Chattel Mortgage Form With Decimals In San Diego
Description
Form popularity
FAQ
A mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.
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.
Chattel refers to any privately owned property that is not real estate, such as campers, cars, or boats. The majority of mobile and manufactured homes in the U.S. – as many as 75% – are classified as personal property, not real estate.
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.