Low Interest Loans for Mobile Homes

From in-part properties to truly relocatable mobile homes, finding financing for your mobile home can be a tough and stressful process. While there are tens of thousands of mortgage brokers, agents, and banks out there specializing in lending for standard homes, the mobile home finance world isn’t as large, with only a few dedicated lenders offering specialized and tailored loans and financing.

This means that for the hundreds of thousands of mobile home owners across the United States, it’s surprisingly tough to find a long-term loan that has your best interest in need and the understanding of how your property works at heart. Standard mortgages are rarely ideal for mobile home owners, with their structure designed for owners of standard fixed homes, condominiums, or apartments.

Despite this, however, there are options available for mobile home owners – and would-be mobile home owners who lack the necessary financing. From short-term loans designed to minimize total interest payments to longer-term loans built to assist people in paying for their loan over a greater amount of time, every financing option that’s available for home buyers is also available for you.

In fact, due to the relatively lower decline in repayments and lower rate of default amongst mobile home owners, many low interest loans for mobile homes are available with fewer qualifications or regulatory steps than their fixed home counterparts. This can make it even easier to find financing for your new mobile home, allowing you to purchase and move in as quickly as is possible.

In this guide, we’re going to be looking at several situations that are fairly common to mobile home owners, or would-be mobile home owners. The first is acquiring a property using a loan, be in in an estate or mobile home park, or merely placed on your own property. The second is refinancing your mobile home loan, and the final is assessing different interest rates based on home down payment.

Despite the economic hiccups of the last four years, the American dream of owning property is still very much alive and well. Hundreds of thousands of new homes were purchased this year, many of them in regions that were utterly devastated by foreclosures just a few years ago. It’s a sign of every region moving forward – and it’s one that’s indicative of a brighter future for the property market.

This is equally true when it comes to mobile homes – more people than ever are looking to build or purchase their own easily mobile property. From simple single-bedroom houses to large homes that are built with families in mind, the demand for mobile homes continues to grow. Because of this, an entire range of financing options are available, most with the first-time mobile home buyer in mind.

As with any form of home loan or mortgage, taking out a low interest loan for your mobile home requires a lengthy history of strong credit, frequent and timely repayments on past loans, and your own down payment or pre-deposit to secure the loan itself. All of these requirements are relative, however, and the demands of one lender may not be equal to those of another mobile home lender.

As such, it’s worth checking the deals offered by multiple lenders when seeking a low interest loan for your mobile home. One lender, particularly one supported by a larger bank or credit union, may require a very strong credit score in order to quality for low-interest financing. Another, on the other hand, may require little more than a history of repayments and a down payment that mitigates risk.

Generally speaking, in order to qualify for any type of mobile home loan, you’ll need a certificate of purchase from the park in which you plan to purchase your home, or the mobile home company that you’re purchasing from. These allow the lender you’re using to see the value of your home, allowing them to craft a long-term loan or mobile home mortgage that allows you to repay it relatively easily.

In some cases, as a current mobile home owner, you may wish to refinance your home loan. There are a range of reasons for doing this – some home owners like to free up money for the short-term, allowing them to more easily cover expenses. Others do it due to interest rates at the time and their availability of credit. Both of these circumstances can be arranged directly through your lender.

There’s also the issue of interest rates, down payments, and repayment periods to consider. As with any form of home loan, the total amount of interest that you’ll be required to repay decreases as the down payment on your loan increases. As such, in order to minimize your interest rates throughout the lifetime of your home loan, it’s best to offer a large down payment to your mortgage lender.

Secondly, the period for which you take out your loan will have an effect on the total amount of interest paid. Use an online interest rate calculator to check how a short-term loan could save you money – often, they’re the best deal for mobile home owners.

Whether a low interest loan for a new mobile home, or simply a refinancing package for your own mobile property, acquiring or modifying a loan for your mobile home needn’t be a challenge. Walk into the lender’s office armed with this information and you’ll have a significant advantage – one that can turn into significant savings on your mobile home loan.