Mobile Home Loans
Mobile home loans are ideal for those who do not want a high monthly payment. Although the mobile home loan process is similar to that of standard mortgages, there some differences.
Mobile home loan rates may be higher than those of "regular" houses. Also, lenders that specialize in mobile home loans all have different requirements that the applicant must meet in order to qualify for the loan.
Among the requirements that many mobile home loan companies have is that the applicant have a "good" credit rating. Some lenders require that a borrower have a score of 640 or higher with no bankruptcies or major collections within a giving number of years (usually ranging from 2-7 years).
Although there are companies that specialize in bad credit mobile home loans, it is generally better to have good credit in order to get a lower interest rate and a lower payment.
Refinancing mobile home loans is also available through some banks and other lending institutions. Mobile home loan refinancing is a good idea for those who want to take advantage of lower interest rates.
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