Profile picture for lagunabeachbumz

I am wanting to combine my motorhome and home into one loan is this a good idea?

I think i can get a lower payment if i consolidate into one loan.  I have 10 years left on motorhome payment of 800.00 per month and a home payment of approx 1800 per month.  Any Ideas???  thanks
  • September 11 2009 - Fallbrook
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Answers (6)

How much do you use your motorhome? What does your RV insurance cost per year? License cost? Maintenance cost? Strorage cost, if not parked at residence? How much benefit are you receiving from classifing your RV as a 2nd home? If you amortize your current RV balance on your RV over 30 years, how much more is your RV going to cost?

RV statistics indicate that the amount of miles that is put on a RV in the first year of ownership will not be duplicated during the remaing years owned. You may be an exception. Are you?

What would you pay annually to rent a similar RV when needed? When you add up all your costs for your RV, would renting be better?

I would certainly give this more thought before proceeding. ... Happy RVing, Rudi

  • September 12 2009
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Profile picture for wetdawgs
Are you intending to combine a 10 year loan and a 30 year loan together into a 30 year loan?

The concern about this is you will still be paying for your motorhome 30 years from now.   

But, if that doesn't bother you, do you have enough equity in your home to allow you to cover the motorhome?

  • September 11 2009
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While I am an experienced lender, I am far from being a CPA.  You could get some benefit from the tax deduction as your mortgage interest is deductable.

Preferably, contact your accountant in addition to a good broker near your area.

Best of Luck
  • September 11 2009
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How long to your intend to keep the MH?
  • September 11 2009
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List the balances of both loans. How many years left on the mortgage and does the $1800 include taxes and insurance, and MI? Need aprx home value too.
 
Justin, how bout that tennis coming out of Marietta? 
  • September 11 2009
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Depends on your objective.  If it is lower payment, then it is worth looking into, as long as you have enough equity in the house to qualify for the consolidation.

However, you will be stretching out the remaining term quite a bit if you put a 10 year loan into a 30, so just make sure you weigh your short term objective against your long term objective.
  • September 11 2009
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