Posts Tagged ‘Mobile’

Home Equity Loan Mobile Home – Getting Money to Help is Easy!

September 8th, 2010

Do you own your mobile home and you want to use it to get money for something? Are you looking to refinance your mobile home for cash for any reason at all? There are ways to get a home equity loan on a mobile home without much trouble at all if you know where to look. Here are some tips to help the process go smoother.

First, if you have great or even just good credit you need to start with your bank. Even though not all banks do loans on mobile homes you should always start with your bank because if they do, then they will give you the best rate and the convenience of paying your payments where you bank. They will make sure you are taken care of.

Second, if your bank cannot do a home equity loan on mobile home, then you have another option and that is the company that currently holds your mortgage. This could be one of many different types of lenders, but it is much easier to get lower fees and a lower rate if you try to get a home equity loan on mobile home through the company you already pay.

Last, if these two options fail do not get discouraged because there is still another option. There are non conventional lenders out there that specialize in harder loans like those for mobile homes. You just have to seek one of these companies out and find out if they can help you. The good thing is they have lower standards and You can approve easier.

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Posted in Home Loans Articles

Tags: Equity Getting Mobile

Top 5 Reasons to Refinance Your Mobile Home Loan

July 14th, 2010

There are almost as many reasons to refinance your mobile home loan as there are people applying for the loans. However, here are the five most common reasons for refinancing.

1. You want to lower your interest rate

Loan rates have been going down for several years. If you have had your loan for several years, you may be paying at a higher interest rate. Also, if your credit rating has improved, you may now qualify for a lower rate than when you originally took out your loan.

2. You want to lower your monthly payment

There are a couple of ways you can qualify for a lower monthly payment: (A) By getting a lower interest rate, your monthly payment will go down. (B) If you extend the length of your loan when you refinance, you generally will decrease you monthly payment more than just lowering the interest rates alone.

3. You want to reduce your overall loan amount

If you lower you interest rates, but keep the length of the loan the same, you will reduce the amount that you pay back. Sometimes, this is more important than just reducing the monthly payment.

4. You want to make home improvements

Sometimes you want to make improvement to your home or land and you are looking for a method to pay for the improvements. By using your mobile home as collateral, you can get the money you need to make the necessary improvements.

5. You want to get money to pay off high interest credit cards

Similar to making home improvements, you can use the collateral in your home to get money to use for any reason you can think of. However, before you use this option, please be reminded that you are putting your home up, and if you overextend yourself, you could lose your home in the process.

There may be other reasons to refinance your mobile home loan. But whatever your reason, you should be able to obtain a favorable loan rate to accomplish your dreams.

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Posted in Home Loans Articles

Tags: Mobile Reasons Refinance

Counted for Mobile Home Financing? Get Approved Now

June 15th, 2010

Have you been trying to get traditional financing to purchase a new mobile home, only to be turned down by lender after lender? If so, perhaps you should try the more lenient lending environment of online mobile home loan servicers.

They were once viewed as just trailer homes that depreciated every year much like your automobile does. With improved design features – including sturdier flooring, premium windows and doors, and thick wall construction, the ones of modern times can be expected to last for years with proper upkeep and maintenance. Online lenders do not look at it so much as a depreciating asset – they see it as an investment in your future. That makes it easier than ever to find a lender who will say yes where others say no.

Online Mobile Home Loans

To apply for financing with these special online lenders, you will visit their secure website where you will find a link to an application. The application will ask general questions regarding your financial picture, including your past and present employment and income, as well as personal references who are familiar with your situation. You can be approved in as little as twenty-four hours for your new mobile home loan.

You can choose to have your new lender pay the dealer, or you can choose to have the proceeds of the loan deposited directly into your bank account, where you will have greater bargaining power when you close the deal. You may choose terms as long as thirty years for certain types of mobile homes. If you prefer to pay off the loan sooner, you can do so in as little as seven years.

Warranties And Add-Ons

When choosing your mobile home, you should carefully study any warranty plans that you are offered, whether the warranty is an add-on feature or included in the price of the home. Choose the warranty plan that charges you the least out-of-pocket for any defects during the first ten years. On the flip side, an ideal warranty will cover any manufacturing defect for a certain period of time, typically ten to fifteen years or more.

Take into account before you make a deal with the mobile home seller any appliances or upgrades that you want to have in your mobile home. Some features that may not be included are central air conditioning units, stove, refrigerator, washer/dryer, and under skirting. Be certain that the cost of moving the mobile home and setting it up at your location is included in the price of the home.

Tax Breaks

If you own the land that you will be placing it upon, you can have the property titled as real property in some states, once you have it set up properly upon a foundation. Although you will be now required to pay real estate taxes, those taxes are deductible on your income tax form. However, if your state does not allow you to consider your new mobile home as real property, find out whether you are required to pay tax on it as personal property.

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Posted in Home Loans Articles

Tags: Approved Counted Financing Mobile

Interest-Only Mobile Home Loans

May 3rd, 2010

Mobile homes are a choice of many a home buyer due to their efficacy as well as cost efficiency. There are many loans available in the market presently for financing the buyer’s varying and specific requirements. An interest-only mortgage or loan is one that allows borrowers to pay only the interest for a particular set period of time. The required monthly mortgage payment does not include the repayment of principal, though loan takers are at liberty to do so if they like.

A new trend has emerged lately regarding the popularity of interest-only loans for the purchase of mobile homes. It has been observed that lately the interest-only option has been attached to the adjustable rate mortgages. This explains the rapid growth in the popularity and application of interest-only loans.

Adjustable rate mortgages are risky as homeowners are exposed to rising mortgage rates when market rates increase. By adding an interest-only feature, the risk is further increased. When the adjustable rate mortgage rate is adjusted sometime in the future, the new payment due is also calculated using the original loan amount, in contrast to the smaller balance on a fully adjustable rate mortgages.

Interest only loans are offered as a new type of mortgage, with lower rates than standard fixed-rate mortgages. This is a well tried and successful marketing gimmick since the lowered rates are due to the adjustable rate mortgages and not the interest only loans. In fact, since there is a higher default risk in case of interest only loans, the price of the mortgage in question with that clause increases.

Interest-only loans are only worthwhile in a few, special cases. If the borrower keeps repaying the principal as and when he has the money even though he is not obligated to, then the principal amount will also reduce and with interest.