Mortgage - Home Mortgage

Mortgage Rate
Mobile Home Mortgage

It is just as easy to get a mortgage for a mobile home as for a regular home. Nobody should be denied a mortgage because they are purchasing a mobile home.

A mobile or manufactured home is a house that is built in such a way that it can be moved from place to place. Mobile homes are often called trailers even though they are not trailers. Mobile or manufactured homes are real houses and many of them have the same amenities as a regular home.

There are many lenders that specialize in mobile home mortgages. The interest rates charged on mobile home mortgages are comparable to those offered on regular mortgages. Most people should notice little or no difference between a mobile mortgage and a regular mortgage.

Mobile Home Mortgage Process

The process for getting a mobile home mortgage is almost identical to that of getting a regular mortgage. A homeowner or homebuyer will take the same steps and submit the same paperwork to get both kinds of mortgages.

All of the mortgage options available to regular home owners are now available to mobile home owners. A mobile home owner can qualify for an ARM, a traditional fixed rate mortgage and a 30 year mortgage.

The mobile home mortgage process and the regular mortgage process are now almost identical because modern mobile homes are often indistinguishable from regular homes. The only difference is that the mobile home can be moved using special equipment and a big truck.

Mobile Homes with Real Estate

Persons who buy a mobile home along with a piece of property will probably notice little or no difference in the mortgage process. In such a loan, the real estate is used for collateral.

For properties that have an older mobile home on them, the mortgage company may use only the property as collateral for the mortgage. This could occur because some older mobile homes are not very valuable.

New manufactured houses will be treated like any other home in a mortgage transaction. A person who buys a lot with a manufactured home on it will see little difference in the mortgage transaction.

Mobile Homes Alone

The only time a person might have a problem getting a mortgage on a mobile home is when no real estate is attached to the mobile. Since traditional mortgage companies are used to working with homes with real estate attached many of them don’t like dealing with manufactured homes located on rented lots in mobile home parks.

 To get a mortgage on such a structure, a homebuyer may have to turn to a lender that specializes in mobile home mortgages. Many such lenders can be located online where they advertise heavily.

Another way to locate a mortgage provider that loans money on mobile homes is to ask mobile home dealers and manufacturers. Many of these have their own finance plans or work with mortgage companies.