Virgin Islands Chattel Mortgage on Mobile Home
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How to fill out Chattel Mortgage On Mobile Home?
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FAQ
A chattel mortgage is established for a fixed rate over a fixed term. Your repayments will need to cover both the interest on your loan, and the principal amount. This means when you first begin repaying your chattel mortgage, a greater portion of the repayments will go toward repaying the interest amount.
Current interest rates Type of loanTypical ratesTypical termsFHA6.98%Up to 30 yearsFannie MaeVariesUp to 30 yearsFreddie MacVariesUp to 30 yearsChattel5.99% -12.99%Up to 20 years1 more row ?
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.
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Prepare to meet these requirements to qualify for a chattel mortgage: Credit score: You'll need an excellent credit score (around 680 or higher) to qualify for this type of loan.
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.
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.
For one thing, chattel loans are typically much shorter than with a traditional mortgage. There's also the fact that processing fees and loan amounts are up to 50% lower on these loans. The one obvious downside of a chattel mortgage is a higher interest rate.