Posted on: 16th Sep, 2008 05:09 am
I am looking to finance a 1989 mobile home and land for 30 years. I have only found one bank and they want to charge a 12% interest rate.
Welcome Tammycalimer.
The bank is charging a higher rate possibly because your mobile home and land do not have a permanent foundation. Usually lenders do not offer mortgages on mobile homes without the foundation.
What you can do is, talk to the mobile home dealer from whom you'll purchase it. The dealers often provide personal property loans for the purchase. And as far as the land is considered, you may apply for a mortgage/land loan on it.
You may go for a no-obligation free loan consultation with the lenders in this community. This will help you understand which loan will suit your purpose.
Thanks.
The bank is charging a higher rate possibly because your mobile home and land do not have a permanent foundation. Usually lenders do not offer mortgages on mobile homes without the foundation.
What you can do is, talk to the mobile home dealer from whom you'll purchase it. The dealers often provide personal property loans for the purchase. And as far as the land is considered, you may apply for a mortgage/land loan on it.
You may go for a no-obligation free loan consultation with the lenders in this community. This will help you understand which loan will suit your purpose.
Thanks.
Does anyone know of a morgage company that will finance a mobile home and land
You should contact the local mobile home loan lenders and apply for a mortgage with them. They will be able to help you in this regard. However, in order to get a mortgage, you should have a good credit score and income.