Mobile Home Loans
Mobile Home Loans – With or Without Land
Mobile home loans are increasingly popular due to the increasing desirability of mobile homes. As mobile home construction technology advances causing the comfort levels to increase, more and more people are choosing mobile homes over standard construction methods. When it comes to financing a mobile home loan, two main mobile home loan considerations come into play. Will the home be placed on leased lands or owned lands.
These two items will determine the different mobile home loans terms and conditions. This will usually be the first question you will be asked by any mobile home loans broker. Lets take a look at the differences in these two mobile home loans.
If you are wanting to finance the amount needed to purchase the land along with the mobile home, you loan would likely be referred to as a “mobile home mortgage”. If you will be placing the mobile home in a park or on any leased land, the mobile home loan is referred to as a “mobile home loan” or a “chattel loan”.
Either mobile home loans will require much of the same requirements like credit checks, income to debt ratios. employment history etc.. However you should see a difference in the length of term and interest rates charged, perhaps even closing cost.
Mobile Home Loans Regulations and your Decision
Different mobile home loans regulations and conditions will apply to the two types of mobile home loans. We recommend that you check with your local and federal regulatory bodies to determine which is best for your situation. You may be better off opting to purchase the land to obtain increase tax benefits.
Finding the Great Deal on a Mobile Home Loans
We recommend you shop around. Even in todays economic conditions there are mobile home loan lenders out there not only specializing in mobile home loans but actively seeking customers. Check on line. There are some well known mobile home loan lenders offering free quotes. Check their requirements and see what they have to offer.
You will also find a couple links on this web site for mobile home loan lenders. SJA
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