Five More Tips for Financing a Mobile Home
1. Don’t let a lender tell you “credit life” insurance is required. (This is the insurance that pays off your loan if die or become disabled.) It’s not required, and you may already have enough life and short term disability insurance anyway.
2. Finance your loan for as short a time as possible, it will save you a TON of money in interest.
3. Interest on mobile home loans is tax deductible for those who itemize. It’s your primary dwelling so you get a tax break, the same as real estate.
4. Make your payments on time! This sounds simple, but it really will improve your credit score and give you more options when you’re ready to upgrade to a larger, newer manufactured home.
5. Before applying online with a national lender, first visit your local bank. The bank or credit union where you have your checking account and auto loan may give you favorable terms on a mobile home loan, too!
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).