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Mobile Home Title Loans

Mobile home title loans are almost similar to mobile home refinance loans. The lender will extend a loan against the mobile home to provide the borrower with the money needed for paying off the debt. The property must be sufficient collateral and must sell at a good value in the market, or it will not fetch much resale value itself.

Interest rates are usually higher for a mobile home title loan than for a mortgage loan. Most homeowners find it particularly attractive to use the money for paying off past due bills and expenses that interest rates have been jacked upon.

Mobile home title loans are safer than a typical high-interest loan that attracts scofflaws. The existing loan will be paid off before the lender takes the property as collateral and provides the borrower with sufficient time to sell it.

Interest rates are usually higher for a mobile home title loan than for a mortgage loan. Most homeowners find it particularly attractive to use the money for paying off past due bills and expenses that interest rates have been jacked upon.

How can I Get a Loan on my Mobile Home Title?

The bank would first have you fill out a loan application form which asks for some of your banking details. The bank then checks your mortgage credit scores and a background check to make sure that they feel comfortable granting you the loan. You cannot file bankruptcy for 7 years from the date of your first loan or until the note has been satisfied in full, whichever is later. If you have any deficiencies in your credit report, they may request that you make an initial deposit with them to decrease the likelihood that they will incur a loss. Should you receive a loan, the payment schedule that is agreed upon will be documented and entered into an agreement between yourself and the financial institution? Based on what type of loan it is, those payments may vary over time, and the interest rate will also vary based on changes in the market.

How Long are Loans for Mobile Homes?

Typically, it depends on the loan type. For adjustable-rate loans, the loan itself is generally from 5-15 years, with an interest rate based on numerous factors, including your credit score and other items. After you have been given a loan for mobile homes, you are required to pay that loan back in full within the given time frame. If you need more time than what is allotted, you may negotiate with the financial institution. However, there may be some added fees associated with extending your loan.

In situations where a home is the form of collateral for the loan, the predetermined length of a mobile home loan can vary. Sometimes it is needed in instances where you refinanced your home and took out an extra amount of money to pay off other debts you may have. However, this type of loan stipulates that you refinance back into the original home or that home has to be sold, and the proceeds used towards paying off the loan. Many people who have had trouble getting a loan because they do not have sufficient credit history may have the option of getting a secured loan. This type of loan is usually short-term, and the interest rates are often higher than for unsecured loans. However, if approved for financing through their institution, it merely means that they consider you quite a good risk, so they may be willing to offer you a decent rate.

What are the Documents Required to Apply for Loans for Mobile Homes?

  1. Proof from your down payment money or if you just paid cash, proof of the cash.
  2. Proof certificate on a down payment or a logbook of down payments
  3. Proof of car insurance (Your parents or spouse’s information is okay)
  4. One or more valid drivers license
  5. A written contract of Sale
  6. Lease agreement
  7. Signed title
  8. Common Certificate (If it’s not CT or VA)
  9. Copy passport
  10. License, bank statement, or other current document showing your income

Some documents will be required when you apply for loans for mobile homes. First of all, you will need to have a copy of your driver’s license and social security card or birth certificate. The copies you provide could have been obtained directly from the local motor vehicle or social security administration department. You will also need to provide proof of your address, such as your bank statements or your utility bills. In addition to all of this, you will need to provide proof of income from a regular source. This is often done by presenting checks that show your paycheck stubs. It is required for yourself or spouse to have another type of credit card or loan already with a good payment record history if you wish to apply for an unsecured loan. The financial institution can review it in deciding whether to approve your request or not.