Manufactured Home Equity Loans: Can You Apply a Second Mortgage on Your Manufactured Home?

By: Jack Preston

Maybe you didn't know, but manufactured homes may lose value over time. While this can be true, it is important to remember that some mobile homes actually go up in appraised value. The goal is to place your manufactured or mobile home on a permanent foundation. Mobile, Manufactured and Modular homes on permanent foundations are homes that increase in appraised value over time unlike others that aren't on permanent locations. If you own a manufactured or mobile home placed on such a foundation, you will gain equity every time you make a mortgage payment. You might be surprised just how much equity you've gained after only a few years of paying your mortgage.

Equity is often used as collateral for a loan. There are a good number of reasons for individuals take out equity loans. If you need to borrow for a big-ticket item such as an automobile or a new air conditioner, an equity loan is a good option. Some folks use equity loans to consolidate their bills and pay off credit cards. Others use equity loans to make mobile home improvements. Regardless of why you want or need an equity loan, it is probable you can get one if you have capital built up in your fixed foundation manufactured or mobile home.

It's really important to find an affordable home equity lender. While you could check with the original lender who got you your mortgage, you may not want to do that. A better choice would be to look around with a variety of different brokers to find the best loan program. Websites such as Countrywide make it simple to look at loans from multiple lenders. You simply complete one application and you get offers and quotes from multiple institutions. You could also make a phone call to lenders found in your local phone book. There are even brokers that specialize in home equity loans. These mortgage companies often provide lower rates than a traditional bank or credit union can offer. Comparing a few offers can help you find the best home equity loan around to meet your financial needs.

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Learn more about mobile home financing and learn about bad credit mobile home loans at the Mobile Home Shopping Guide located at MobileHomeShoppers.com.

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