Chattel Mortgage Form With Decimals In Suffolk
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A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).
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.
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.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.
Manufactured Home Loans Property TypeInterest RateAPR 30 Year Fixed 10.615% 10.747% 20 Year Fixed 10.365% 10.523% 15 Year Fixed 9.865% 10.052% 10 Year Fixed 9.990% 10.245%