinance a chattel loan?
If you live in the home and it was built in 1976 or later, you are probably in the right place.
Park and community residents
You own the home and rent the lot. The refinance follows the home, not the land.
Dealer-financed owners
You took the financing offered at the sale and your credit or the market has improved since.
Homes on family land
The home sits on a relative's land or a leased lot, so a traditional mortgage is not an option.
Requirements
What Triad looks for on a chattel refinance
These are Triad Financial Services' published guidelines. Exact terms depend on your credit, the home and its placement, and are confirmed on your scenario.
Home built 1976 or later
The home must be built to the federal HUD Code. Single-wide and double-wide homes both qualify, with or without a permanent foundation.
Your primary residence
Triad's chattel refinance is for the home you live in, not a rental or second home.
Credit sets your loan-to-value
Up to 95% loan-to-value with an Equifax score of 600 or higher, and up to 90% with a score below 600.
Income and insurance
Expect to document income with pay stubs and W-2s, and to carry full-coverage homeowners insurance. No mortgage insurance is required.
Know your options
Chattel refinance vs. a mortgage refinance
If you own the land, you may have a cheaper door. Here is how the two compare.
| Question | Chattel refinance | Mortgage refinance |
|---|---|---|
| Do you need to own the land? | No | Yes, home and land together |
| Permanent foundation? | Not required | Required, titled as real property |
| Mortgage insurance? | None with Triad | Often, below 20% equity |
| Cash out? | Rate-and-term only | Often available |
| Typical rates and terms | Higher rates, shorter terms | Lower rates, up to 30 years |
How it works
How the chattel refinance process works
Tell us about the home
Year, size, where it sits, and your current loan. No credit pull to start.
Check both paths
If you own the land, we price a mortgage refinance next to the chattel option.
Appraise & underwrite
Triad orders the appraisal and reviews income, credit and insurance.
Close by mail
Home-only refinances can close with a notary, no title company needed.
Questions
Chattel loan refinance FAQ
Can I refinance a mobile home that is on leased land or in a park?
Yes. A chattel refinance is secured by the home only, so you do not need to own the land. Triad Financial Services refinances primary residence chattel loans on homes in parks, on leased or rented lots and on family land, subject to its guidelines and approval.
What credit score do I need to refinance a chattel loan?
Triad's published guideline allows up to 95% loan-to-value with an Equifax score of 600 or higher, and up to 90% with a score below 600. Your score also affects pricing, so we look at your full credit picture before you apply.
Does my manufactured home qualify?
For a Triad refinance the home should be built in 1976 or later to the HUD Code and be your primary residence. Single-wide and double-wide homes qualify, with or without a permanent foundation.
Can I take cash out on a chattel refinance?
Triad's published chattel refinance is rate-and-term, meaning it replaces your current loan rather than pulling equity out. If you own the land and the home is permanently affixed, a cash-out mortgage refinance may be possible instead, and we can price that.
Is there mortgage insurance on a chattel refinance?
Triad does not require mortgage insurance on its chattel refinances, regardless of how much equity you have.
Will refinancing lower my total cost?
Not always. A lower rate or shorter term can save money, but closing costs and a longer term can raise what you pay over the life of the loan. By refinancing the consumer's existing loan, the consumer's total finance charges may be higher over the life of the loan. We run the break-even math with you before you decide.
Your home, a better loan
Start your chattel refinance online, or book a quick call. No credit pull to see if it makes sense, and we will tell you if a mortgage refinance would cost less.
Is refinancing worth it for you?
Get a free, no-obligation refinance review from a licensed broker: whether it makes sense now, what it would cost, and how long it takes to break even.