For many, owning a mobile home means having the freedom to pick up and move their home wherever they want. On the other hand, many people who own RVs decide to stay in the same place for a decade or more. Either way, there may come a time when it’s time to refinance your home.

Home refinancing makes financial sense for several reasons. For many who choose to refinance their home, the main reason for doing so is to increase their monthly cash flow. By refinancing at a lower interest rate, it’s almost like getting an instant raise from your employer. But instead of increasing your income, you’re just cutting a significant monthly expense: your monthly loan payment.

If you have a bad credit score, you may be resistant to applying for a home loan refinance. This is a common reaction to the idea of ​​refinancing for people with bad credit: they worry about wasting time applying.

If you are interested in refinancing a mobile home loan for someone with bad credit, here are 5 tips that can help:

1. Have your mobile home appraised to find out the current market value:

Get started by working with a real estate agent or mobile home park operator to get an appraisal or market value estimate for your home today.

2. Understand the impact of your credit score on the loan rate you may qualify for:

Understand that most mortgage lenders will focus too much on your credit score. However, a handful of lenders are quite comfortable with approving loans for people with bad credit.

3. Find out all the details of your current loan:

To start the financing process, find the details of your current loan. In particular, find out the (unpaid) balance on your current loan, your monthly payment, and your interest rate.

4. Understand when it makes the most sense to refinance your mobile home:

It makes sense to refinance your home if you can qualify for a better interest rate than you have on your current mortgage. Also, you want to keep your closing costs (ie, the cost of refinancing the loan) to a minimum. The goal is to lower your monthly payments as well as the total cost of your loan.

5. Learn how to find bad credit mobile home refinance lenders:

As mentioned above, be sure to exclusively search for bad credit mobile home refinance lenders. These are by far the most likely to approve your loan application. Also, make sure your shortlist includes at least 5 lenders.

Use these 5 tips to refinance your home, even if you’re someone with bad credit.