If you are a mobile homeowner and you are looking for financial help to carry out some renovations on your mobile home, you will have to make sure that you seek that financial help from the right source.
There are a lot of loan lenders in the United States that would hand money over to you so you can undertake the renovations you seek for your mobile home.
However, that does not mean that you should take the loan from the first lender that you meet. You will have to choose the right lender because the conditions each lender offers differ.
So, if you are a mobile homeowner and you are looking to get a loan for your mobile home renovations but do not know how to go about it, this article will give you all the necessary guidance you need when seeking a loan for your mobile home.
Apart from that, you will also be introduced to some mobile home lenders that we think are the best and you should contact first.
By the time you are done with this article, you will have some practical tips that will allow you to make the right choice when it comes to choosing the best lenders for your mobile home financing needs.
If you are ready to go down this road for your mobile home, let us get started.
Why Choose A Mobile Home Improvement Loan
Taking out a loan for your mobile home comes in handy when you decide to improve the outlook and the feel of your mobile home.
Maybe, you are looking to get the walls of your mobile home remodeled. You could also look to get the kitchen a facelift by reinforcing it with new materials.
You could also be thinking about some different kinds of improvement for your mobile homes such as for the interior or the exterior.
This improvement could even be before the ceiling of the mobile home. Whatever improvement you are trying to get done on your mobile home, you may probably need financial assistance to get that done since you may not have the money needed for the renovations at that time.
To get that financial assistance, you will need to see a mobile home lender for the loan to carry out the renovations.
How To Choose the Best Mobile Home Loan Deal
If you are looking to get the best mobile home loan deal for your proposed renovations, there are three major factors that you will have to consider before you go ahead with your plan for the loan. Here are the key factors below:
The Duration Of The Loan
This refers to the time duration that you want the loan to last. How long do you want the loan you are getting to last? That is the first factor you will have to take a look at.
The Interest Rate On The Loan
The second key factor that you will have to look at is the interest on the loans that will be presented to you by the lenders.
Are the interest rates competitive with that of the other loan lenders in the market? You will need to make sure about that as well.
The Monthly Payments Of The Loan
The third key factor to look at will be the monthly payments of the loan. What kind of payment plan will fit into your budget? This refers to how easily and flexibly you can pay back the loan you took.
These are the three main factors that you will have to consider before you make a move to get a loan from a particular mobile home loan lender.
There are several other factors that you will have to look at as well but the three mentioned above are the most important ones that you cannot skip when you are looking for a loan to carry out improvements on your mobile home.
The three factors mentioned above also affect each other. Due to this, it is always very important to consider the general picture of the whole situation when you are trying to make the best choice to satisfy your needs.
When the duration of the loan is longer, it normally tends to attract smaller monthly payments. However, the negative side of such loans is that you will end up paying higher interest rates.
However, if you can pay high monthly payments, you will be able to get rid of the loan quicker, helping you to stay on top of your financial plan.
You should always keep in mind that different loan lenders have different terms and conditions.
They do not work with the same conditions and terms because they are different entities. You should always make sure to read all the requirements thoroughly and make sure that you understand them very well before you proceed with the loan acquisition by signing any document that will be handed to you.
Our Top Mobile Home Improvement Loan Lenders In The USA
So with that said and done, let us now take a look at some of the best mobile home loan lending companies you can put under consideration.
These companies have been serving the mobile home market for a while now and they have been doing a good job at it.
MH Loans Corporation
MH Loans Corporation is a company that has more than 40 years of experience in the mobile home loan lending business.
The company appears to have one of the best clean track records so far. It has also been touted as one of the best reliable loan lending companies you can deal with.
Customers can apply for their loans online as well. The company offers services such as Fixed MH refinance rate, MH purchases loan, principal reduction program, and realtor services as well.
- Mailing address: MH Loans Corporation, 100 E. San Marcos Boulevard Suite 400, San Marcos California 92069
- Contact: 888 809 1145
JCF Lending Group
This is a lending company that was established in 1994. The company offers customers a unique package of loan services for their mobile home-related projects.
When a customer makes an application for a loan from JCF Lending Group, he or she receives a reply within 15 minutes after the application.
JCF offers loan services such as the financing of a mobile home purchase with repayments of up to 25 years.
- Mailing address: JCF Lending Group, 848 North Rainbow Blvd. #2249, Las Vegas, NV 89107
- Contact: 866 967 0143
Vanderbilt Mortgage And Refinance Inc
Vanderbilt has several branches across the United States of America offering people various loans for their mobile home projects.
The company mainly specializes in providing financing for the purchase of new mobile homes.
Apart from that, they also offer to finance the purchase of traditional homes as well. Vanderbilt has been in the loan lending business for more than 45 years. The company now services loans of about 200,000.
- Mailing address: Vanderbilt Mortgage and Finance, Inc., P.O BOX 660180, Dallas, TX 75266- 0180
- Contact: 1-800-970-7250
American Modern- Aberdeen Proving Ground Federal Credit Union
The roots of this loan lending company go as far back as 1938. This means that the company has been in the loan lending business for a very long time and has gained a vast amount of experience along the way.
With such experience, they would be an ideal company to talk to about your mobile home renovation dreams. The company can help you with the acquisition of a new or pre-owned mobile home.
- Mailing address: APG Federal Credit Union, P.O BOX 1176, Aberdeen, MD 21001-6176
- Contact: 1-888-562-6391
American Financial Resources, Inc
This is a company that has offered nationwide home mortgages to the residents of the United States of America.
The company has more than 15 years of experience in the business and it is currently listed as one of the best outstanding FHA mortgage companies in the nation.
With American Financial Resources, customers can get a variety of options to choose from concerning the purchase and refinancing of mobile homes.
- Mailing address: American Financial Resources, 9 Sylvan Way, Parsippany, NJ 07054
- Contact: 800-634-8616
First Credit Corporation
This is a mobile home loan lending company that is based in the state of New York. The company was established in 1985 and has been able to keep a clean track record since its inception.
It has a presence in 6 major states in the United States and they are Delaware, New Jersey, Pennsylvania, Massachusetts, New York, and Connecticut.
- Mailing address: 21 North Main Street, Gloversville, NY 12078
- Contact: 518 773 2718
So these are some of the best mobile home loan lending companies in the United States that you can put under consideration.
Of course, you should make sure to do your research about these companies before you go into any form of deal with them.
Conclusion
So these are the mobile home loan lending companies. There are a lot of them and you can find these out as you do more research to choose the best company that will suit your needs.
