Manufactured Home Loans Waterville ME
You may choose to finance your manufactured home and land with a lender who offers traditional mortgage loans secured by your manufactured home. Read the following articles to learn all about manufactured home loans.
Generally speaking, a manufactured home mortgage is a written document which gives a creditor an interest in the property of a borrower to secure payment of a loan debt. While this broad definition blankets all mortgage loans, the different types of homes, or collateral, are what draw differences between manufactured home, or chattel, loans and traditional stick built home mortgages.
When you apply for a mobile home or Manufactured Home Loan, your credit score is one of the main factors that lenders use to decide if they are going to approve your mobile home loan or decline funding you. Also affecting the approval process is your income, savings (including personal savings and retirement accounts such as IRA's) and if you have any other assets such as stocks, bonds, or other assets.
The value of diligently tracking your credit score is often underestimated. Failure to know what is on your credit rating can keep you from qualifying for loans and in far too many cases will cause you to pay higher interest rates.
See below to find manufactured home loans providers in Waterville that give access to requirements for manufactured home loans approval, mobile home loans, manufactured home mortgage rates, manufactured home refinancing, and mobile home loan programs, as well as advice and content on how to apply for manufactured home loans.
When mobile homes first hit the market, many lenders were unenthusiastic to offer financing as they were considered by most to fall into the same category of vehicles. For the majority they would depreciate in value quickly, unlike a traditional house that would appreciate in value over time. It was unlikely that a mobile home refinance loan would be available due to the rapid depreciation leaving little in the way of equity over a few short years.