Find Reputable Mobile Home Mortgage Lenders
Author: weissheiss
The process to secure a mortgage for a mobile home is not nearly as cut and dry as it is for a traditional home. Mobile home mortgage lenders are not regulated by the government and are usually individuals or investment groups that make a business by loaning money to people who are purchasing a mobile home and living in it as their primary residence.
Because of the lack of regulation and the relative lack of competition, (compared to the amount of competition between traditional lenders), manufactured home lenders charge inflated interest rates, closing costs, and fees. It is important to find a reputable lender of this type to ensure that you receive the best deal possible.
The number one thing to look for is involvement in mortgage brokers and lenders associations in the local area that these lenders do business. These associations are great for monitoring business practices of its’ members and reporting any and all bad business practices. It the mobile home mortgage lender you are working with isn’t a member, find out why.
The Better Business Bureau is a great resource as well. What is their rating and how many complaints have they received? Even more importantly, how many of these complaints were left unresolved and how many were taken care of. Remember, all businesses receive complaints. It’s how they handle them that is most important.
How long has the company been making loans? Most of these lenders will offer testimonials and the opportunity for you to contact and talk to current and previous borrowers of theirs.
Posted in Mortgages | 
Tags: Better Business Bureau, Borrowers, Interest Rates, Investment Groups, Loans, Local Area, Manufactured Home Lenders, Mortgage Brokers