Archive for September 28th, 2007

Manufactured Home Mortgage: The Answer to High Cost Of Living

These days, the cost of living is constantly increasing. In fact, many people are now finding it hard to own a home. You have to face the fact that traditional homes are beginning to get quite expensive compared to the past where many people were still able to afford to buy that dream home in the suburbs.

However, if you are a first time home buyer, don’t get this get you down. There is still a way to own that very first home without spending a lot of money or burden yourself with the high loan repayment programs that most home loans today have.

Today, manufactured homes are now the premier choice of many people living in the United States. Many first time home buyers are now looking for manufactured homes to buy because it is way cheaper than traditional homes. Manufactured homes are constructed out of a factory assembly line and delivered to a lot. Although you may never get to choose the architectural design you want, you will see that manufactured homes are built for simplicity and efficiency, which is the way to go especially if you are a first time home buyer.

Manufactured homes today aren’t actually that simple in construction. You will be amazed at the beauty of these homes and you will see that it will definitely be an ideal home for your first house. Manufactured homes today are composed of different styles. This means that you can be sure that you will be able to find right one for you. All it takes is for you to shop around.

Manufactured homes are much cheaper than traditional homes that are built from the ground up. However, the only fact about financing the purchase of manufactured homes is that manufactured home mortgages are quite high in terms of interest rates. However, in the long run, and because of the low principal of the loan, you will see that you will save a lot of money.

Manufactured homes also have its drawbacks that you need to be aware of. And, because of these drawbacks, the interest rates for manufactured home mortgages are high. One major disadvantage is that the value does not skyrocket when you resell it compared to traditional homes. In fact, the value may even lessen. However, if you do it right, you will see that the value will appreciate over time.

If you plan on applying for a manufactured home mortgage, you should try and check with different lenders as they will have different quotes for the mortgage. Some will have higher quotes than the other ones. What this means is that shopping around for a manufactured home mortgage will increase your chances in getting the best deals.

By shopping around, you will be able to find lower interest rates. Although it may not be as low as mortgages for traditional homes, one percent less in the interest rate will mean big savings for you.

In times like these, manufactured homes are indeed the answer to home ownership. With it, you will not only be able to afford that new home you have been dreaming about, but you will also save a lot of money. So, if you plan on homeownership, try considering getting a manufactured home as your first choice. Although manufactured home mortgages have considerable higher interest rates, you will still be able to afford it.

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Manufactured Home Lenders: How to Find the Best Deals and the Best Lenders for Financing a Manufactured Home Loan

In today’s day and age, manufactured homes or mobile homes are now becoming more and more popular for a lot of people. In fact, for many first time home buyers, a manufactured home is the number one choice. It is more affordable than traditional homes, and because manufactured homes are mobile, it can be moved from one location to another if necessary.

If you are one of the many people who are looking for a manufactured home and you don’t have the extra money for it, you can try looking for lenders that specializes in financing the purchase of mobile homes. Manufactured or mobile home lenders are individuals or businesses that specializes in providing financial help for people who are seeking ownership of mobile homes.

However, it is important to understand that there is a significant difference between traditional home loans and manufactured home loans. Because of the fact that manufactured homes tend to depreciate in value over time, the loans will usually consist of higher interest rates. Another reason why the interest rates for manufactured home loans are high is that it is not regulated by the United States government.

The only great thing about manufactured home loans is that because of the high interest rate, you will be able to qualify for it even if you have bad credit. This means that you will be able to get the loan approved even if you have bad credit history. So, owning a home will be easier.

Although the loan will cost you more money, you will see that manufactured home loans will work for you, especially if you are having trouble finding low interest loans. You have to remember that manufactured homes are quite cheaper than your traditional home. Because of this fact, you will only loan a small amount of money. So, in a 25 year fixed interest manufactured home loan, the payments will never be that hard even if the interest rates are high.

Today, there are quite a lot of manufactured home lenders that will be able to help you make your dream come true when it comes to home ownership. However, you need to make sure that you only get the best deals out of the mortgage offers.

To do this, you should first try asking mortgage lenders about their offers for manufactured home loans. By doing this, you will be able to compare the offers and choose the best one that will suit your needs.

You can make this a lot easier if you use the internet for looking for manufactured home mortgage quotes. Here, you will be able to get quotes instantly and you will also have a wide variety of choices.

You have to consider the fact that there are many manufactured home lenders out there that advertises their offers in the internet. So, this means that you won’t have any problems finding one.

So, if you dream about owning your very first house but you are short on budget, you might want to consider getting a manufactured home first. With manufactured home lenders, you will see that your dream of homeownership will definitely come true. Try to remember the fact that manufactured home mortgages will usually have high interest rates. So, try to consider shopping around for the best deals available.

Add comment September 28th, 2007

Bad Credit Manufactured Home Loans: Will Lenders Still Trust You with a Loan

Most people with bad credit always think that they will never be able to qualify for mobile home loans. On the contrary, this is just a myth and there are now lenders out there that have special mortgage or mobile home loan programs that are specially designed for people with bad credit ratings.

If you have a credit score lower than 600, you will still be able to obtain a mortgage loan to finance your purchase of the mobile home of your choice. However, it will be difficult for you to find one. Besides, you have to consider that with a bad credit score, you tend to be riskier to be trusted on a loan. You have been delinquent with the payments before, and there is a big chance that you will be delinquent with your payments again. As you can see, you are the ones who are solely responsible for your credit score or rating.

By any chance you find a mobile home loan or mortgage program that is specially designed for people with bad credit rating, you should expect the interest rate to be higher than normal. If you are really determined to own that mobile home you have always been dreaming about, then this is the best chance that you can have to get the financial help you need.

If you pay on time, you will not only decrease the risk of your mobile home getting repossessed by the creditor, but you will also be able to improve your credit score. This means that after a few years of paying off the loan in time, you will see that your credit score will improve which will enable you to refinance your mortgage at a lower interest rate.

Mobile home mortgage lenders will basically take a look at three main areas before they process the loan and get it approved. The first is that they will look at your capacity to repay the loan. This means that they will take a look at your income and determine if you will be able to keep up with the monthly payments. Secondly, they will look at your credit rating as mentioned before. Lastly, the lender will look at the collateral, which is the property in question, which should be equal or more than the value of the loan.

The lender will have the right to hold the deeds up until you pay off the loan in full. This will reduce the risk to the lender.

These are the things you have to remember when you are going to apply for a mobile home mortgage loan program. By remembering these tips, you can be sure that you will be able to pay off your loan in time, and also improve your credit score.

With this, you will be able to qualify for refinancing your loan which can have lower interest rates.

As you can see, it is possible that you will still be able to get qualified for a mobile home mortgage loan program even if you have bad credit rating. All it takes is that you should be patient when shopping around for the loan, and never rush things in order to get the right lender that you are comfortable dealing and also the right type of mortgage for your mobile home that you will be able to afford. Take your time in understanding the mortgage you plan on taking out.

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