Mobile Home Mortgage
By. Hage Rich
The Mobile Home Loan
If you are about to buy a home but your budget is limited, there’s a great option for your housing that is more affordable. It is the mobile home loan. Mobile home refers to the home that is manufactured firstly in the factory then it will be taken to a certain site. This mobile home may or may not be given a permanent foundation.
Mobile Home Mortgages
It costs less than the traditional site built houses. There are two financing options for your mobile home loan. They are the mobile home mortgage loan and the personal property loan. The mobile home mortgage loan gives you a chance to buy both the land and the home. But you also have an option to only purchase either the home or the land.
It is not only the cost of the home that is covered by the loan. Any repair work done on the land is also included in the loan coverage. Personal property loan is usually offered by retailers who sell mobile homes. A little bit different with the mobile home mortgages, personal property loan only enables you to purchase a home on a rented land.
Mobile home parks are the example of the rented land. Whichever type you choose, you need a really good credit score to be qualified for the loan. When you decide to get a mobile home loan, you need to prepare your self for some extra fees that are charged by the mobile home mortgage lenders for your loan.
They will ask for loan application fee, credit report fee, loan doc and origination fee, etc. it’s better for you to ask for the exact estimation about the cost involved in your loan from the lenders. You also need to pay attention to the requirements you need to fulfill if you want to be qualified for the loan.
Check out my other article about Daily Mortgage Rates or Loan Amortization Table another guide.