Thursday, February 2, 2012

Affordable Mobile - Manufactured - Modular Home Financing And Insurance

If you are one of the over nineteen million mobile, manufactured or modular home owners in America
that is located in a park or Community, or perhaps you have your home located on your own property, the following Loan and Refinance information will assist you in making sound
financial decisions regarding your home.
As most of you are aware the majority of manufactured homes in the past have been financed as personal property. In many instances these loans have been financed with very small down payments and amortized for only ten or fifteen years. The majority of these loans were considered high risk that resulted in very high interest rates, which combined with a short amortization period, resulted in an unusually high loan payment.
Over eighty percent of the existing loans were financed through the lender that the retail salesman, that sold them their home, recommended. This often resulted in the retailer placing the loan where it was the most beneficial for him not the borrower. It was a common practice that the retailer would receive a fee for placing the loan with them also frequently the community rental and the insurance costs rose. Although these loans are the most common, fortunately, some changes in

the industry have attracted additional lenders and types of loans
. Many manufactured homes may now be financed for twenty or thirty years. If you are purchasing a new home, do not feel obligated to accept the financing offered by the salesperson!!!
Fortunately some of the old bias against manufactured housing is lessening with the rapid growth of sectional homes. Also, they are being built to more rigid construction standards, especially for wind resistance.
Many home owners are frustrated and tired of paying ridiculously high interest rates or even worse not being able to get any finance company to finance or refinance their loan. Take heart, lower interest rates and lower payments on loans are now available online!
There are now reputable companies that do mobile, manufactured and modular home financing. The companies that I have located have competitive interest rates. In most cases you can still qualify for a refinance or finance loan even if you have bad credit.
Would you not agree that a lower payment would ease your financial burden? Perhaps you would like to take some cash out of your home equity for personal use?
Insurance Rates have skyrocketed due to the unusual number of hurricanes and tornados in recent years. I have located a company that could save you a lot of money on your insurance premiums (especially if you combine your auto insurance with your home insurance).