Making a choice to invest your money wisely and put it towards a mortgage rather than rent is a smart way to ensure your long term financial security. While stick built homes are what most people think of when buying a home, you can also choose to purchase a mobile home, often times for less than you would expect. Before you start browsing mobile homes for sale, it is a good idea to know the differences that exist when purchasing a pre-manufactured home. The following are a few things to consider before you submit an offer to purchase and start the process of buying a home you can enjoy with your family for years.
Value of Property Included With the Home
In order for a property to be approved for a mortgage it has to appraise for the amount that you are asking to borrow. One problem that many people face is when the value of the land the trailer is on is worth more than the structure itself. Land financing is hard to come by, and when the bank sees that the true value in the property lies only in the land, they consider this to be a risky transaction.
Many people face a variety of financing issues when trying to get a mortgage on Mobile Homes. You may be required to put down more money in order to have the loan approved, and many trailers drop in value much quicker than stick built homes. Talk to your bank about any special considerations they may require before they will approve your loan.
If the mobile home is still on a trailer, it will have a title attached to it, just like a car. You cannot finance a trailer that has not been changed from a title to a deed, as finance companies see this as being too risky. While the process of having your mobile home anchored is not complicated, it can be expensive.Make sure you think about all of your options when you are ready to buy a home. If you need help making sense of the real estate market, let an agent from Vista Real Estate show you the ropes. They will ensure you find the perfect property for your family, and help you with financing related issues. Call today to talk to a Realtor, and start your home search on the right foot.