Call now to apply: 205-444-5866

How do I apply for a mobile or manufactured home loan?


Call us today 205-824-8787 to apply!  We will happily guide you through your loan.

What type of mobile home loan will be best for me?

 

Your personal goals and financial situation will determine which option is best; we can only make suggestions.  

Your lender will provide you with a list of loan options to choose from and explain them to your satisfaction. These loan options are from creditors that we regularly do business with. The options may include the loan with the lowest rate that you qualify for, lowest monthly payment, or fewest points and origination fees. At MH Loans, we never offer loans with risky features such as prepayment penalty, negative amortization, or a balloon payment in the first seven years of the loan.

What will my closing costs be?

Every loan varies based on size and state. Your approval letter will have borrower-paid and lender-paid options for you to choose from.

Will I be charged points?

Not always. Some loans are structured so that the lender pays all points. Your approval letter will have both options for you to decide which loan best meets your needs.

How long will I be guaranteed the quoted interest rate?

This is called locking in a rate. Your approval letter will state how long your rate can be locked in and what is needed to lock it in.

How long will the closing process take?

This varies, so get an estimate, especially if you're on a deadline.

Manufactured Housing

How much House can I afford?

This depends on two things: 1) your comfort level and 2) the lender's approval. If you're young and upwardly mobile, you may feel comfortable stretching to afford a bigger home, knowing that eventually your increasing income will make the payments easier as time goes by. But if you're older or retiring soon, you may want a lower mortgage payment that won't require as much of your income. The lender, on the other hand, will be looking at your credit rating, your income and other factors to determine how large of a mortgage you can support.