Getting a loan for a manufactured home is the same process as getting one for a regular house. Finding a good mortgage broker that specializes in manufactured housing financing will have a vast array of resources available to find the best loan for your budget. Taking time to find a good broker will be very helpful in the long run.
Lenders will look at a few things before deciding whether or not to give a loan, and what that amount can be. The first thing is credit, and your ability to responsibly pay your bills as well as not having too much debt. They will also look at employment history, current salary, and various monthly expenses in order to find the right amount to lend.
After approval has been made, the next decision a broker or reputable mortgage company will work with you on is the type of loan that is best for your situation. A fixed rate mortgage has the same interest rate throughout the life of the loan. This can be a good if the interest rate on the loan stays lower than the market rate.
Another type of loan is the adjustable rate mortgage, which will start off low and provide low monthly payments, but after time will adjust to current market conditions and could end up costing the borrower more in interest down the road. These loans are good for short term use, when the buyer knows they will sell or pay off the home before the rates go up.
A qualified broker will explain which manufactured housing financing services are available in your area, and also explain how the process works and what is required. Shopping around for the most helpful agent as well as a good finance company that will work with you on setting agreeable terms will save a lot of money over the life of the loan.
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