For the home buyer who wants new construction a manufactured home can be a good way to go since they are built to the same standards as an on-site stick-built house. In fact because they are built in a controlled environment a factory built home is not subject to the rigors of weather and the outdoor environment. Because of this most home lenders are more than willing to make loans for these types of houses.
So where do you start when looking for a manufactured home loan?
That question is easy to answer; the same places you can get a mortgage for a conventionally built home since the majority of banks and lenders view factory built homes in the same way. This means your local bank, a mortgage broker, or online lender will be more then happy to process your loan request.
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If you do choose to try going online to get your loan quote you'll be quite surprised at how easy it can be considering you don't even need to leave your house. Most banks offer online loan application services in addition to their in bank services. You'll also find lenders who are specialists in the online lending world. Which ever route you decide to go you'll get a quick response with good service.
Online manufactured home loan services are designed to process your loan application quickly meaning you can have a decision in a short amount of time. In fact it may be much quicker then if you make a trip to your local loan officer. You will also be able to take advantage of different types of loans at competitive interest rates.
There are five basic steps you'll need to follow if you do decide to go the online route. Another advantage of doing it over the internet is the ability to get multiple quotes from different lenders while only filling out one application. This gives you tremendous flexibility to find the best loan for your situation.
1. When going online find a site that will give you the multiple quote option. This will save you time since you'll only need to fill out one application.
2. Once you submit the application you will be contacted by representatives of the lending companies. They will need to verify the information on the application and ask for additional info if needed. This might include proof of income or tax returns.
3. After verification you will have to print out your application and sign it then either fax or mail it to the loan company. You will include your proof of income (pay stubs) or tax returns at this time.
4. The lenders, after processing the paper work, will contact you with the terms of their loan offers. At this time you can choose which works best for your needs and set up a closing with that lender.
5. After the closing papers are signed the money is released for the purchase of your manufactured home.
Getting manufactured home loans is no different then that of a conventional home. The process is the same and the end result is a place you can call home.
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