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Tags: finance, loans, mobile home loan
 Having a mobile home, or at least a house that’s movable, is thought to be one of the best things ever created (at least during the 70’s). Being an owner of one of these adorably cozy “machines” gives them a sense of pride, taken that it’s really something they can boast about.
Are you interested and planning to get one of your own? If so, then here’s what you should know: if you don’t have enough money to make the single full payment, then you can always opt for pulling out a mobile home loan. Clearly the name speaks for itself, as well as its purpose, which is none other then to help you purchase the shack on wheels through a series of payments.
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Here’s a tip that you can do that’ll help you lower the interest rates on the said installments: avail one without land. By doing so, they’ll situate in a mobile home park (or some other area), which means lower loan interest rates and easier terms for you. But if you’re not into sharing with other hippies owning this type of house, then having a piece of land of your own would be in order.
Owning land of your own does come with its benefits – aside from getting the privacy you desire (like a hermit), the interest rates can be lowered. Another thing that you can do as to secure a better deal with the lending organizations is to get a mobile home loan with the following included in the “conditions”: get one without wheels or a hitch.
Not having any wheels and hitch for moving it around and stuff kinda spoils the whole idea of getting a transportable crib, but it does increase the odds of your creditors wanting to do business with you. That way they’ll be sure you won’t be running off someplace they haven’t thought of yet.
With that said, having the movable shack attached to a fixed foundation improves your credibility, leading to better rates and terms. Here’s another tip: don’t go to a mortgage company if your mobile home is below $40, 000, why? Coz the deal you’ll be making with them is going to suck big time, plus the processing time for approval is going to be long.
Don’t want that happening, so forget those suckers. Lastly, having good credit history will be well in your favor when it comes down to availing a mobile home loan, just as it is for availing any other kind. Extending mobile home loans is one of the riskiest services offered by lending companies, so having pathetic credit scores would only make availing them harder for you.
However, there is a “program” that’ll help you out with your bad credit record. Basically, it allows you to avail the mobile home loan, and you make the payments while you’re staying in it. At the same time, you’ll actually be repairing your reputation as an unworthy chump – kinda like hitting two birds with one stone, right?
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
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