Most of us have at least once in our lifetime dreamt of going back-packing across the world, wanting to experience the thrill and adventure a nomadic life like that has to offer. And most of us have given up that dream when confronted with the not so desirable reality of leaving the comfort of our homes.
But the availability of static caravans or ‘Mobile Homes’ in the market provides a readymade solution. Back in the 1950’s these mobile homes or ‘travel trailers’ as they were called were sold primarily as a low cost housing option that could be set up easily and left at the location for years together. These could even be fixed permanently at a point with the use of a cemented foundation.
more…
If you want to buy a mobile home or the land for it, there are various finance options available. If you take a loan for a mobile home, you will have to pay a higher interest since the depreciation is greater on mobile homes. The only exception to this rule is with guaranteed loans.
The majority of mobile home loans are personal property loans or chattel loans. These loans consider your mobile home personal property, much like your car and not real estate. The flipside of this is that you do not get any real estate tax breaks.
more…
You’re probably sick and tired of paying for that expensive rent in that very cramped apartment of yours and it may be time for you to get a home of your own. As a first home time buyer, you have to consider the fact that there are a lot of factors that you need to consider when buying a home. First of all, it is important to remember that buying a home is a big investment decision that you need to think about carefully.
Most first time home buyers tend to make a mistake of not carefully thinking about the type of home they should purchase. Normally, most people will jump to a decision to buy a used home that is very expensive and at the same time, have maintenance problems. This can be very frustrating.
more…
Some may tell you that mobile homes depreciate over time and it will not allow you to get home equity loans. Although this may be true, you have to understand that there are some mobile homes that can actually appreciate or increase in value. It is important that you should know how you can get your mobile home to increase in value in order for you to get the home equity loan program that you need.
First off, the key to get your mobile home to appreciate is that you should build a fixed foundation for your mobile home. What this means is that you need to get your mobile home situated in a particular property permanently.
more…
You may have heard that manufactured homes may decrease in value over time. While this could be true, it is essential to think about the fact that some mobile and manufactured homes actually go up in appraised value. The idea is to put your mobile house on a permanent foundation.
Mobile, Manufactured and Modular homes on permanent foundations are homes that go up in value over time unlike others that are not on permanent locations. If you own a mobile home placed on such a location, you will increase net worth every time you make a payment on your mortgage. After several years of paying on your mortgage, you just may have amassed an impressive amount of equity.
more…
Are you looking for a new mobile home? If so, you may be looking for a mobile home mortgage loan as well. Lucky for you, there are all sorts of mobile home loan programs available in today’s mortgage market. There are even mobile home mortgage programs for people with poor credit.
With the bad credit programs. the interest rates will be higher, but can always be refinanced at later when your credit score improves. You may even be able to qualify for an FHA mobile home loan for your mobile home purchase. Make sure you understand all your options before you sign anything!
more…
If you’ve got bad credit, you might think it is impossible to own your own home. On the contrary, there are programs for individuals with poor credit. This is especially true when it comes to mobile home loans and mortgages. You will find that if your credit score is lower than the mid 600’s, it will be difficult for you to obtain any kind of home loan, even one for a mobile home. However, it is not impossible. You might have to hunt for lenders willing to help you and put up with a high interest rate. For people who are determined to own their own home, high interest rates can be worth the price.
more…
There are many reasons why you may want to refinance your mobile home. Some home owners never refinance, while others refinance every few years. Whether or not your choose to refinance your mobile home will depend on several factors. Let’s take a look at some benefits of refinancing and what they involve.
Because housing rates fluctuate, you might want to refinance to lock in a lower rate and reduce your monthly payments. Or perhaps when you first obtained your loan, your credit was less than perfect. Now that your credit rating has improved, you might want to refinance to lower your rates and save money. Some people refinance to switch the type of mortgage loan that they have.
more…
