Assuring The Mortgage Process Goes Well
A Mortgage is a long-term loan offered by banks and financial institutions. There are mortgage packages available in the market for Manufactured/Mobile homes in Leased Land Communities.
There are certain things you can do to ensure that you will get the best rate, to ensure you find the program that is most beneficial to you, and to ensure that the process will be done in a quick and accurate manner.
First, you need to know about various types of mortgages:
These offer fixed interest rates for the complete term. Common fixed-rate mortgages include 30-year, 15-year, and bi-weekly mortgages. The 30-year mortgage usually offers the lowest monthly payments of fixed-rate loans.
These usually offer interest rates and monthly payments that are initially lower than fixed-rate mortgages. But these rates and payments can fluctuate, often annually, according to changes in a pre-determined "index" -- commonly the rate of return on U.S. Government Treasury bills.
There are several types of programs that you can take advantage of. The list below explains some of them.
Types of Mortgage Programs:
This is a loan that is backed by the government - specifically HUD. HUD assumes the risk on the loan, which allows many people who would not normally qualify for a conventional loan to actually get a mortgage so they may purchase a home.
This is also backed by the government and allows Veterans to qualify for a mortgage with no money down. It could also be easier to qualify for a VA loan than a conventional loan.
This loan has a fixed rate with low monthly payments. However, there is a large set amount that is due at the end of the term. The borrower must either pay this amount, or refinance their mortgage at the end of this term.
A jumbo loan is a mortgage that is over $333,700. For large loan amounts, the mortgage rate is generally slightly higher than a conventional loan.
When searching for a mortgage, it is best to generally use a qualified Mortgage Broker or Lender, but you can also go to your local bank. The Thompson Team will be happy to provide you with the names of local Lenders in Polk County Florida that will assist you with financing your Manufactured/Mobile home in the Leased Land Community that you choose in Central Florida. Mortgage Brokers can shop the best rates for you. Many times, they will be able to find better rates than your local bank.