Reader’s Question:

I have been planning to own a mobile home here in Albuquerque, New Mexico for quite sometime now but I know so little when it comes to financing which seems to be the hardest part of actually having one. Would it be really this difficult to get mobile home financing?

Florence

Albuquerque, NM

Financing a mobile home in Albuquerque, New Mexico is no more difficult than financing any other home since personal property financing is now readily available. One of the things you need to remember is to not feel obliged to take the financing offered by the salesperson so you have to shop around. Loans for mobile housing vary widely in their terms. Also when a home is financed as a real property, a lot of financing programs would be available with terms of up to 30 years because studies show that the appreciation of these homes is similar to the appreciation of site-built homes.

Also, know that the Fair Housing Act prohibits any type of discrimination in housing or any related transaction which include mortgages and home improvement loans. In addition to your knowledge, the Department of Housing and Urban Development Secretary Alphonso Jackson, has announced in March that the New Mexico State Program and Albuquerque will receive a total of $29,424,491 to support community development and produce more affordable housing. HUD’s annual funding will also provide down payment assistance to first-time homebuyer like you.

Tags: mobile home, mobile home financing, mobile home loan quote

Need mobile home financing?  What are the best places to get the best rate on a mobile home loan?

1. Your local credit union - if you don’t belong to one join one. Some credit unions are open to anyone who lives, works, attends church or school in the area.  Joining a church to get into a credit union who gives super low rates on credit cards, checking accounts and mobile home financing might not be a bad idea.
2. Your local bank if you don’t or can’t join a credit union is the next place to inquire.  If you already have a checking or savings account with your bank you might be eligible for lower rates on mobile home financing. Don’t be affraid to ask for a lower rate than what is posted publically especially if you have been a long time customer in good standing.
3. Use the Internet and get 5 quotes online. Then use each of those quotes against each other. Call the first company and tell them you got a better quote from company X and want to know if they would beat their rate. Then call company X and tell them company Y gave you a better rate and give them an opportunity to beat that new rate.  This takes some time, but it REALLY works.  Keep doing this will all 5 companies until you have reached the best quote you are going to get.

Are you over paying for insurance on your mobile home?  Most insurance carriers either do not offer mobile home insurance or if they do they charge an arm and a leg for it…as you know.

What can you do to lower your insurance premiums?

1. Shop around….ya I know, that is what you are doing now.
2. Combine your coverages with one carrier….move your auto, life, health etc to one company
3. Carry a high deductible amount…the higher the better. You really only want to cover your mobile in the case of a total loss anyway. You would not want to make a claim less than $1500 if you can help it.  Your premium will cut in half just by raising your deductible.
4. Ask about discounts - adding a security light outside, adding covered parking outside, moving the structure away from trees etc. could result in a discount in your premium.
5. Pay down what you owe on the mobile….if the insurance company sees you own a large part of the structure they are more likely to give you a discount on the premium.