Broward Florida Chattel Mortgage on Mobile Home

State:
Multi-State
County:
Broward
Control #:
US-0007BG
Format:
Word; 
Rich Text
182 downloads

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.
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FAQ

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.

Unlike traditional mortgages, personal loans for mobile homes don't require collateral or land ownership. Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own.

Mobile home loans are a type of loan that borrowers can use to finance the purchase of a mobile home. Because mobile homes can be moved, unlike a traditional home, most mobile home owners don't own the land where they park their home.

You can use conventional financing to purchase a manufactured home with as little as 5% down with p.m.i. (private mortgage insurance). You can also use conventional financing to purchase a second home with as little as 10% down.

Maximum loan term: Manufactured home: 20 years. Single-wide manufactured home and lot: 20 years. Manufactured home lot: 15 years.

You can finance a manufactured home that is chattel through a personal property loan, much like you finance a car. Typically, this requires about five percent down with your home as collateral that your lender can repossess if you fail to pay.

Assuming a borrower who buys a fairly typical multi-section manufactured home for $80,000 and puts 20 percent down, a 20-year fixed-rate mortgage at 3.36 percent would produce payments of $367 per month.

In addition to a new primary housing choice, mobile homes also offered a low-cost choice for vacation or retirement homes. Today, owning a mobile home in Florida can offer a great vacation choice, seasonal home or investment, but can also present some unique homeowner challenges.

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Broward Florida Chattel Mortgage on Mobile Home