Posted on: 10th Jun, 2009 06:24 pm
Is the interest rate and the payment on a mobile home lowered if the person buying the mobile home owns the land vs renting the land to put it on? I have a relative who told me that he can lower his mobile home payment if he can acquire the land his mobile home is on. I'm just checking to see if this is a possiblilty.
Hi mills!
Welcome to forums!
I don't think interest rates will depend upon rented land or owned land. They depend upon the market situation, your credit score and income. However, there can be certain terms and conditions which may vary from lender to lender. May be it is your relative's lender who would lower his interest rate if he owns the land.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I don't think interest rates will depend upon rented land or owned land. They depend upon the market situation, your credit score and income. However, there can be certain terms and conditions which may vary from lender to lender. May be it is your relative's lender who would lower his interest rate if he owns the land.
Feel free to ask if you have further queries.
Sussane
It will depend more on your qualifications, income, credit history, assets, etc. Manufactured homes & condos almost always have higher interest rates than detached single-family residences