The Procedure For Obtaining Mobile Home Financing

You can go ahead with mobile home financing in almost the same way you finance a regular home. Still, there are a couple of factors that you need to keep in mind in this regard. For example, the procedure might be a little different, depending upon whether you are building from scratch or just buying an existing property. In either case, you will have to follow these steps.

Make Sure You Have Good Credit; If Not, Build It First

Having a good credit score will make the process much simpler for you. You will be able to qualify for attractive rate and terms. A good Fico score will not only save you a lot of money, but it will save your precious time also. You will not have to make great efforts to find a good financer. On the other hand, if your credit score is too low, you might not even qualify for mobile home financing. Even if you do manage to qualify, you will be offered a very high rate of interest and other terms and conditions will also be not favorable enough. So, review your credit report thoroughly, and if it does not show you a good score, work on your strategies to build a better score first. It may mean waiting for 3-4 months, during which, you will demonstrate some great financial discipline in whatever you do.

Building A New Home Vs Buying An Existing One

The next thing you have to do is to make a final decision whether you want to build a new mobile home or just want to purchase an existing one. This decision is important to find out how you have to plan further actions. For example, if you are building a new home, your builder may help you get in contact with some reputable lenders that they have already worked with. It can make the procedure of obtaining mobile home financing a little easier. The builder will work with you to make sure you get financed easily. On the other hand, if it is an exiting home that you are purchasing, you will first need to get a property valuation and assessment from an authorized professional in order to qualify for loan.

Pre-Qualifying For The Loan Vs Qualifying For It After Finding The Property

If you are buying an existing property, you have two options – either you can first find a home and then start searching for the right type of financing or you can first pre-qualify for a loan and then start searching for the right type of home. The later option can be better, as it allows you to find a property based on your specific budget. When you pre-qualify for mobile home financing, you know how much money you can spend. This will make it easy for you to choose the right property. In order to get pre-qualified, you will have to do a thorough research to find a suitable lender. You can look into the newspapers, talk to realtors, or even go through the websites of the lenders. Shortlist at least 3-4 lenders that are offering you good rates and then compare their offers so that you can choose the best one out of them.

Once you choose the right lender, you can give them a call and get an appointment. On the date of appointment, a loan officer will meet you and guide you through the process. If it is the first time you are trying to obtain mobile home financing, it will be a wise idea to get the loan documents and agreement thoroughly checked by someone who is an expert in these types of matters (someone you trust). Once you complete all paperwork, it may take a couple of weeks before you hear from them about the status of loan, whether you have been approved or not.