Mobile Home Loan
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Mobile Homes – The Misconception
Mobile Homes – they're those metal four sided boxes on wheels that move from one trailer park to another? Old people and trailer trash generally live in them – right?
WRONG! Nowadays, mobile homes, or manufactured or modular homes as they have been re-christened, have come a long way. They can now be created to your specification and include multi-levels, walk in wardrobes, garages and thousands of square feet of space. They are also the most affordable form of housing so it should come as no shock that millions of Americans are flocking to buy them either outright or by taking out a mobile home loan.
According to The American Housing Census 2003, 7.4% of American houses are mobile, modular or manufactured homes. Are you still asking why?
What are the benefits?
Where to find a mobile home loan
A mobile home loan is a more specialised loan than a home loan, as you can either mortgage just the property itself (A Chattel Mortgage) if you plan to place it in a park community or trailer park, or the house and the land that it stands on. Traditionally, owners of such properties had bad credit and defaulted on their payments but now the face of mobile home owners has changed, more and more mortgage lenders are seeing encouraging signs that they should enter the market again and offer an affordable home loan rate for this property type.
It's really worth your while making an initial time investment to search for a good mobile home loan rate. The dealer or retailer who is manufacturing your home or the realtor who is selling you a used mobile home should be able to recommend banks, mortgage brokers or Credit Unions who are suitable mortgage lenders. You can also search online for specialists. Just make sure you are getting the best mortgage rate, with affordable fees attached.