Manufactured home lenders vary as wide as manufactured housing retail companies do. That is why potential borrowers need to know as much information as possible.
First off, borrowers should know what kinds of manufactured housing loans are available and which types they will need for their particular situation. There are three primary loan types. Personal Property Loans are specifically for houses financed apart from the lot. Real Property Loans are for a house co-financed with the lot, in a loan package deal. Lastly, Construction Loans are to finance the process of design-to-construction.
Next, the borrower is expected to ‘shop’ around and evaluate the different loan lending companies. These loan companies vary like the circumstances do, although all follow certain standards, such as fixed/variable interest rate options and 10 to 25 year payment plans.
Even though all feature the fixed/variable interest rate option, the percentage and the rate itself are left up to the discretion of the particular company. For this reason, borrowers are advised to compare rates and other terms between loan companies until they find a deal that suits their particular needs.
Some other criteria for finding the ideal loan lender fall under a personal nature, such as the experience the loan lender has within the manufactured home industry and the laws that pertain to it. Also, a buyer must feel comfortable with a particular loan lender in order for the transaction to run smoothly from beginning to end. For this to happen, borrowers are expected to do a background on the company prior to any engagement so they will be prepared to deal openly and honestly and to know exactly which questions to ask and why. A loan lender who listens as well as explains is a potential choice.
There are countless loan lenders, and some do business internationally. Ten of the most well known are: 21st Mortgage Corporation, Bank of America, Cascade Land Home Financing, Countryplace Mortgage LTD, CU Factory Built Lending, Sterling Savings Bank, Triad Financial Services, Inc., U.S. Bank, Vanderbilt Mortgage & Finance, Inc. and Wells Fargo Home Mortgage, Inc.
Keep in mind that, although larger national institutions will accommodate more in terms of benefits, the local or regional companies are likely to have lower interest rates.
Don’t forget, those considering buying a manufactured home and applying for a loan should do their research first! Loans are helpful, but loan contracts can be tricky and sticky.
