How to Finance Used Mobile Homes
The terms for financing a used mobile home often depends on the location and value of the dwelling. The buyer should contact a lender that offers mobile home financing to find out what is required to apply for a loan. Once the lender approves the buyer’s application, the loan closing can usually be complete in a short amount of time.
- Contact a local bank and ask to speak with a loan officer. Set up a time to meet in person if the loan officer is unable to discuss the financing over the phone. Tell the loan officer that you want to finance the purchase of a used mobile home. Ask the loan officer what the current interest rate is for the mobile home you want to buy.
- Find out what information you need to provide in order for the loan officer to review your loan request. In most cases, the loan officer will need the used mobile home purchase information and your income and banking verification. Obtain a loan application package from the loan officer and take it home to complete.
- Make a copy of the information the loan officer needs. Complete the mobile home loan application, then have the co-borrower complete the joint section, if applicable. Submit the entire package to the loan officer.
- Review the loan officer’s approval to see if you like the terms. Find out the length of the mobile home loan as well as the monthly payment. Set up a time to close on the loan and ask the loan officer what you need to bring with you to the closing.
- Close on the mobile home loan and arrange for the loan officer to pay the seller. Find out when your first monthly payment is due. Arrange for an automatic withdrawal, if you want the loan payments taken directly out of your checking account each month. Take possession of the mobile home once the loan officer pays the seller.