Choosing the right lender for your manufactured home loan is paramount to getting a great rate and an affordable monthly payment. Not only do you have to find a bank that offers manufactured home loan products, but you also have to identify which lenders truly understand the manufactured home industry as this product is unique when it comes to financing. Here are a few tips to get you started:
The first thing you need to look for in a lender is flexibility. Depending on the particular home you are looking at, you may not qualify for some of the traditional loan options that people rely on. There are many different types of loans available for those who are purchasing manufactured homes either as a packaged deal with land, separately from land, or preowned. Your lender should be able to present you with options that are best suited to the home you have in mind and help you narrow down your choices.
Willingness to Work For You
Whether you're applying for a chattel loan or a manufactured home and land loan, it is no secret that this process can be exceptionally stressful. You need a loan officer who is willing to go above and beyond to ensure you reach the closing table. This individual needs to click with you on a personal level so that you can feel comfortable sharing your financial information and knowing they are looking out for you. In addition, you want to get a feel for their communication style to make sure that they will be there for you whenever you have questions or need help solving part of the manufactured home loan puzzle.
Familiarity with the Product
Another important aspect will be identifying a loan officer who is very familiar with the characteristics of a manufactured home loan. While some financial institutions do offer manufactured home loans, it seems that a lot of their loan specialists do not have the necessary training to successfully close these loans on a regular basis. For those who have decided on a manufactured home, it is best to find a lender who specializes in these types of loans and is already familiar with the rules. They will be able to give you a much more realistic sense of what to expect along the way. In addition, many of these special lenders have already partnered with manufacturers builders or dealers to offer convenient lending in-house. This can save you time and money over having to shop around on your own.
Connections to Real Estate Professionals
If you have selected a home that is not yet placed on land, you will likely need the help of a licensed real estate professional to help you find the perfect location for your new home. Some lenders have formed a working relationship with local real estate agents to bring manufactured homes and vacant lots together. Lenders who already have a strong relationship with realtors can help the purchase process along and get you into your new home in less time.
These four key attributes are important for anyone who wants to purchase a manufactured home in the near future. Before you start running your credit and applying for loans, make sure that you ask plenty of questions about what options are available, and how your lender is going to help you get to closing. Interview several lenders before making a decision to get a feel for the resources and tools they have to offer you. Make sure that you are clear about your financial situation and goals going in so that they can give you the most accurate answers possible.