Mobile home loan rates
Mobile home loan rates are the interest rates associated with the home loans provided for buying mobile homes. Mobile homes are those homes that are manufactured in a controlled environment in factories and then are taken to respective sites. These are quite famous in countries like United States and United Kingdom and a person finds many lending institutions that provide loans for buying mobile homes. Interest rates associated with the mobile home loans depends upon many factors. There are also some requirements that have to be completed for getting mobile home loans at these rates. Let us discuss mobile home loan rates with respect to some lenders.
Some mobile home loan lenders
In United States, there are many lenders of mobile home loans and interest rates of these lenders vary greatly. It is thus advised that a person should shop for some mobile home loan providers so as to find the cheapest mobile home loan lender around in terms of interest rate. For example, IU Credit Union is one provider of mobile home loans in the state of Indiana and is also the 8th largest credit union in the state. The reader should note here that credit unions along with traditional banks make one of biggest lending markets in U.S. This credit union has 11 branches located across the state of Indiana. So far the mobile home loan interest rates are concerned; it can be classified into rates for the single and double wide mobile homes manufactured from year 2005 to 2007 and interest rates for the homes manufactured in or before year 2004. Let us discuss rates with respect to first category. If a person goes for taking a mobile home loan for a period of 60 months, the loan amount is $5000-10000 and the APR is 7.0%. If the loan repayment period is increased to 84 months, the interest rate applicable is 8% with respect to loan amounts from $10001 to $15000. If a person wishes to repay the mobile home loan in a period of 12 years or 144 months, the interest rate attached is 8.5% APR and the loan amount is $15001 to $25000. All the mobile home loans more than $25000 are provided for a period of 240 months and APR attached with such loans is 9.50%.
Thus, a person can get the mobile home loan at a maximum rate of 9.5% APR for a period of 20 years. All the interest rate mentioned above fall in the category of non-real estate loans. In case of second category of loans, i.e. loans for mobile homes manufacture in or before 2004, a 5-year mobile home loan for amounts from $5000 to $10000 attracts 8% APR whereas 7 year mobile home loan taken for amount from $10001 to $15000 attracts 9% APR. Similarly, if a person takes a mobile home loan for an amount of $15001-25000 for a period of 12 years, the concerned APR is 9.5%. Maximum loan repayment term allowed is 20 years and a person can get a maximum amount of $25000 and more at an APR of 10.5%. From the above data, it can be easily construed that mobile home loans that are older attract higher interest rates whereas mobile home loans given for the purchase of newer homes attract low interest rates. A person can get the mobile home loans for buying new as well as old homes. If a person wishes to get his existing mobile home loan refinanced, maximum loan term allowed is 15 years. All the interest rates mentioned above are fixed rates. Maximum amount that can be obtained by a person for the purpose of purchasing the mobile home with no cash out option is 85% of the appraised value. In case a person wishes to get the amount with cash out options, it is 70% of the appraised value of the mobile home. Interest rates mentioned above are current interest rates and these tend to change from time to time.
Similarly, Holy Rosary Credit Union is another lender that provides mobile home loans in New Hampshire. It has been providing services since 1962 and is basically a federally insured and state chartered credit union. Among the various types of mobile home loans provided by this lender, Single Wide mobile homes on owned land is one. This loan carries a term of 20 year and payments are amortized over a period of 30 years. It is provided for a single family mobile home that is to be used as a primary residence. The interest rate attached with this loan basically 3/3 years adjustable. Thus, in case of 90% loan to value facility, for the first three years, interest is applied at a rate of 9.75% and after this period, it is 3-year treasury rate plus 2%. The minimum interest rate has been fixed at 9.5%. Similarly if the mobile home loan taken is 80% loan to value, the rate is 9.25% for the first three years and afterwards, it is treasure rate for three years plus 2%. The minimum interest rate has been fixed at 9%.
Similarly, in the case of 70% loan to value credit facility, the interest rate is 8.75% for the first 3 years and then it is same as in above cases. However, the minimum interest rate has been fixed at 8.50%. If a person goes for the 60% loan to value credit facility, the interest rate is 7.75% for the first 3 years with same interest rate agreement as in above cases and the minimum interest rate has been fixed at 7.50%. Another type of mobile home loan provided by this credit union is Loan for Mobile Homes in parks. This is also a 20 year term loan and is provided at 3/3 adjustable interest rates. For 90% loan to value credit facilities, interest rate is 11.25% for the first 3 years and minimum rate has been fixed at 11%. In case of 80% loan to value credit facilities, interest rate is 10.75% for the initial 3 years and minimum interest rate has been fixed at 10.5%. If a person goes for taking 70% loan to value option, the initial interest rate is 10.25% and minimum rate has been fixed at 10%. Last but not the least, if a person takes mobile home loan for 60% loan to value, the initial interest rate for 3 years is 9.75% and minimum interest rate has been fixed at 9.5%. In all the above loan types for mobile homes located in parks, the interest rate after the initial 3 years has been fixed at treasury rate plus 2%.
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