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Frequently Asked Questions About Mobile Homes Financing
Making the decision to purchase a mobile home is only the first step in the manufactured mobile home buying process. You need to secure financing in order to pay for both the land and house. For financing, seek out mobile home financing dealers or banks to obtain the right mortgage or loan for you. Following are some frequently asked questions about mobile home financing:
What Factors Should I Consider Before Buying a Mobile Home? The best thing to do first is plan ahead, saving up enough money for the down payment and closing fees. Many banks will finance up to 95 percent. However, the more you’re able to put down in cash, the less you’ll end up spending each month on payments. Loan officers can work with you to come up with a budget and a dollar amount for the type of house you are qualified to buy. Shop around in terms of rates. You’ll find big differences out there in terms of rates and fees.
Will You Give Me Financial Advice? Your mobile home financing expert would be happy to sit down with you and go over the some suggestions when in the process of buying a mobile home. He will tell you to avoid changing jobs or shifting money around, at least until your loan process is complete. This will show a stable employment history and allow loan officers to more easily verify your financial status, including where your funds come from. At this time, you should also avoid adding to your debt by buying a new car or expensive furniture. You don’t want to find out you can’t qualify for a modular home loan because you owe too much to creditors.
Are You Upfront with Your Fees and Penalties? Do your research on every lender you consider, making sure they don’t
offer loans with risky features such as balloon payments in the first seven years of the loan, prepayment penalties or negative amortization.
Like other housing options, many people will need to finance their mobile home with an affordable mortgage in order for them to purchase a house to live in. When looking at your different loan options, you will need to go over your equity to see what the best option for you is. Lenders will look at your credit when giving you a rate. If you plan on buying a double wide or single wide modular home in cash you make the process much quicker so you can have it delivered to its destination site. Lots will also cost different amounts depending on the park it's located in and what type of view it has. Commercial and residential properties will generally cost the same depending on the real estate broker you choose to work with. A new and used mobile home will range in price depending on how much square foot of living space it has and how many meters it's made with. Manufacturers may offer a sale on some of their housing choices to entice customers to buy from them. If you want to refinance your home you will need to go over the same type of paperwork you had when you took out your first loan. If you are going to need to finance your home you will need to go over the loan and make sure there are no hidden fees or rules that you will not be able to keep up with. Mortgages are great for those that want to make monthly payments on homes when they can't pay in cash, but you don't want to purchase a house that you cannot afford.