How to Buy Double Wide Mobile Homes
Many people choose to buy a double wide mobile home as a primary residence or an investment property. Getting pre-qualified for a mortgage loan by a local lender can help the buyer to decide which mobile home to purchase. Once the buyer identifies a mobile home to buy, negotiating the sales price with the seller will determine how much the lender needs to finance for the purchase.
- Decide how much you can afford to pay for a double wide mobile home. Review your current bills to help you come up with a monthly payment figure that you can afford. Include any lot fees if you intend to buy a double wide that sits on land that you do not own.
- Obtain a pre-qualification loan from a local lender. Fill out the loan application and give the lender any information necessary to make the loan decision. Ask the lender how long the application process will take. Once the lender reviews your application you will know how much you can afford to pay for the mobile home.
- Find a double wide mobile home that you want to buy. Make the seller an offer which falls within the price range that the lender’s approval stipulates. Contact the lender once you negotiate the final price with the seller.
- Take the mobile home purchase information to the lender. Have the lender give you a final approval on the mortgage loan. Set up a time to close on the loan and ask the lender if you need to bring any other paperwork with you to the appointment. Also find out from the if the seller needs to come with you to the loan closing.
- Arrive early to the closing and read through all of the loan documents before you sign them. Once you close on the loan, take possession of the mobile home and have the lender pay the seller with the loan proceeds. Make sure the seller removes any belongings from the interior of the mobile home before you move in.