Illinois 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
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 Illinois mobile
. Typically, the amount financed for Illinois mobile
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
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
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
However, there is nothing to worry as there are lots of ways to
finance the mobile home.
FINANCING OF MOBILE HOME:
Instead of the fact that Illinois mobile
risk to lenders which in lieu means fewer lenders and less
favorable terms for home loan seekers, there are few lenders who
provide Illinois mobile
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
FACTORS HAVING IMPACT ON YOUR ELIGIBILITY FOR MOBILE HOME LOAN:
Here are some factors which determine the eligibility for
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 Illinois mobile
, 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 Illinois mobile
. This will
include looking at your earnings, expenses and your debt to equity
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