Mobile Home Mortgage

A mobile home mortgage is used to finance the purchase of a mobile home or mobile manufactured home. Mobile homes or mobile manufactured homes are manufactured at a manufacturing facility and then moved in whole or in parts to be set up at their final destination.

A mobile home mortgage, or manufactured home mortgage, is secured against the mobile home to be purchased, just like a mortgage on a regular house. Although similar to a regular mortgage on a typical home, the mobile home loan will vary in tenure from 15-25 years.

Mobile home lending is considered to be somewhat risky for a lender even if you have a good credit rating. The risk to the lender is that a borrower may fail to repay the loan amount or the monthly payments. The mobile home loan is secured on the mobile home but since a mobile homes value typically depreciates over time, the risk to the lender is elevated when compared to a loan on a regular house which appreciates in value.

There are two types of mobile home mortgages available, loans to buy a mobile home with the land and loans to buy a mobile home without the land. When the land does not come into consideration, the finance institutions give a loan for mobile homes in parks, leased lots, family land, or any situation where the home is not deeded as real property. This sometimes includes loaning money to people who buy manufactured houses and place the home on their own land until they build another home later.

Some financial institutions have mobile home foundation requirements that have to be fulfilled in order for a mobile home mortgage to be granted on either owned land or on mobile home parks. One requirement a lender may have is that the mobile home wheels, axles, and hitch have to be removed. Another requirement a mobile home lender may have is that the mobile home has to be permanently affixed to a foundation, either a poured concrete support column installed below the frost line, or a poured concrete slab on grade with a floating slab and concrete block piers installed below the frost line.

The mortgage market market is abundant with various loan options provided by a number of lenders. Online lenders are the latest entrants in the loan market and they have made an initiative to overcome the shortcomings that borrowers used to face while borrowing from traditional lenders such as banks and financial institutions.  Some lenders also participate in refinance a mortgage loan for mobile homes.

To find a good online mobile home lender, fill out the form in the right margin and hit Find My Loan!

An online mobile home mortgage provides the convenience of applying for a loan while you are at home or in the office. A borrower can apply for a loan by browsing various online lending websites. An applicant needs to fill up a small online application form with some personal information which is available at most of the lending websites. The lenders use these details to find out the most suitable loan option for you. Online lenders ensure the privacy of the personal details of the applicant, so you need not worry. Collect loan quotes from various lenders and make a comparison among them to find the loan that matches your budget. Try it today using the form provided.