Category

Uncategorized

Can I Get a Loan Using My Mobile Home as Collateral?

By Uncategorized No Comments

A mobile home is commonly known as a “manufactured home” or “modular home.”  Often time’s individuals need a mortgage to purchase one, and if you have the title or deed to your mobile home and your credit score qualifies for a loan, you frequently can use the mobile home as collateral for a loan. This is where Mobile Home Title loans comes into play in helping individuals qualify for the loan they need.

Mobile Home Title Loans offers loans for individuals who are looking for short-term loans with fixed rated and no up-front costs. While most loan companies will only work with individuals who have nearly impeccable credit, Mobile Home Title Loans is willing to go above and beyond for their customers and offer loans to individuals who have good credit as well as bad credit. People love us because they have an extremely easy approval rate and quick turnaround times on their loans.

Mobile Home Title Loans makes getting your loan easy by allowing low monthly payments with no pre-payment penalties like most competitors charge. Whether your mobile home is paid off or not- Mobile Home Title Loans is willing to help by allowing you to use the funds for whatever you need. Because we only work with homes in mobile home park communities you are able to sell your home at anytime when you fully amortize your loan payments.

Mobile Home Title Loans is happy to use your mobile home as collateral for your new loan. If you have any questions about if you qualify for a mobile home title loan, give us a call! We are happy to go over any questions that you may have- our process is fast, simple and easy!

Modular Homes vs. Manufactured Homes: What’s the Difference?

By Uncategorized No Comments

There are a few things that are extremely important and are key when purchasing a new factory built home whether it’s a modular home or a manufactured home. A manufactured home is also known or referred to as a sectional home, triple-wide, double-wide or even single-wide home. Manufactured homes are in built in compliance with the HUD (Department of Housing and Urban Development) code which was adopted by an act of Congress in 1974.

Manufactured Homes

Manufactured homes are typically built within a warehouse or a building facility which is climate controlled to avoid any type of weather delays. Almost every type of manufactured home has customizable options such as flooring, cabinetry, and exterior finishes, etc. Manufactured homes are often placed on a permanent foundation. Because manufactured homes can usually be relocated it will require a contractor who specializes in manufactured home set up and delivery/transportation.

Modular Homes

Like a manufactured home, the sections of a modular home are built in a climate controlled building facility. Modular homes are built to conform to all state and local/regional codes that apply based on the final location of the home just like site-built homes. Modular homes can be built in up to 5 different sections. The different sections are then transported to the final locations where they are joined together on a permanent foundation by your local contractor. Because modular homes are built in different sections they can even be built as 2 story homes.

Almost every single modular home and manufactured home is customizable from the entire floor plan to the counter tops and size of the cabinets. Manufactured homes are built on steel frame foundations with wheels under each section and can be relocated to different locations, whereas a modular home is built to be placed on a site constructed foundation and cannot be moved.

If you need a loan for a manufactured, modular or mobile home- Mobile Home Title Loans is here to help you. You can borrow the money you need even if your mobile home isn’t paid off, Spectrum Funding is the nation’s leader for mobile home equity loans.

Mobile Home Equity Line of Credit

By Uncategorized No Comments

A mobile home equity line of credit uses a certain percentage of your mobile home’s equity to provide you with a revolving line of credit for large expenses. Maybe you need a new roof on your mobile home or are having major plumbing issues. Instead of a set dollar amount, a mobile home equity line of credit lets you borrow up to a certain amount, typically 75%–85% of your mobile home’s value.

You can take a mobile home equity line of credit out on a mobile home that has a the title in your name. A mobile home equity line of credit often times has a lower interest rate than other types of loans, such as home equity loans, and the interest may be tax deductible.

How Does a Mobile Home Equity Line of Credit Work?

A mobile home equity line of credit works like a credit card, in that you are allowed to borrow up to a certain amount for the life of the loan, carry a balance from one month to the next and make minimum monthly payments to pay off the loan.

Although a mobile home equity line of credit gives you ongoing access to your mobile home’s equity, credit bureaus don’t always treat it the same as your credit card accounts when it comes to your credit score. Some bureaus treat mobile home equity lines of credit, or known as a MHELOC, like installment loans rather than revolving lines of credit. So, in the long run, borrowing 100% of your mobile home equity line of credit limit may not have the same detrimental effect as hitting your maxing out your credit card limit.

Mobile Home Title Loans offers short term loans with no pre-payment penalties and fixed rates as well as low monthly payments. There is a quick turnaround for the loans, an easy approval rate in addition to offers no upfront cost for good credit and even bad credit. Mobile Home Title Loans can help anyone with any year mobile home inside a mobile home park with a value up to $30,000.

Unlike home equity loans, mobile home equity lines of credit have variable interest rates, meaning your rate could fluctuate based on the Fed’s Prime benchmark interest rate. If the index rises, so will your rate, although most mobile home equity lines of credit set a cap on how high rates can go over the life of the loan.

How much you can borrow on a mobile home equity line of credit depends on the value of your mobile home, how much you owe your credit history and other factors. There are online calculators to help you estimate how much you may be able to borrow. Call Mobile Home Title Loans today to go over any additional questions you may have. Start your online application for your mobile home equity line of credit, today!