This financing is offered at competitive rates through the majority of companies. Interest rates and terms are often factors that make purchasing mobile homes seem less appealing to a homebuyer due to the rapid depreciation rate. And this can cause the interest rates to be fairly high. However, with more finance companies and mortgage brokers, even some banks, now offering mobile home loans to consumers, it is much easier for these homebuyers to obtain this financing and because there is such a competitive market, there are deals to be found.
When opting for a good deal in this area, it is important to do some research also. For the same reason that finance companies used to decline a mobile home loan, the insurance companies have picked up on. The construction of a modular or mobile home is such that a small hurricane, mud slide or tornado can totally devastate it. Therefore the insurance rates will reflect the risk. There are also zoning laws in some areas that forbid the erection of such a dwelling. When first purchasing the property where the home will be placed, look into whether or not it is possible to place the house there.
