A mobile home loan is a financing tool, by which a mobile home can be financed. A mobile home mortgage loan is similar in many ways to a traditional mortgage, but there can be some very important differences. The type of mobile home, whether the land is being financed, and the age of the unit all play a factor in getting approved.
Although many people choose mobile homes because they are cheaper than traditional homes, there may be additional costs that go along with financing. For example, a mobile home loan that does not include land will often have different terms than one that does. One thing that should remain the same is that there should be a tax deduction for the interest paid, as long as the home serves as the taxpayer’s primary residence.
Generally, a 모바일대출 will not be available on a unit that is more than 30 years old, especially if it does not have a permanent foundation. Lenders simply see the risk as too great. The average life expectancy of a mobile home suggests that they often don’t last much longer than 30 years. For this reason, a lender will be very hesitant to finance a home that is unlikely to outlast the life of the loan. In some cases, this can be overcome by taking out a loan for just 15 years, rather than 20 or 30.
Another option for a mobile home loan is the personal property loan.
This loan is specifically for mobile home buyers who will not own the land underneath. Such a situation is very common with mobile home owners because many sit on rented lots, or can often be moved from one location to another. The length of these loans may vary somewhat from traditional mortgages. Often the interest rates on a personal property loan will be higher than those on traditional mortgages.
Down payments for a mobile home loan typically range from 5% to 10%. Lenders will also accept larger down payments. Getting one to accept less than 5% will likely require the purchase of mortgage insurance. This insurance will pay off the loan in the event of default by the borrower. The required down payment percentages for a traditional home and a mobile home are very similar. Of course, the down payment for a mobile home will generally be more affordable since the cost of the home is generally less.
