Understanding Financing & Site Prep

[Loretta]

I'm "way new" to both the internet, this web site, and the prospect of purchasing a new mobile home...hardly know how to ask questions, much less sort through all of them. We anticipate returning to Central Texas in a couple of years where we own our own land. 1. We are leaning toward the new Schult Saturn (introduced 2000) models manufactured in the East Texas facility--any comments will be welcomed on this line--and also favoring Chattel mortage for financing. BIG QUESTION: Are these mortgages available without prepayment penalty and if so, by whom are they offered? (We would want to pay off the note in 7-8 years.) 2. I'm confused by site prep: our property is heavily-wooded blackland prarie (known locally as "heaving clay"). I've run across "crawl space" and "pit set" foundations (which I presume are the same...is this correct?) and like the concept since it more nearly approximates the look of site-built homes. Is this feasible given our type soil? I have a kajillion more questions, but these seem to be at the top of my puzzlement at the moment. If you can guide us regarding these, or direct me to a more appropriate site, I'll GREATLY appreciate it! (And, forgive me, if you've already treated these topics in earlier parts of your web site...I've not had time to read back in the dusty archives.)
Thanks a lot! (Also, the above e-mail address is phony, so please reply online & I'll continue to check your site for responses.)

[nhmobilehomes]

Hello.My first answer is that if you are financing a new manufactured home dont let the dealer lead you into his sources without checking local and other sources first.
many lenders now days have a pre payment clause right now i know CONSECO FIN does for the first 5 to 7 years. if you are going to do a construction loan with your land as collateral and you have good equity in your land i would suggest you find your own bank to do buisness with for short term fin. You might consider going 15 years with a no penalty rule and paying off the mortage off as soon as you want to . This can give you the security of a low payment just in case the futer holds some unforseen problems. as far as your foundation is concerned i am not sure as to your local building codes. It might do you good to talk to a few builders or even building inspector in your area.
Well hope all is well let me know how you did. Rates are at a great reduction finally be wise and healthy

Steve Winters

[Loretta]

Thank you for your time and for sharing your expertise in response to my questions, Steve. I appreciate it!