An overview of the manufactured loan process
Make no mistake, there's a lot involved in getting a mobile home mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.
There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.
| Step one: determine how much mobile home loan you can borrow |
This is a function of a couple things. How much of a manufactured monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from. |
| Step two: pre-qualify for your manufactured home loan |
This is where the rubber meets the road in the manufactured home finance process and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Qualification Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you. |
| Step three: apply now! We make it easy to get the lowest rate mobile home loan |
Once you've made an offer and it's been accepted, it's time to complete the manufactured home loan application. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home. |
| Step four: your manufactured mortgage loan is funded |
| Your realty agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office. |
The Loan Process
Summary of The Loan Process
The loan process can be a little overwhelming to understand at times, especially for the first time buyer. This flowchart will help to explain the roles of the individuals involved and the order in which the process works.
Purchaser:• Calls Mortgage Planner for information
• Gathers information needed for application
• Starts looking for new home
Mortgage Banker:
• Conducts High Trust Interview
• Discovers core values, hobbies, expectations and needs, and financial goals
• Discusses qualifying, monthly payments, loans available, quotes interest rates, and cash needed for closing.
• Fills out loan application with you
Processing:
• Communicates with you on items necessary for your loan closing.
• Pre-underwrites & prepares loan for approval.
• Works with all parties
Underwriter:
• Final decision maker on your loan
• May need additional documentation from you
• Works directly with Mike Stark and Processing
Closer:
• Assembles package for your closing day
• Sends package to Escrow Agent
Escrow Agent:
• Prepares Settlement statement & e-mails it to Mike Stark for review
• Mike e-mails Settlement statement to all parties 72 hours prior to closing
• Mike gives you Escrow Officer's Name, Company, and address
• Mike calls you to review the Settlement figures and cash for closing 72 hours prior to closing
Closing:
• At Escrow Agent's Office
• Sign Final Loan Documents
• Bring a certified check to closing (payable to Escrow Company)
• Bring a Photo I.D.
• CONGRATULATIONS!!! - You are now a homeowner
You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of manufactured mortgage loans -- so we do most of the work. Doesn't that make sense?
VALUELOANS.COM
Bringing Value Back To Manufactured Lending!
877-VALUE69 / 310-534-2041
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