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Mobile Home Equity Loans

By Edited Sep 3, 2015 0 0

If you own a mobile home then you may be surprised to find out that you can still qualify for a home equity loan, or home equity line of credit as long as you have enough equity built up into your mobile home, and as long as you can fulfill some other requirements that mobile home equity loan lenders may require. The vast majority of lenders that provide mobile home equity loans will want to also see that your mobile home is built upon a solid or fixed foundation, and having this can make you eligible for the majority of mobile home equity lines of credit and loans from virtually all the lenders that provide such loans. While these lenders will still place a lien against your mobile property before granting you such a loan, they will also require that you have good credit along with other sorts of factors that they deem important such as income, and monthly expenses. If you can have all these things in order then you may be able to get approved for a loan that can be for up to the amount of equity you have built up into your mobile home, and this money can be used for virtually anything you want.

The four essential items that you must have in order before you can get such an approval are your mobile home's fixed foundation, a significant amount of equity built up in the property, your credit, and your income. Most lenders want to see at least about ten thousand dollars of equity built up into the mobile home before they'll issue the loan, but some lenders can make exceptions. As long as you have a fixed foundation then you should have no problem getting approved for a mobile home equity loan if your credit is good and you make a solid and consistent income. The interest rate that you'll be able to get will be heavily contingent on the strength of your credit score with most lenders being able to provide you with a very low interest rate if you can show them that you have excellent credit. If your credit is in the six hundreds then you may have a more difficult time trying to secure such a low rate, but it still shouldn't be out of the realm of possibility to get approved. If your score is below a six hundred then you have what is called "bad credit", and if you have bad credit then you can expect to have a much more difficult time trying to receive an approval from most mobile home lenders.

Once you have a grip on your credit situation then you should be ready to go out and apply to lenders that can provide you with your mobile home equity loan. The number of lenders that provide mobile home equity loans are much less than the number of lenders who provide more conventional home equity loans, but there are still a large amount of these lenders present on the market. The best way to go out and find a good mobile home lender is to search online and then compare and contrast what various lenders can provide you in terms of rates and fees. You'll be able to shop around more the stronger your credit is, and if you have bad credit then it is highly suggested that you seriously think about any offer that you can be approved for. Mobile home loans are not that much different than other sorts of home loans, and if you want to get the best mobile home equity loan all you need to do is apply to the right lender and make sure that your credit and the rest of your application is in order before you apply. This will allow you to get the absolute lowest interest rate possible for your money, and in the end this will keep more money in your pocket each month.

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