Mobile homes are built in factories after that it will take to the place where you want to occupy. Mobile home loan is also known as manufactured home loans. So it is important to know about mobile home loan, when you are applying for a mobile home loan. It is also available like mortgage or personal property loan.
Types of Mobile home loans
1) Mobile home mortgage loan- The loan is applicable for the home with a permanent foundation. It covers the cost of the home as well as any repair work done
2) Personal Property Loan- This type of loan is for the pupose of purchase of homes on a rented lot. It is some similarity with personal loans.
Getting a Low Down Payment Mobile Home Loan
It is a right decision; ask your financial institution about a low down payment.
It includes the following
1) It is the bank where you have opened your saving bank a/c.
2) The lenders who has offered you a loan.
Some times, lenders offer some affordable interest loan with some favorable terms and conditions for their clients. So you may begin a right deal with your lender.
Every lenders are not offering loans for manufactured homes, so when you are asking them about down payment so make a confirmation that the loan is for the purpose of manufactured home.
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