There are several options available when financing a mobile home. You can buy one to put in a mobile home park, you can buy one to put on a lot or piece of land already set up with a foundation and utilities. Or, you can buy one to put on a piece of property that will need the foundation, electric, water, gas and sewer setup. You may already own a piece of land and are looking for a manufactured home to put on it.
There are some lenders that make loans specifically for mobile homes, but be aware of scams. Shop around, get some advice, talk to other home owners, and do some research before signing any paperwork. Most lenders prefer to package the mobile home with some land as it gives them more security.
A real property mobile home loan is for the land and the home that sits on it. This is similar to a typical home loan, including a down payment of 20 to 30 percent. A personal property mobile home loan, on the other hand, only covers the home; not the land. The lot or land is rented or sold separately. Note that low down payments on manufactured homes is very rare. In addition, the older the home, the higher down payment required.
The first place to check for a loan is with your personal bank or lending institution that ทาวน์เฮ้าส์มือสอง ราคาถูก has loaned to you before. Your chances are better this way, and sometimes you can get a lower interest rate. If your bank or lending institution turns you down or doesn't offer you the terms you're looking for or need, keep shopping. Each institution is different and uses different guidelines for approving loans. Two banks can be sitting side by side. One will turn you down while the other will approve you. Some simply don't offer loans for mobile homes, and some require different amounts on the down payment. But don't give up until you have talked with all of them.
As you probably know, the bigger the down payment, the lower your monthly payment will be. This is a good idea, especially if you're on a fixed income.
Don't forget to consider the type insurance you're going to purchase while you're looking for a loan. Some loans include insurance in the payment. This may make the monthly payment a little higher, but it eliminates the hassle of paying a separate bill. Sometimes the lending institution or bank can work with you on a lower insurance premium when you combine them.
Make sure that your insurance covers almost every conceivable damage that can occur with a manufactured home, which, by the nature of their construction, makes them more susceptible to weather damage and normal wear and tear than a stick-built home.
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