Five Good Tips for Financing a Mobile Home
1. Always consider taxes and insurance when budgeting your monthly manufactured home payment. This is called “escrow” and is in addition to the principal and interest you pay. When a lender quotes you a payment for your new home, ask if it includes taxes and insurance.
2. When buying a manufactured home, start with as much down payment as you can afford. Not only will you build up equity in your home faster, your monthly payments will be lower.
3. Avoid teaser, variable rate or balloon payment mortgages.
4. All banks will require you to have homeowners insurance. Lenders have access to national insurance companies that specialize in mobile home insurance and will generally quote good rates, but don’t be afraid to shop around.
5. Speaking of homeowners insurance, never let it lapse. It will cost you a few hundred dollars to get your policy reinstated, if that’s even possible, and you’ll likely pay a higher premium.
Best advice: work with a reputable manufactured home seller like Hames Mobile Homes. View our extensive selection of new and used mobile homes online and explore our financing options through our in-house loan company Circle Finance LLC (NMLS#366020). Our knowledgeable sales staff can get you started today! Contact us online, call us at (319) 377-4863 or visit us at 640 Marion Blvd., Marion, IA 52302.