If you are planning to buy a manufactured home but don’t have sufficient capital for it, then you should opt for mobile home loans immediately. There are various types of mobile home loans available in the market. You can choose any of them. Let us know 4 simple types of mobile home loans that are available in the market.
Types of mobile home loans
The 4 simple types of mobile home loans are given below:
1. Mobile home land loans: When you have purchased your mobile home, you have to determine where you want to reside, in a mobile park or on land that you own. In this case you have to take mobile home land loans. In order to get a mobile home land loan you don’t need to have a home set up already.
2. Bad credit mobile home loans: Most of the people with bad credit history find it extremely difficult to get mobile home loans. If you want to obtain mortgage against manufactured home, then don’t let bad credit to stall you. Yes, it is difficult to get mobile home loans with bad credit. But it is not an impossible task. Bad credit mobile home loans enable you to get loan irrespective of your credit rating. The only drawback is that the lenders charge high interest rate on this kind of loans.
3. Mobile home equity loans: With the help of a mobile home equity loan, you can afford to pay down those high interest credit cards or utilize the money for home improvements. Normally, the interest rates of mobile home equity loans are low.
4. Mobile home refinancing loans: If you are unable to make the monthly mortgage payments, then you should opt for mobile home refinancing loans. With the help of this loan, you will be able to reduce your monthly payment on the existing mobile home loan. You can keep the extra cash in your savings account or you can invest it in stock market. You can even shorten the term of your present mobile home loan. This will help you pay off your home loan quickly.
Finally, you can also get mobile home loans for constructing your manufactured home. These loans are also referred as construction loans.