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?

• Mobile homes are a far cheaper alternative to site built housing. The average site built house costs approximately $136,000 to build and the average manufactured home costs $43,000!
• You can choose whether you want to place your home in a park community, trailer park or on private land.
• If you are buying a new mobile home it can be built in approximately 100 days. You can be in your new home in a shot!
• This affordable housing solution can help young couples and families to take their first foot on the property ladder. In fact, manufactured housing accounted for a quarter of all new single family housing starts in the 1990's
• If you need a mobile home loan to purchase such a property, the monthly repayments can be just as reasonable as renting. Also you need a far lower down payment than traditional site built homes.

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.