Mobile Home Financing
Traditionally, pre-built homes were called mobile homes, which is a phrase plenty of people still use. Pre-built homes are built in a manufacturing factory and are fashioned to meet the strict Housing and Urban Development standards, which were put in place by the government’s housing regulation of form, safety, and integrity of mobile homes.
The abnormal accessibility of mobile homes makes home ownership within reach of many families who are shunned out of the market for traditional houses. Over the past few years, the rate of growth of the factory-made construction industry has been striking, and the affordability of these homes has played a role in getting rid of the roadblocks towards homeownership for many households. Millions of Americans live in mobile homes, which constitute more than 10% of the total housing market. Nowadays mobile homes offer the superior quality, economic value, and technologically advanced features that homebuyers want.
When obtaining financing for mobile homes, most people tend to dwell on only the mortgage and ignore the rest. While the monthly payment is an important factor the real focus should be on the long term costs associated with the loan. By making the right choices in the beginning of the mobile home mortgage financing you can literally save yourself thousand to tens of thousands of dollars over the life of the loan. Below you will find some common ways to save maximum money the life of over your mortgage.
Now, many companies are offering flexible mobile home financing. They understand that we all want to pay off our mortgage as quickly and hassle-free as possible and these types of mortgages allow customers to do exactly that. As with a normal mortgage, a flexible mortgage can be taken on an interest or repayment-only basis and as a discounted, tracker or fixed rate.
What kind of loan can you handle? This is a critical factor in choosing a new mobile home mortgage that will enable you to meet your financial obligations easily without undue financial stress on you and your family. Lenders often use a guideline for affordability of your proposed home purchase based on 2.5 times your annual salary, but this figure can vary depending on the lender and upon the level of your income. It may also be affected by other characteristics such as your credit score, the economy of the region or the country, and whether this financing is for a new mobile home or a pre-owned mobile home.