What you may need to know about modular home loan.

Modular Home Loans - Getting financing on modular home loans is much different then average construction home loans or already built homes. There are specific requirements that you have to meet with a modular home that do not apply to other home loans. Many traditional lenders will attempt to fit the modular home loans in with the traditional packages and with this you may run in to many obstacles. By knowing what to look for you can help yourself and your lender put together a good modular home loans package that is perfect for you.

Modular home financing packages offer many advantages and payment options. These could include fixed or adjustable rates just like a traditional loan. Many times if you shop around you will find lenders that do not charge higher rates for interim financing. You may be able to eliminate a second set of closing cost with a single close. Some offer construction/perm loans. Many times you can finance the appraised value of up to 95% of your land and the value of the home.

With specialty modular home loans you can receive construction periods of up to one year and during the construction period the payments are interest only and only on the funds disbursed. This alone could save you a lot of money in a year. Draw schedules are customized to meet the unique needs of the modular homebuilder. The dealer usually wants to be paid when the package is delivered. Modular home loans understand the process and will work with the dealer to ensure there are no delays.
Appraisal companies do not have to be modular construction if none are available in your immediate area to qualify.

The availability of modular home loans is everywhere and can be found through traditional means such as banks or over the Internet. When considering getting a modular home loan it is important to do your research and find a reputable lender. One way to check the reputation is to contact the better business bureau. Wherever you decide to obtain financing for modular home loans, you want to get the best possible rate for the your money and the shortest term available that you can afford.

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