One of the easiest ways for individuals to purchase a home is to find a mobile home, also called manufactured home. These homes are pre-made in a factory, and it’s easy to transport them to wherever the owner would like to set them up as their new home. Typically, construction regulations make mobile homes dramatically less expensive than buying or building a home from scratch. Before making your decision to go this direction, there are several important facts about mobile home mortgages that buyers should be aware of.I’ve read a nice article about snel geld lenen.
When one purchases a mobile home, there is little chance that the home itself will be judged sufficient collateral to back the loan. This is due to the fact that manufactured homes depreciate in a similar way as automobiles. Under the usual circumstances, the value of a manufactured home is almost zero at the end of a 5 to 10 year period.
Because of this, it’s usually necessary to combine at least one acre of land with the manufactured home as additional collateral. Once the manufactured home is tied to the acreage, the value stops depreciating and it gains as much value as any stick built home.
It’s easier to locate lenders for mobile home mortgage than it is for a traditional home mortgage. This is due to the fact that most mobile home manufacturers often work with their own lenders to expedite sales. These lenders commonly cooperate with individuals with poor credit so long as it isn’t the absolute worst on the scale.
One of the main requirements for most mobile home mortgage loans is the axles and wheels be taken away when the home is set on site, and that it be attached to the ground in such a way that it ends up making it one complete unit. In this way the lenders make it harder for the homeowner to think about moving the mobile from the chosen site, and makes it less likely they will default on the loan as they would be losing the land it sits on as well as the mobile home itself.
The good news concerning mobile home mortgage loans is that they are usually negotiated for thirty year terms, much like a traditional mortgage. Due to the fact that the cost of a manufactured home is a lot less than a foundation home with a similar floor plan and equal square footage, the mortgage payments for a mobile home are considerably less each month.
It’s also important to realize that the construction of mobile homes has vastly improved in the last few years. One of the biggest advantages advertised by companies trying to sell mobile homes is that they are very energy efficient. In most cases, the newer mobile homes are much more energy efficient to start with than in comparable foundations homes, unless the builder has made extra efforts to make his homes efficient.
The lower energy bills that will result are taken into consideration when deciding whether or not a person can obtain a mobile home mortgage. This situation usually works in favor of the customer, as lower energy bills translates to a greater ability to make payments in a timely manner.
