Mobile Home Loans
Mobile home loans are not always the easiest thing to get approved by the bank. They tend to be the highest risk loans that are available in regards to homes. Mobile homes do not tend to have the ability to withstand age like single family homes, townhomes or condos do. They are much more often damaged in drastic weather, and can be easily lost all together or non-repairable. Depending on the type of mobile home you own, you may be truly limiting yourself to the type of mobile home loans that you are able to get.
Not all banks offer mobile home loans. They are extremely picky in the type of loans that they will provide. Some banks require you to take out personal loans versus mobile home loans, but there are specific companies that specialize in mobile home loans. It is often a good idea to go with these companies in regards to your mobile home loans. Since that is what they mainly deal with you will probably be able to achieve a much better interest rate.
There are several things to take into account when thinking of taking out mobile home loans. The loans may vary if you choose to purchase in park versus purchase a stand alone mobile home on a section of property. There are fees associated with mobile home parks that are not part of the loan, and mobile home loans will be affected by these payments.
There is a required down payment on a mobile home just like the majority of houses. Unlike houses most mobile home loans only require a 5% down payment, and the more you choose to pay above and beyond the 5% will reflect in your interest rates of your mobile home loans. Mobile homes do not generally cost what homes do, and since they can be easily removed or destroyed insurance varies a great deal as well.
The majority of the specified mobile home loans are pretty straight forward. They do not tend to have as long of repayment terms as homes and the shorter the repayment term you select the better your interest rate will be. Mobile home loans are easy, but the lender does not like a lot of the long drawn out repayment plans like with homes. The majority of the mobile home loans is to people living in parks, but is not limited to that. Parks have a tendency to feel like a neighborhood or community and allow people the partnership of getting to know their neighbors. While there is a completely separate mobile home loans process for people living in a private area it is not unheard of, and the majority of lenders have programs setup for both parks and private. Lenders are often more likely to give a better deal to the mobile home loans that are in parks for they are less likely to receive as much damage or trouble than that of the private people.