Finally, for those that lease the land that the home will sit on, their only option for financing is with a chattel mortgage. A chattel mortgage comes with higher interest rates and shorter terms, which increases the monthly payment.
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In today’s economy, it can be difficult to find quality mobile home financing. However, there are some great opportunities to finance a home utilizing any number of lending options specific to mobile and manufactured homes.
Mobile homes, as well as airplanes, yachts, houseboats, and certain farm equipment may qualify for chattel mortgages. First and most important, chattel loans are priced much higher. 21 st Mortgage.
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Since 1995 MH Loans has been a leading mobile home loans resource. Owners and buyers appreciate the customer-centric philosophy, offering excellent service while exploring a variety of manufactured home financial services – refinancing and new mobile home mortgages.
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An inspection is always required on every mobile home financing loan. An inspection will give the overall condition of the home, and additional options of the mobile home, such as decking, awnings, garages, etc. If we have enough value booking the home out using the inspection, an appraisal is not required.
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Chattel loans are often used for mobile and manufactured homes when the home is going into a park or manufactured home community. A chattel loan is a home-only loan, as opposed to a loan for the home and land together.