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Mobile Home Mortgage Loan

Getting ready to buy a mobile home is an exciting time in anyone’s life. Whether you are a first time mobile home buyer or not, you will need to know a few things before you seek financing for your purchase. This article will serve as your guide for choosing the right mobile home mortgage loan.

First of all, locating the right lender can be challenging. Of course you can always go down to your local bank or credit union, but that may not be your best option. The rates and programs offered by local banks are normally targeted at single-family homes therefore they are not always the best when it comes to mobile home mortgages.

If you take time to do a little bit of searching, you may be able to find a company that specializes a little more in mobile and manufactured home mortgages. A quick search engine query for ‘mobile home mortgage company’ will bring back several results. Another option, and maybe a better one, is to use a company like LendingTree, LowerMyBills or eLoan that specialize in making lenders compete for your loan. These companies get smaller loan companies to sign-up and compete for your mobile home loan.

If you don’t like the online option, you may be able to seek financing from the company that sold you your mobile home. Normally you will be able to get attractive interest rates and programs using lenders recommended by the mobile home company. Just keep in mind that the company may be making additional revenue from your financing, so make sure you compare.

Once you have determined the company to provide your mortgage, you need to consider the term and rate that you are comfortable with. Normally you can choose to finance your mortgage from five to 30 years. You will also need to choose whether to go with a fixed-rate mortgage or an adjustable rate loan. Adjustable rate mortgages are more risky, but can provide lower payment amounts up front. Be sure you understand the difference before you make your decision.

If Have More Questions or Need Additional Information About mobile home mortgage loans and mobile home refinancing programs, visit the Mobile Home Mortgage Center at http://mobilehomeshoppers.com/

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