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Old 08-14-2010, 12:31 PM   #1
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Refinancing a motor home question

Given the extreme low home mortgage rates I have seen recently, it has occurred to me that perhaps it would be beneficial to refinance our motor home loan, which is currently at 7.25% APR. I have no idea currently what terms are presently available.

If this subject is not taboo on the forum, I'd like to hear opinions and perhaps suggestions on doing this. Thanks.

Ed - 08 Safari
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Old 08-14-2010, 01:50 PM   #2
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We did that a couple of years ago with our credit union. They offer a home equity loan thats tied to the prime rate with a floor of 4%. It didn't look like prime was going to go up anytime soon so we made the switch. Its worked out well for us but I do check with the credit union periodically to avoid surprises.
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Old 08-14-2010, 03:28 PM   #3
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Ditto w/our HELOC. It's at 3.25% & we were paying 7.5% on our MH loan. A no brainer.

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Old 08-15-2010, 11:20 AM   #4
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If you aren't using another dwelling as the collateral, the rates on a motorhome load are probably going to be in the 5.75-7.5% range. However, most lenders are only going to loan 80% of the current market value of a used RV - and they may consider wholesale to be the market rather than retail. Since the meltdown, lenders want to be sure you have a major stake in your rig!
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Old 08-15-2010, 12:24 PM   #5
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Yeah, I had to same thought but since we no longer have a stick house for colateral, and the loan on my coach is upside down I've concluded that I'm going to have to ride it out for another 17 years...
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Old 08-15-2010, 07:07 PM   #6
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Quote:
Originally Posted by RV Roamer [Gary] View Post
If you aren't using another dwelling as the collateral, the rates on a motorhome load are probably going to be in the 5.75-7.5% range. However, most lenders are only going to loan 80% of the current market value of a used RV - and they may consider wholesale to be the market rather than retail. Since the meltdown, lenders want to be sure you have a major stake in your rig!
Good point. In our case, we most likely do meet those requirements. Regarding the comments of Home Eqty. loans, yes, those are great rates right now.... but given the current economy, and the considerable likelyhood they will start going up in a year or so .... and due to the massive govt. spending I see inflation rear its ugly head on the horizon, I am somewhat nervous about getting a variable rate loan such as that.

will ponder what I've read here.

Thanks.
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Old 08-15-2010, 08:48 PM   #7
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Quote:
Originally Posted by Ed_G View Post
...I am somewhat nervous about getting a variable rate loan such as that.
I'm not sure about other banks, but with ours, for a $25 one-time paperwork processing fee, I can lock in my 3.25% rate. I haven't done it yet because as long as it keeps going down, my HELOC will automatically adjust. But once it even looks like it's going to go up, I'll be over there with my $25 to fill out the paperwork to keep it from rising.

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