Have you been considering moving into a mobile home? Well here are 3 steps to making sure you are ready and understand the financing options available.
One: Locate a Financing Source
This is a given. Most people dont have hundreds of thousands of dollars lying around to go ahead and purchase a mobile home. That’s why loans are great for individuals who are in need of capital to make their purchase. Speaking to financing sources will help you understand what you can and cant afford. The best loans given are usually when the buyer puts down 20%. Although loans are available with even just 3.5% down, the interest payments may be much higher then if you have the capital to put about 20% down.
Two: Check Your Finances
Do you have enough money to pay the loan back? Where are you currently working? Where do you see yourself in 10 years? These are all questions you must have answers for before purchasing a mobile home. If you are in a stable situation, then this might be easier. If not, it’s time to start planning for your future. Cutting your debts down will be key in finding the best home and the best loan.
Three: Organize your Records
Make sure you have at least 2 years of federal tax records available, banking statements and financial information and you will be ready to buy your first mobile home. The lenders use your federal tax records to start the lending process. If you aren’t in the situation to purchase your mobile home, then start planning and acting on your plans to ensure you are ready to move.