2007-01-15 13:54:57 · 3 answers · asked by Basic D 1 in Business & Finance ➔ Renting & Real Estate
Don't do it. People think of mobile homes because they are cheap but you can find houses that cheap if you look around. Mobile homes do nothing but depreciate and because of that the loan is riskier and has more interest and larger down payment. Even a nasty house will appreciate somewhat over time.
2007-01-15 17:31:53 · answer #1 · answered by - 3 · 0⤊ 0⤋
Financing a mobile home is very difficult for us Mortgage Broker types. While I have companies that will provide financing, their requirements are pretty stringent. You will be better served by shopping at a local bank for you mobile home financing needs.
There are no "hidden" costs to a mortgage. If there are, then that lender gets to answer to the state's authority (ie, Banking and Finance) when you report them.
The hidden costs are going to be in the mounds of paperwork that you will receive but fail to read. Pretty simple solution, read it! I know, it will be a lot...
So, that is my answer on the mortgage side. Ask more specific questions to answer any lingering issues.
Best of luck.
2007-01-15 22:20:32 · answer #2 · answered by David 3 · 0⤊ 0⤋
You can't purchase a mobile home with a mortgage.
Purchasing a mobile home is more along the lines of buying a car. Also the interest you pay is not tax deductible like the interest from a home mortgage.
2007-01-15 23:31:37 · answer #3 · answered by AJ 7 · 0⤊ 0⤋