Chattel Mortgage Form Formal Contract In Montgomery
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FAQ
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.
The best chattel mortgage rates generally start from around 7.50% p.a. but can range up to 15% p.a. or higher for some borrowers. To get the best rate — i.e. the lowest rate — a borrower will want to present as little risk to the lender as possible.
If you need to obtain a copy of your mortgage agreement, you will need to do so at the office where the mortgage is filed.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Certified copies of recorded documents are available from our “Public Access System.” Our records date back to 1784, and you are welcome to search our Public Access System for current and historical documents, including: deeds, mortgages, and satisfactions. You can access this system from your home or office computer.
A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).