It seems like common sense that if you are looking for financing for a mobile home, then working with a lender that specializes in your particular needs is the way to go. However, manymobile home buyers are lied to by desperate loan brokers or firms that are widely known for their track record in traditional home loans but do not know manufactured home loans, and are just trying to break into the manufactured home loan market. It seems like common sense that if you are looking for financing for a mobile home, then working with a lender that specializes in your particular needs is the way to go. However, manymobile home buyers are lied to by desperate loan brokers or firms that are widely known for their track record in traditional home loans but do not know manufactured home loans, and are just trying to break into the manufactured home loan market.
Only after dragging their customer through the entire process (and racking up quite a bill), does the inexperienced loan broker realize that they were unable to secure financing for a manufactured home all along. The unfortunate reality is, quite a few of our customers have come to us after their former loan broker turned them away. In this scenario, a customerhas no choice but to start over and leave behind the fees and charges they already paid up to the sum of $1,000. As if that isn't convincing enough, here are the top three reasons to seek out a mobile home loan professionalto fully weigh your actual financing options.
One. The finance and real estate economy changes every day, and this includes the mobile home industry. Only a Specialist in Mobile Home finance will know the lenders that will and wont' lend for Manufactured Home Loans. Many funders that formerly lent on Manufactured Homes, have stopped with their Manufactured Homeloan programs within the past fewmonths. Most likely, even if thefunderdidn't cancel their Manufactured Home programs, they have modified themquite a bit. Only a company that specializes in Manufactured Homeloans will know the ebb and flowof this highly specific market.
Second. Manufactured Homeloans maintains it's own specific rules and regulations.. An agent that only works with traditionalhome loansis not privy tothe intricacies of the mobile home industry. This leaves the customer quite exposed to legal action if the broker's lack of knowledge and experience causesany legal or regulatory snags during the transaction. Mobile Homesare treated quite differently on both the federal and state level, and unless the agent is in the know there is huge risk for a unforunate mistake.
Third. Using a Manufactured Home Loan Brokerwill cost you less money, both short term and long term. Mobile Home realtors and mortgage brokers lacking Mobile Home know-how oftenapply their stick builthome finance experience to Mobile Homes, and this does not work. They will charge the customer to get an appraisalon a property without first checking for any comparable sales in the immediate area, which makes the home nearly impossible to finance. Doing this will spend $400 of your hard earned money, and unfortunatelyyou will have nothing to show for it. A manufactured home Loan Brokerknows the proper process, and you will enjoy the wealth of experience they already have, instead of working with a company that learns as they go.
