Tips for Getting Mobile Home Equity Loans
64Not every lender you contact in town or on the computer is going to be excited when you make a query regarding about Mobile Home Equity Loans.
Especially banks and credit unions. Oh, yes, they'll show some initial
interest if your home is located on land you own and set on a permanent
or quasi-permanent foundation system. That setup gives them a more
plausible reason to give you some money. However, before you waste your
time and are forced to genuflect to some lenders, who may accommodate
your request for a mobile home equity loan but make the loan so
egregious with high interest loan payments that will put you in a bind,
consider these optional tips.
Tip One:
Since your equity will be used as collateral for the loan it's important you know how much equity is available before you start contacting lenders. This is an easy procedure. You're the person making the monthly payments on your current loan so check a recent statement and take a peek. Current loan amount versus assumed value equals your available equity. You'll probably get 75% to 80% LTV.
Tip Two:
When a borrower gets involved taking out mobile home equity
loans there is a reason. What's yours? Buy a car? Help your kids who may
be in financial trouble? Take a trip? Pay off a bunch of credit card
debt or make some serious home improvements? Good! Your future lender
will smile when you tell them you need the mobile home equity loan for
the last two items mentioned. Shows good judgment and common sense.
Tip Three:
Items one and two above are important but not nearly as
critical as finding the right lender for your mobile home equity loan.
The fact is most conventional lenders have enmity toward anything to do
with mobile homes. That's just the way the ball bounces. Any type of
mobile home loan is a specialty loan, ergo you must find a lender who
will show a propensity to part with the money. Shop around. Make
contacts. Compare loan terms and interest rates. Seriously look for
lenders who specialize in making mobile home loans of all kinds because
this is where you'll find the best rates. Using your computer is the
best way to track down a lender who can best fulfill your needs.There are many different lenders out there, and getting one that offers the best options may take some work, but it is well well worth the effort.
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CommentsLoading...
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MaryAnne09 21 months ago
Great article regarding Tips for Getting Mobile Home Equity Loans!