Can you provide any guidance re finance companies? I'm considering a loan from an on-line company that specializes in MH loans. Their rate/charges sound attractive, however I'm somewhat unsettled about dealing with them. The company is in ALabama.
The alternative is to go with a local bank. The rates are similar, however the bank has many add-on charges.
Is there any rating service that guides one on companies?
Any guidance will be welcome.
Thanks.
MH Finance Companies
-
David Oxhandler
Re: MH Finance Companies
Let lenders compete for your business. You get to choose from multiple quotes when you Try the MH LOANFINDER SERVICE, They are a mortgage information referral service that accepts requests regardless of credit history. You may request information for any type of manufactured home finance. Their goal is to provide you with information to make an informed decision for your financial future. you'll save time and money. You will discover which participating lenders offer the best programs to meet your needs. There is No Obligation. No Initial Credit Check and the Expected time to complete is only 4 minutes. You have nothing to loose and if you can find it any place this is where you will find the financing your searching for. Take the time and Jump to the LOANFINDER and fill out their short form NOW!
-
Ken
Re: MH Finance Companies
The distance between you and a lender should not be of any concern. Instead focus first on the rate, making sure you know if the rate is fixed or variable, and if the loan is an acceptable term for you. While not necessarily bad, some loans are balloons, and before you sign up for one, be honest with yourself about your ability to pay the loan balance off in full at the end of the balloon period. If you can't pay it off at the end of the term, you are just signing up for a different form of a variable loan, and variable loans are not a good choice for anyone when rates are low now.
The ethics of the lender should be of little concern to the borrower as long as they have read and fully understand the loan documents. Some lenders (including a major regional bank) may have low rates and low or no fees upfront, but they have hugh hits if you try to pay the loan off early which most people do. Watch out for how a lender handles their late charges in both the amount and when it is due, and, what they do if you fail to pay the late charge itself. As an example, one lender invokes a late charge of $25.00 per fraction of $100 of payment due the morning after the payment date, plus 35% interest on the late charge itself. If you have a payment of $285.00 and your payment is a day late, you end up with a $75.00 late charge and an interest charge on that $75.00 that is far greater than your interest on the loan itself.
Not all lenders operate like this, but enough do that it is important to read all paperwork before signing anything. There are no online rating services of manufactured housing lenders that I am aware of, and even if there were, they likely wouldn't be comprehensive. Some excellent lenders offer loans only in a single state, or several neighboring states and you will likely never know of them if the internet is your only way of accessing loans. If you wanted to post back here with the state you live in, I'm sure people would give you leads on lenders that may lend in your area that you are not aware of.
Good Luck
The ethics of the lender should be of little concern to the borrower as long as they have read and fully understand the loan documents. Some lenders (including a major regional bank) may have low rates and low or no fees upfront, but they have hugh hits if you try to pay the loan off early which most people do. Watch out for how a lender handles their late charges in both the amount and when it is due, and, what they do if you fail to pay the late charge itself. As an example, one lender invokes a late charge of $25.00 per fraction of $100 of payment due the morning after the payment date, plus 35% interest on the late charge itself. If you have a payment of $285.00 and your payment is a day late, you end up with a $75.00 late charge and an interest charge on that $75.00 that is far greater than your interest on the loan itself.
Not all lenders operate like this, but enough do that it is important to read all paperwork before signing anything. There are no online rating services of manufactured housing lenders that I am aware of, and even if there were, they likely wouldn't be comprehensive. Some excellent lenders offer loans only in a single state, or several neighboring states and you will likely never know of them if the internet is your only way of accessing loans. If you wanted to post back here with the state you live in, I'm sure people would give you leads on lenders that may lend in your area that you are not aware of.
Good Luck
-
Gene DeShong
Re: MH Finance Companies
Sir, let me introduce myself,I am a mortgage broker in THeodore,Al and I specialize in Mfg Home Loans,I have over 38 years experience in the world of retail finance,if you feel I can help, please call me @ 251-402-0968
Gene DeShong
Gene DeShong
Who is online
Users browsing this forum: No registered users and 8 guests