Montana Chattel Mortgage on Mobile Home
Description
How to fill out Chattel Mortgage On Mobile Home?
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FAQ
A chattel mortgage is used to purchase moveable property, such as manufactured homes. A traditional real estate mortgage is used to purchase stationary properties, such as traditional homes and the land they are built on.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Hear this out loud PauseA 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.
Hear this out loud PauseWe can finance your manufactured or mobile home whether it's tied to the land or in a mobile home park. Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%.
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.