Getting A Mobile Home Loan
Filed under: Mobile Home Loan Quotes, Refinancing a mobile home
Reader’s Question:
A usual house for me is too costly at the moment so I just plan to buy a mobile home here in Idaho. Why do most financiers want me to have a land before I can get a mobile home loan from them?
Vanessa
Boise, ID
The majority of financial institutions would like you to have a foundation or your own land before they can be able to provide you a mobile home loan. This way, it will give them assurance that you are not going anywhere and take your mobile home with you. An advantage you will have on this is that it would make your home more of a permanent construction and it would weigh up for a bigger amount in value.
A way for you to get a mobile home loan in Idaho without the need of owning a land is to use a mobile home park. This way, they do their loans or you can have an alternative of ‘buy here, pay here.’ This is a great way to begin because the moment you are finish paying for the home, you can buy your own land and transport it anywhere you would like to.
A very important thing to take note of if you want to have a mobile home loan is that you would need some cash down. It would be significantly less than the amount you would pay for a home mortgage since the value would be smaller. In other words, you would have fewer costs and you would pay your mobile home quicker than the people who buy a regular home. The moment you are done paying your mobile home off, you have the option to sell it and use the money to pay for something or just keep it without payments.