Hi,
I am planning to buy a Mobile Home as my budget is small but I would like to own a home as I am fed up of paying rent month after month. Does any one know about companies which provide loans against Mobile Homes? If yes then what are the options and is there any other relevant information which I should need?
Thanks in advance!
Henry
The answer to this question will vary slightly depending on where you are.
I do not know much about this, but I know that it is possible to obtain a mortgage to purchase a mobile home (mainly because I know of people who have done so).
Whilst mobile homes are often cheaper than condos or single family homes and in my experience, sometime better built, they have inherrent issues. As I understand it they tend to depreciate rather than appreciate (although in the current market, everything appears to be depreciating!
The best advice I can give is based on my personal experience of home buying here. Ask friends, family, co-workers for recomendations for mortgage brokers and then go speak to a few. See what deals are available to you and what the requirements are. Then do the same to find a good realtor.
From memory, John A on this board is/was a realtor, so he would know much more than I. But the key is to get as much information as you can and don't rush into anything or be rushed by others (i.e. relators and brokers).
Good Luck
Rob
Of course you can get a loan for a mobile home like most other consuimmer goods in this * credit oriented * society .
the pitfalls are as pointed out the depreciation and if you dont own or intend to buy the land it sits on you may end up not much better of financally than when you rented .
Many mobile homes have a appreciation value when they sit on land owned by the occupant , the value is in the land/site LOCATION LOCATION LOCATION 1st rule of real estate
the work landscaping , filling in under neath , extentions , porches etc you see on many mobile homes gives it a saleable appeal that builds you equity for little cost as the taxes you pay are generally lower then with traditional homes .
If you rent the land and spend money on the above improvements you may well lose their value WHEN & IF you have to vacate the land it is situated on .
consider your options very carefully sometimes the payments on a mobile homes (high interest rates ) plus the fees and payments for renting the land it stands on might be more then you would concur if you purchased a ( little DIY home) and spend money and time on it until it acquired some equity ....
add up ALL YOUR EXPENSES before making a decision .
IE the cost per month to buy the mobile home ,cost of renting or buying the land , site fees etc
JUST MY OPINION FOR WHAT ITS WORTH .
good luck mate
Where is VRB, by the way?
It is really a good idea to have your own home than paying the rent every month! I would recommend you to visit spamalot.com which would be able to dwell more on the subject as I found it quite useful when I needed detailed information about Private Mortgage Insurance. I am sure you will be benefited by the information the site provides.
Edward, I'm giving you the benefit of the doubt that you just didn't understand that it is not OK to promote your website without permisssion/payment. One more post with that link, though, and you're toast. Welcome to Britnet, have a nice day :) monster
Yes, I'm glad I own (although the upkeep can be a total pain in the arse when your mates all want to go do stuff and you have to be the responsible home owner on the weekends).
One of my world-wise friends is trying to encourage me to sell up, take my substantial profits over to Lithuania and live like a king, teaching English to the pretty women, which he did himself as a poor student a couple of years ago. I've said I'll do it as a last resort but it wouldn't even be an option if I didn't have the house. lol