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A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

Mobile Home Loan

Mobile Home Loan

A home is probably the single most important purchase you will make in your lifetime. As per the survey it has been found that lots of new-single family has bought mobile homes in the recent years. Well, know the question arises “what do you mean by mobile home”?

Mobile Home is a manufactured unit constructed with the concept of mobility and freely movement from one area or a country to another area or a country. It has a concept of chasses and wheels. It is designed for permanent or may be a semi-attachment to land.
Mobile Homes are housing units built in factories, rather than on site, and then taken to the place where they will be occupied, usually being carried by tractor-trailers over public highways. They are usually much less expensive than site-built homes

MEANING OF MOBILE HOME LOAN: Mobile Home Loan is a loan borrowed for the purchase of mobile homes. As we know that mobile homes are not permanently affixed to the land, therefore the security towards the lender is comparatively less than the permanent homes. Although most of the lenders do not make loans on mobile homes, but there are certain lenders who provide mobile home loans. Typically, the amount financed for mobile home loans are much less than the average residential loan, and the amortization period in these sorts of loans are much shorter, perhaps seven to ten years. The reason of shorter amortization period is that mobile homes normally depreciate in value, and thus the lender wants to be repaid over a shorter period of time.

HISTORY: This form of housing goes back to the early years of automobiles and motorized highway travel, and derives from the Travel Trailer in which people can live and travel simultaneously. The large beginning of mobile homes was started in 1950s. After 1980s Mobile Homes were called as Manufactured Homes.

TYPES OF MANUFACTURING/MOBILE HOME LOAN: You may use mobile home loan :
• To buy a mobile home.
• To buy and improve a lot on a place where you already own and occupy mobile home.
• To refinance a manufactured home loan in order to buy a lot.
• To refinance an existing mobile home loan to reduce the interest rate.

Whenever a person look forward for any purchasing of home, the most important and common question him / her faces .i.e. financing of homes. Similar problem a mobile home loan seeker faces. However, there is nothing to worry as there are lots of ways to finance the mobile home.

Instead of the fact that mobile home loans present substantial risk to lenders which in lieu means fewer lenders and less favorable terms for home loan seekers, there are few lenders who provide mobile home loan.

Tracking the sales of mobile homes through retail sales contracts associated with motor vehicle sales is the first step toward creating a statewide-centralized registry. This helped in providing more security to lenders resulting in increased affordable financing for those buying and refinancing mobile homes. The consumer protection and financing parts of this bill are a good first step toward addressing some issues that make mobile home financing more possible.

In financing your mobile home loan retailers proved to be of great help, as they are the one who arrange finance and insurance for your home and are also responsible for having your home delivered and installed. Therefore it is very important


Here are some factors which determine the eligibility for mobile home loan seeker.

• The very first thing required is your credit rating. If you have a high Fico score of above 700 you will be eligible for low interest mobile home loans, however if your Fico score is below 600 you may be limited in your mobile home loan options. You can determine your credit standings by requesting a copy of your credit report from one of the following credit reporting bureau.

• A mobile lender will also look into your account your ability to pay the monthly payments on the mobile home loan. This will include looking at your earnings, expenses and your debt to equity ratio.

• A mobile home loan may also need to finance land purchase or land rental fee. The mobile home is usually set up in a trailer park or may be set up on private land.

• Besides mobile home loans, you may also be eligible for mobile home improvement loans to fix up the home.

So, hurry up and soon apply for mobile home loan as it costs nothing to apply and only takes a minute. Well do all the legwork, search for the best lender to suit your needs and let you know what your options are available


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