Should you talk to a manufactured home mortgage professional before house hunting?
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your MobileHomeLoan.biz mortgage finance professional first. Why? What can we do for you if you haven't negotiated a price, and don't know how much you want to borrow?
When we pre-qualify you for your manufactured home loan, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you on the mobile home. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!
Once you qualify, we give you what's called a manufactured home purchase Pre-Qualification Letter (your real estate agent might call it a "pre-qual"), which says that we are working with you to find the best loan to meet your needs and that we're confident you'll qualify for a loan for a certain amount.
When you find a manufactured house that catches your eye, and you decide to make an offer, being pre-qualified for a mobile home mortgage loan will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre-qualified for a manufactured home loan is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mobile home mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!
You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Qualification Letter! For another thing, we may be able to find a different mortgage program that fits your needs better.
Prequalification is a good first step in the home-buying process.
Advantages of prequalifying
Getting prequalified carries a number of advantages:
Knowing how much home you can afford can help you focus your house hunting.
Being prequalified can demonstrate to a seller that you're serious and ready to buy.
Completing the final mortgage application will go faster since you've already provided much of your information.
Prequalifying generally takes little time. You may be able to complete the prequalification form online. MobileHomeLoan.biz will check your credit prior to making a prequalification offer.
What you typically need to prequalify
You can save yourself time in the prequalification process by preparing some information before you get started:
Deciding on an interest rate
Depending on how far along you are in your home search, you may think about locking in a rate.
Lock in. Secure the interest rate you want. Lock-in periods vary, usually from 30 to 90 days. Generally, you'll be allowed to lock in your rate after you have been prequalified and approved. Ask about any fees.
Float down. A float-down feature may be available, which lets you lock in a rate then lower that rate one time if rates go down during the lock period. Ask about any fees associated with a float down feature.
Buy down. You pay a percentage of the loan amount, also known as points, to get a lower interest rate on your loan. Buying down your interest rate may make sense if you want lower monthly payments and can afford the cost of points. Ask how much you need to pay to buy down the rate in the amount that you want.
Compare fees
The fees you pay to get a loan are commonly known as closing costs; they can amount to hundreds or thousands of dollars. They include fees that your lender charges, including points, and also various third-party fees.
Some typical lender fees
Some typical third-party fees
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