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Wednesday, March 4, 2009

Choosing The Right Mortgage For Your Manufactured House

By John Graystew

If you're thinking about purchasing a manufactured house and you're worrying about the mortgage options for these kind if homes, you can breathe easy. Most lenders treat a manufactured house the same as a 'normal' house and therefore, you will have the same mortgage options available.

When looking for a loan, there are a lot of places to look. You can try your local bank, or go online and search for rates. Maybe you already have a trusted advisor in this area. If so, ask him or her for advice on your mortgage.

Be sure to follow a few proven steps when deciding what mortgage you're going to pick for your manufactured home. If you decide on doing some comparing online, always ask for multiple quotes from multiple companies. This way, you get multiple varieties of mortgages and interest rates.

After you've received a few quotes from online mortgage companies, you will probably get a call from some of these companies. They will ask you for more information in order to provide you with a more accurate quote.

If you're happy with one of the quotes you receive, you print it out, sign it and send it back to the mortgage company. If they need more paperwork, they tell you what documents you have to provide. Be sure there's some kind of deadline on the mortgage quote, so you don't risk not getting the money to the builder in time for closing. And that's it, you've got a mortgage loan for a manufactured house.

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