District of Columbia Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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If your manufactured house is classified as real property, you may be able to finance it with a mortgage. Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below. In this case your loan would work almost exactly the same as financing for traditional ?stick-built? houses.
Without an included property, banks feel there is a greater risk they will not get their money back in the event of a foreclosure. In order for banks to cover their risk, a chattel loan will have interest rates between 5.99% and 12.99%, depending on income, credit score, and other variables.
A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called ?chattel,? also acts as collateral for the loan.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
A chattel mortgage is used to purchase movable personal property, other than real estate, which serves as collateral for the loan until it's repaid. Farm equipment, livestock, farm assets, and mobile and manufactured homes are a few examples of property you could purchase with a chattel loan.