Question Anyone With An RV Loan Considering A Refinance?

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Joined
Oct 12, 2020
Messages
32
Location
Richmond VA
RV Year
2012
RV Make
forest river
RV Model
sunseeker
RV Length
29'9"
Fulltimer
No
To purchase our RV, we refinance our house and took out 50k. Dropped the home mortgage interest from 4% to 2.5%. Our mortgage payment went up $35.00. It did add 7 years to the length of the mortgage, but hey, I'm 65 and never was going to pay it off before I'm dead anyway.
But on the bright side, I see it as getting an RV for $35 a month.....
 
Joined
Feb 25, 2021
Messages
17
Location
Michigan
RV Year
2019
RV Make
Holiday Rambler
RV Model
Vacationer 35K
RV Length
36
Fulltimer
No
We are new members here on RVForums. This looks like an older thread but it was a good one. My company is a service provider doing RV and Marine loans. With buyers and sellers further apart, things can get interesting. Even though we work in the loan business every day, we are always learning. Trying to make sense of banking is a moving target. As the $$ get higher, the risk is higher for the lender. They sleep better with lower risk or at least evenly shared risk. Things like PROVABLE INCOME and DEBT TO INCOME RATIO have gained in importance in the covid world.
If we can help with anything, let us know. We don't have a corner on the loan knowledge market but we work in it every day.
Thank you,
Ken

ken@jirehfinancial.com
 
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