Panelized Home Loans
What is a panelized home? Are panelized home loans different from regular mortgages?
A panelized home is a type of system built home, which simply means that it is manufactured in a factory, rather than built on site. After completion, it is then transported to the build site where it is basically "bolted together" by a contractor. Modular homes, and log homes are also types of system built homes.
A panelized home loan can be acquired at the same places you would get normal mortgage financing, (banks, brokers, credit unions, etc.). For the most part, a loan for a panelized home will be the same as a mortgage for a traditional house.
Some advantages of panelized homes:
- reduced labor costs
- reduced materials waste
- on-site construction
- quick, simple construction
- the automated process & controlled environment consistently creates homes of high quality
- continuous in-house and 3rd party inspections at the manufacturing facilities
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