System built homes or modular homes are quite different from mobile homes. They are now being understood as quite superior to mobile homes because of their durability, energy efficiency and quick construction.

In Alabama and Mississippi, modular homes that can withstand wind speeds of upto 160 mph have been announced. With such modular homes residents affected by Hurricane Katrina have been provided alternate housing. These homes are being used to rebuild the cities that were devastated by hurricanes.

Modular homes cost 20% less than traditional site built homes. Pieces of the modular homes are constructed in factories. These are then delivered to the home site and assembled on site. The constructions is relatively stronger than site built homes.

It takes only weeks to construct these homes and not months. They are more energy efficient than traditional homes as well. They are thus the perfect kind of homes for people picking up their lives and needing as much finance as possible.

Modular homes are not exposed to harsh weather during the construction process and this makes them stronger.

 There are various rating parameters that are used to calculate a mobile home’s Blue Book value. These are model and size of home, age, geographical location and make. It is a good idea to get a professional appraisal even if you have this book at your disposal. The reason for this is that the formula for determining book value can be so complicated that it is easy for the layman to make errors.

Generally the Book Value for mobile homes and areas that are considered average can be easily determined. Due to the complexity of the process, I suggest using professional help. One other way to determine the value of your mobile home is to purchase such services from certain internet sites.

Knowing this Blue Book value is a great help if you are selling or even buying a mobile home. Lenders ask for the Blue Book value when taking a mortgage to purchase a home. If you do not want to use the services of an appraiser, use the internet services of online appraisal services. Knowing the value of a mobile home is a big help in the decision process of whether to buy or sell a home.

]]> http://mobilehomeshoppers.com/mobile-homes/determining-blue-book-value-of-mobile-homes/feed/ 0 http://mobilehomeshoppers.com/mortgage/an-overview-of-mobile-home-equity-loans/ http://mobilehomeshoppers.com/mortgage/an-overview-of-mobile-home-equity-loans/#comments Wed, 28 May 2008 11:13:47 +0000 dosh http://mobilehomeshoppers.com/mortgage/an-overview-of-mobile-home-equity-loans/ Perhaps you did not know that mobile homes can appreciate in value as well. Mobile homes that are attached to fixed foundations appreciate with the years. The value of the home will be much greater that the purchase price after you have paid the mortgage for a few years. This difference between the appraisal value of the home and the mortgage value is mobile home equity.

Mobile home equity grows as the years go by. The owner of the mobile home also owns the equity, which is a financial asset. This can be used to borrow more money as a collateral. Mobile home equity loans can take a value of 85% to 100% of the built up equity value. This also depends on the lender’s policy and the borrower’s credit score.

It is easier to take a mobile home equity loan than to take a normal loan. The reason is that the equity on the mobile home is kept as collateral. The process is simple. (1) Appraisal of the property (2) Verification of the mortgage value (3) Calculation of the difference to get the equity.

Because of availability of collateral, mobile home equity loans are available at comparatively lower interest rates that other loans. In addition the repayment period is longer. Such loans are “a mortgage upon a mortgage”. Always remember that in these times of recession it is best to avoid debt.

The great thing about mobile home parks is that you will be able to get situated as soon as you purchase your mobile home. It is also a safe place and you will see that you will be able to have neighbors who are also proud owners of mobile homes.

However, you have to consider that you will still need to pay rent for the park space provided. So, what gives? You have a home of your own and you still need to pay rent in order to live in it. You have to consider that this is only a temporary solution. Until you get a real estate of your own, you will see that mobile home parks are an alternative solution on where you need to situate your mobile home.

Try finding an affordable real estate property where you can situate your mobile home permanently. You will see that there will be lenders out there that will be able to provide you with the financial help you need in order to get a real estate property. The great thing about mobile homes is that, well, it’s mobile. This means that you can move your home whenever you need to. So, when the rent for the park space increases, you can find another park space with cheaper rent and move your mobile home there.

Mortgage companies will be able to find you a suitable plot of land that you can purchase. You can take out a mortgage loan, purchase the property and instantly move your mobile home there. However, you have to remember that you still need to pay off the loan. Although this may seem inconvenient, you have to look at it on its brighter side. Either you pay for renting a park space for your mobile home forever, or you can try and purchase a piece of land where you only need to pay for a few years. After that few years, the land will be yours and you may even have enough savings to put a conventional home to replace your mobile home.

So until you decide on purchasing your own real estate property, try to find a mobile home park that will suit your needs. In most cases, you will be able to find one that will be near where you work, and one that will be situated in a secured neighborhood. Try to ask the mobile home park lender about the rent and try walking around the area. If you think that the rent is low enough to afford and the place is secure enough to let you sleep soundly at night, then this is the mobile home park for you.

Just remember that mobile home park owners tend to raise the rent often. So, watch out for this inconvenience by asking people who are already renting in the park about the situation in the mobile home park.

Let’s take a look:

Obtain a Loan

Probably the most widely used method of obtaining large sums of money in hurry is to get a loan. There are many types of loans available from which you can choose, at a variety of different rates. Some mobile homes can build equity, so be sure to check on whether or not you can obtain a home equity loan. Home equity loans are often offered at lower rates than normal home improvement loans. For a large sum of money, you might need to put your mobile home up as collateral for the loan. The amount of money you’ll be able to get will depend on factors such as your credit rating and the value of your collateral.

Use a Credit Card

A credit card with a high credit limit is another way to finance the mobile home repairs or improvements that you need to make. Try to obtain a credit card with the lowest annual percentage rate possible to save yourself some money. Also, when paying your credit card bill, try to pay more than the monthly minimum or you’ll find yourself racking up more interest that you can afford. There are lots of attractive credit cards out there today with all kinds of money saving features and benefits for people with good credit. The better your credit is, the better rates and offers you will be able to get.

Sell Items of Value

If you’ve got valuable items stashed away that you don’t want or need, then maybe you should consider selling them to raise the money you need for your mobile home repairs. These days, most anything can be sold on Ebay. Even things you may not think are valuable just might be! Antiques, collectibles, jewelry, comic books, baseball cards — there are all sorts of things that can be sold for a profit. Do you have an extra vehicle that you don’t need? The money you’ll receive from selling your used vehicle might be more than enough to take care of those renovations.

These are only three ways to raise the money you need to fund your mobile home repairs. With a little creative thinking, you can probably come up with some other ways to fund your repairs or improvements.

Some mobile homes are already located on lots or in parks, others will need to be moved. Regardless, it’s important to choose the right mobile home park to ensure a peaceful and happy living experience.

Here are three tips to help you:

Take a Tour

Always make sure you take a thorough tour of the mobile home park you’re considering. Doing so can give you many clues as to what kind of area it is. Are the homes and lots well maintained and attractive? Is there sufficient room between each mobile home? In some mobile home parks, the homes are clustered together like sardines, making for a very unpleasant situation. However, other mobile home parks are spacious, clean, well maintained and perfectly lovely places in which to reside. Your first impression of the mobile home park should be taken seriously.

How does it make you feel? Does it invoke a feeling of warmth and community, or does it make you want to run in the other direction? Often you can get an idea of the affluence of the residents simply by looking at their lots and vehicles. Have they taken the time to plant a few flowers?

Are the vehicles you see decent and clean? These are the people that are going to be your neighbors, so try to get a feel for whether or not you’re going to be comfortable living next to them. While it’s true that you cannot judge someone simply by the appearance of their car or front yard, these factors can give you an idea regarding the quality of the park. If you’re not totally comfortable with the looks of the park you’re touring, try another one.

Talk to the Management

Be sure to have a lengthly consultation with the management of the mobile home park. Find out about all the rules, regulations and policies of the park. Ask if there is a tenant’s association for residents to join. Some mobile homes parks offer security detail, others do not. When meeting with the management, think about whether or not the person or persons make you feel comfortable and welcome.

Are they professional? Is business conducted in a clean office environment? Are they eager to answer questions, friendly and helpful? The right management can really make a difference in the quality of a mobile home park.

Network with the Neighbors

Ask the management if they can introduce you to some of the residents. Sometimes this isn’t possible, but other times, residents are more than happy to chat with a potential neighbor. By talking to people who already reside in the park, you can find out more about what it’s like to live there. Nice neighbors make a good mobile home park even better, so try to figure out whether or not you’re going to feel welcome and at home.

First and foremost, check the classifieds section of your local newspaper. Often, owners of mobile homes that want to sell them will use the classifieds as their means of advertisement. If you don’t see anything you’re interested in featured in the newspaper classifieds, don’t worry. There are lots of other places you can look.

Next, check out the yellow pages. Many mobile home sales companies not only offer new mobile homes, but used mobile homes as well. Some people feel more comfortable purchasing a home from a professional sales company than from an individual owner. You might end up paying more for a used mobile home from a sales company than you would if you bought it directly from the owner, but sometimes, it’s better to pay more for quality. Also, a mobile home sales company can often help you with financing, which an owner looking for a quick sale will probably not be able to do.

Now, if you’re looking for a serious deal, you might want to check Ebay. Ebay is the world’s marketplace and features everything you can imagine for sale, even real estate. The great thing about Ebay is that you can find fantastic prices that can’t be matched anywhere else. However, there might be some travel involved when it comes to purchasing a used mobile home this way. Unless you find one in the area where you want to live, you’ll need to find a way to transport the mobile home to where you want it to be.

There are also lots of websites where buyers and sellers of used mobile homes can connect. They are basically just like newspaper classifieds, except online. This allows more exposure for the seller, more choices for the buyer, and lightning fast communication. You can often communicate with sellers via chat, email and instant messaging, making it easy to ask questions and get answers quickly and easily.

When searching for a used mobile home, it’s important to know what your standards and specifications are before even starting to shop. Comparing different models and prices is also important when it comes to getting the best value for your money. Take your time and do your research, because when it comes to buying a home you want to make an educated and informed choice. Also, be sure that the home you choose meets all HUD quality standards for mobile homes. There are lots of fantastic used mobile homes out there just waiting for buyers like you, all you have to do is find them!

Modular homes are constructed in factories in accordance with the UBC or Uniform Building Code that is also followed in the case of site built homes. They are then transported to the place where the home is to stand. Here the modular home is attached to the foundation.

Mobile, manufactured or HUD homes all mean the same thing. Built in accordance with a federal building code or a HUD code these stand in trailer parks, typically. Panelized homes are assembled on site after being shipped there in structural building panels.

Kit homes or log homes, as they are often called are like do it yourself projects. It is up to the customer to assemble these homes after the pieces are delivered to them. Of these various kinds of homes modular ones are growing in popularity due to their many advantages.

Mobile home loan refinancing is tougher than home loan refinancing. One reason for this is that mobile homes reduce in value over time. Refinancing different financial loans has different costs…some are easier to refinance. Both mortgage loans and chattel loans are relatively difficult to refinance.

The easiest to refinance are personal unsecured loans. This is because if you have good enough credit and income, you can get another loan, using that amount to do away with the previous loan. One issue here is prepayment penalty fees. If you use the mobile home and land as collateral, a better secured loan can be obtained on better terms.

To recap, out of mortgage, chattel and unsecured personal loans, it might be easier to refinance personal loans and so these may be a good idea to use to buy your mobile home.

It’s important to look for the lowest rates possible when seeking a mobile home loan. Housing rates fluctuate depending on the market, and choosing to buy when the rates are low will mean that you can obtain a loan that’s affordable. What your rates will be will depend on the type of loan you get, where you get it from, the value of your mobile home and the lender you obtain the loan from.

There are different types of loans available. Fixed rate loans are just that, loans at a fixed interest rate. Adjustable rate loans fluctuate over time. Although they often offer the most attractive rates at first, the rates are subject to rise with the changes of the housing market. These types of loans are normally paid off with a monthly payment. There are balloon payment loans that require little to no payments until the end of the loan term, at which time you will be required to pay the balance.

Where you obtain your mobile home loan can make a big difference in the cost as well. While you could go to your local bank or credit union, this isn’t always the most economical choice. There are mortgage lenders out there that specialize in mobile home purchases. To find them, look in your local Yellow Pages or hop online. Thanks to the Internet you can obtain free quotes and even apply for loans right from the comfort of your home!

Another place to obtain a mobile home loan is from the mobile home seller. Some of the mobile home sellers out there can not only sell you a mobile home, but finance it as well. This can be an affordable and convenient way to obtain ownership of the mobile home you want.

When shopping for a mobile home loan, use common sense and take some precautions. Always make sure the lender you’re considering has all necessary licenses and is in good standing with the Better Business Bureau. Avoid lenders with super high rates. Also, avoid lenders who pressure you into making a decision. A good mobile home loan provider will give you all the information they can, answer all your questions, and give you the time and space you need to make an informed decision.

The right mobile home loan can make all the difference when it comes to buying the ideal home for you, in a manner that you can afford. Comparison shopping can help you get the best deal possible, so make sure that you do it!