Getting Low Interest Loans For Your Manufactured Home

Considering that a little more than 30% of single families are living in manufactured homes, how competitive are the mortgages that you can get? If you were looking at loans from the manufacturer, he would no doubt present you with mortgage options for you to choose from.

What you first need to decide is whether you would like to place the home in a plot of land that you own or whether you would like to go to a mobile home park. If you do own land, you should ensure that you will be within the regulations when you place your manufactured home there.

If you shop around, you will get low rates for your mortgages. What the agent will do is to fix an interest rate for you depending on your credit rating. A bad credit rating could mean a 20% interest rate.

However, do not take a decision till you have shopped around. Armed with the rates you have been given, shop around for other mortgages, do an online search and compare all the rates you get before taking a decision. It would help if against each rate you were to also put down the advantages and disadvantages so that it makes it easier for you to decide. Keep ticking off the ones you don’t want so that you can get the best deal as far as payments go – they should be easy for you to afford right through the whole repayment term.

All it takes is a little extra work and you’ll be glad you took that extra time to decide when you are able to hone in on a mortgage plan that you find easy to handle month after month.

Entry Filed under: mortgage lenders