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FHA Title I and Title II loans, Freddie Mac loans, Fannie Mae loans and personal loans are some ways you can finance the purchase of a mobile or manufactured home. With the median price of homes ...
Along with a smaller loan, consider a shorter loan — say, a 15-year mortgage instead of the benchmark 30-year. Yes, your monthly payments will be higher, but your interest rate will be lower.
A chattel loan, otherwise known as a chattel mortgage, is a form of secured property loan that applies only to movable assets. As with all loans in this category, the lender receives an interest ...
The tendency of these homes to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans. Loan terms were usually limited to less than the 30-year term typical of the general home-loan market, and interest rates were considerably higher.
Terms were usually limited to less than the thirty-year term typical of the general home-loan market, and interest rates were considerably higher. [citation needed] In that way, mobile home loans resembled motor vehicle loans more than traditional home mortgage loans .
Under the conventional home loan, banks normally charge a fixed interest rate, a variable interest rate, or both. These interest rates are tied to a base rate (individual bank's benchmark rate).
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