Expert: Bruce E. Johnson - 4/28/2011

Question
Good afternoon I bought a 2008 single wide mobile home three years ago and I would like to build on to it would that make any sense to do......

Would the bank let me refinance to do all of the alterations.....

I would like the mobile home to be built into a house with bricks

Answer
Hi Tracy, banks are getting stricter in their home improvement loans mainly because home equities have dropped so much in the past years.  Mobile homes are notoriously bad investments that decrease in value much like an automobile and adding on to them is seen by many as throwing good money after bad.  But the only real way to find out is to go to your banker and ask them. Be prepared with an outline of what you want to do and how much you think it will cost.  Having a good faith estimate from a builder would help as well...I hope this information helps, please feel free to write again regarding this or other matters, sincerely, Bruce E Johnson..bejohnsonconsulting.com