Mobile Home Loans

Talk about mobile home loans, it's available most of the states. These loans is quite similar to home equity loan, both products also required pledge a home as collateral. The major different between these two products is the interest rate of mobile loans always higher than ordinary home loans.

When purchase a new or old mobile home, you are required to pay a deposit. Minimum payment from 5% of the value of the house, and the interest is vary depend how much deposit you pay. If deposit paid more than 10% or onward, you will get a better interest rate than people who pay 5% of the property.

To get these loans you have to fulfill the qualification requirements, to view the qualifications, please refer to Mobile Home

After several years staying in mobile home, you also will gain equity from it. And you may refinance your home if you wish to.

The payment term for this loan is from 15 years or longer. For special circumstances, some borrower will shorten the payment term. Of course, they will save money from the adjustment. Some lenders also encourage borrower to repay the loan sooner. Anyway, the profit range for this loan is lower than other mortgage loans.

Basically there are no prepayment penalty impose from this loan, cause these loans are aim for lower income group. Some lenders might charge some application fees, but most of the lenders waived the fees.

Here are some tips for getting the loan :-

1) Be cautious of your credit score, before liaise with lender's representative, make sure you aware of your credit score. If score is in bad side, fix it by payment on time, payoff some debts.

2) During the process of the loan or before application, do not acquire more debt even you think that you are affordable.

3) Settle your credit card's bills before applying to the loan. try your best, at least partial of the bills being paid.

4) If you are seeking equity loan, make sure you have earned sufficient equity of home.

For more home loans information, please check out Home Loans instead of Mobile Home Loans

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