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The Two Types of Mobile Home Loans

By [http://ezinearticles.com/?expert=Ryan_A._Harris]Ryan A. Harris
Getting loans for mobile homes is actually a really complicated process. You would think that you could easily walk into a bank and take out a loan of this type. That definitely is not the case. There are quite a few things that you will have to find out before that will be possible. You will also need to consider which type of loan is best for you. (continued below)

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The Two Types of Mobile Home Loans

The first type of loan that people use quite often to buy mobile homes is a mortgage loan. However, many people will not be able to use a mortgage loan for their mobile home. This is because in order to use this type of loan, you must own the land that the home will sit on. Since this is often not the case, it is often impossible to use this type of loan.

As long as you own the property where your mobile home is going to sit, you can get a regular home loan at any bank. However, you will need to build a foundation and attach the mobile home permanently to it.

The second type of loan that is used quite often to buy these homes is the personal property loan. If you rent the property where your home will sit, this is your best option. Additionally, if the home has no foundation, this will be your only option for a loan.

Deciding between these two options is somewhat easy to do. If you can qualify for a regular home loan, you will want to choose that option. This is because the terms of the loan will be more favorable and the interest rate will be lower. If you can not qualify for a mortgage loan because you do not own the land, you will opt for the personal property loan.

Make sure to research well before taking out [http://whalehookloans.com/2009/07/22/mobile-home-loans/]mobile home loans. You should also consider looking at [http://whalehookloans.com/2009/07/24/new-home-loans/]new home loans before making your decision.

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