If you are thinking of purchasing a manufactured home and are wondering if it is the same as a traditionally built house when it comes to finding a home loan lender then you can breathe easier. Most home lenders view a manufactured home the same a a stick built house and will process a mortgage the same way.
There are quite a few choices when it comes getting a new home loan. You can of course go to your local bank, find a company that specializes in home mortgages, or use probably the easiest route, apply for an online home mortgage loan. And the best thing about going online is you never have to leave the comfort of your house.
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There are a multitude of online loan lenders to choose from and they offer all manner of loans and interest rates. Many of these sites are also designed to process you loan application quickly and efficiently which means you will have an answer quickly. This can usually happen in a day or two, so you will know if your application has been approved. After that many online lenders can have your loan to you within two weeks.
There is a basic set of steps that need to be followed when finding a lender for a manufactured home loan. Also remember that by going online you can get multiple quotes from different lenders allowing you to pick the terms that work best for you.
1. Find several home loan lender websites that you feel will give you a good deal, fill out their applications and click the submit button.
2. After you submit your application you will receive a phone call from a representative of the different companies you applied to. They will verify the information on your application as well as let you know any additional information you may need to provide.
3. When the application has been verified you will have to print it out, sign it, and either fax it or send it via mail to the loan company. You may also be asked to provide other paper work that they require such as proof of income or income tax returns.
4. After you application and other paper work has been processed the loan company representative will once again call you in order to set up your closing. This will be where you sign the official loan papers, completing the loan transaction.
5. The signed loan papers will be returned to the lender at which time they will release the loan money to you or the manufactured home builder.
There is one thing you need to be aware of and that is online loan lenders that promise to have your loan completed and the money to you or your builder the same day as your application. There are certain processes that must be adhered to when it comes to a manufactured home loan and a good lender will follow these.
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