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Financing Your Mobile Home
So you have decided to buy a Mobile Home. Most lenders will not loan money on mobile homes. This makes it very difficult for most buyers especially when you don't have cash. Other than Mocksville Mobile Homes, almost all lenders will not give you a loan on mobile homes manufactured before 1976. Expect to pay a higher interest rate and have a very large down payment when financing a mobile home with any main stream lender that will. Please remember that all mobile homes are considered personal property just like the car you own. And if you have Bad Credit, just like buying a car you probably won't be able to buy a mobile home either.
Banks Say No..... We Say Yes.....
Info: Monthly payments consist of 3 things. (1)The amount financed, (2)the interest rate, and (3)the time period over which payments are made (amortization period). Terms (length of time you will make payments) vary a great deal and will greatly affect the amount of your monthly payment.
You might need a lower payment which will mean a longer term. Or you might need a lower interest rate which would require a larger down payment. Of course you want to get the price (amount financed) down as low as can be negotiated. Negotiation is part of every purchase and Mocksville Mobile Homes will make every effort to work with you to ensure that the home you are buying is one you can afford, with a term that works for your budget, reasonable interest rates (sometimes as low as 0 percent), and a down payment that will not break your wallet.
Down Payments: When your thinking about how much money you need down, take into account these factors, (1) The purchase price of the mobile home and how much money the seller will have to have down. (2) Will There be lot rent that needs to be payed in advance? In almost all cases there will be. (3) You will need to purchase a home owners insurance policy. (4) Title transfer and any fees that might be associated with it. (5) Any misc. concerns or items such as moving expenses.
Banks Say No..... We Say Yes.....
Give Mocksville Mobile Homes a call at 336-492-7178 we will be glad to talk to you.......Thanks
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