Chattel Mortgage Form Formula In Massachusetts
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FAQ
In comparison to regular mortgages, chattel mortgages come with shorter terms which means they're repaid within 10-15 years in most cases. With a residential mortgage, the lender can retain a lien on the property which may or may not be the case with a chattel property mortgage.
The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.
At the end of the term of the chattel mortgage (12 to 60 months) you can opt for a balloon which is a lump sum due at the end of the financing term. So, the balloon structure reduces your monthly repayments by $476 or $22,848 lower repayments over the 4-year term.
Chattel loans often come with higher interest rates than traditional mortgages, ranging between 5.99% and 12.99%. This compensates lenders for the increased risk of financing movable property.
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The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
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