Loans For Tenants To Buy A Mobile Home

Though it is tougher for tenants to get loans to buy mobile homes than homeowners, there are loans that are available. The question is, should it be a secured or an unsecured loan? Because he has no equity, a tenant cannot get a secured loan against that but what could be done is to put up the home that you buy as collateral. Let’s take a look at what loans are available and what these two types of loans entail.

Secured loans are tied up with the property – in this case, your mobile home. So unless you keep paying your mortgage installments on time, you could lose your home. Now if you have no other place to go to this could be a disaster.

An unsecured loan on the other hand, does not tie down the mobile home in case you can’t pay an installment or you pay it late. Here, the lender cannot come and take the vehicle away and there is a legal process which has to be gone through.

You will find it easier to get an unsecured loan and very often, you can get your mobile home in a few days. You can go online and look for brokers who are well-versed with this and they will find you the lenders, and also give you competitive prices so you can choose. Try and work out the best deal with the broker so you can then proudly be the owner of your new mobile home.

Entry Filed under: Manufactured Homes,mortgage lenders