Mobile Home Equity Loan
Mobile Home Equity Loan is specially designed for people who want to purchase or refinance the mobile home. Just pledge the mobile home as collateral to lenders or bank, you will obtain a sum of money for any uses, such home repair, medical bill, debt consolidation & etc.
There are many benefits taking this loan, the procurement process is fast & easy, there are no limitation to the way you utilize the money from loan. And the interest rate is lower then personal loan and credit cards.
Qualification Criteria Of The Loan
1) 1st, your age must at least above 18
2) You must own a mobile home and have loan on it.
3) Your credit score must be in good rating
4) Proven of employment and have stable income.
If you are looking for lower interest rate of this loan, you will need to shop for numerous lenders. one of the popular source that preferable by many peoples is FHA mortgage. Their rate of mobile loan is quite low if compare to others.
The price of mobile home is far lower than conventional homes, and now most peoples preference for mobile home with land. Paying less money but owning a land with house together. A lot of peoples are using this loan to buy another mobile home with land.
Although the you will likely to obtain the larger sum of money for the equity loan. Make sure that you are using it in a proper way, and capable to repay back to lender. Default payment will put your home pledged in risk of foreclosure.
For other mobile home loan information, please check out
Manufactured Home Loans instead of Mobile Home Equity Loan
Bad Credit Mobile Home Loan
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