Modular home loans

A person needs to talk to a lender to make sure that they can use the same lender for both the construction and the mortgage. Plus, it is helpful to plan ahead in two other ways: get prequalified by one or two lenders and apply for pre-approval. A modular home loan lender is going to assess the value of the house to protect his investment. Expect to pay some fees and "points" which may equal one point per one percent of the construction loan. Make sure to get the exact fees in writing. A person will typically only pay interest on the money borrowed during construction. When the house is complete, and the final construction disbursement is issued, a person will begin to pay off the mortgage, both the principle and interest. Modular home loans are going to make it possible to enjoy a house, constructed elsewhere, but assembled permanently in the location of choice.