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I financed and purchased my manufactured home a few years ago. At the time, there were few options for mobile home financing. With today's Internet, you have more choices. To get the best available finance terms on your home, it really pays to shop around. In our expanded finance section, we will review three ways to get financing for your home: Online loan marketplaces are web sites that collect information from people who want loans, then present it to various lenders. The lenders then make offers which are up to the borrower to accept or reject. The loan marketplace concept is an important tool to rapidly compare a wide variety of loan products and options. Loan marketplaces come in two basic types: "long form" and "short form". Short form sites collect just enough information to get an idea of your situation. Long form sites collect the information for a credit check. Both systems have their advantages. Short form sites give you more time to evaluate a lender before providing private information, long form sites can get you a quicker loan offer. As a final note, sites with the "BBB" designation are members of The Better Business Bureau On-Line.A Retailer will not only help you find a home, but will also help you find the financing to make your home purchase a reality. Retailers will use MH lending specialists, mortgage/lending brokers, local banks and like lending groups. Retailers have considerable expertise to help you through the sale and may be able to help you with the lowest down payment. Many of the larger dealerships have an in-house lending specialist whose only job is helping with financial paperwork. When looking for home finance, remember it really pays to shop around. Be sure to contact some lenders directly. You can save $1,000s during the life of your home if you do your homework right. Put these lenders to work for you. Regards, |
