If you are looking for mobile home improvement loan, it is ideal that you find the right lender. Given that there are many lenders in the market, this article will focus on giving you some practical tips on how to go about shopping among the many mobile home improvement loan lenders and picking the right one.
Why Home Improvement Loans?
These loans come in handy when you want to improve the look and feel of your mobile home. For example, you might want to have the walls remodeled or the kitchen area reinforced with new material. Or you may opt for improvements such as the exteriors or even the ceiling of your mobile home.
How To Select The Right Deal
There are three key factors to consider when shopping for a home improvement loan and these are:
1) Loan Duration
How long do you want the loan to last?
2) Interest Rate
Is the interest rate competitive with other lenders in the market?
3) Monthly Payments
What payments fit into your long-term budget?
These three factors affect one another. As such, it is vital to consider the bigger picture when picking the right combination for your needs. Normally, long duration loans tend to attract smaller monthly payments. On the downside though, such loans could mean that you’ll pay more in interest rates.
Basically, if you can afford to pay high monthly payments, you will be able to offset your loan faster and that would be a great way to stay on top of your financial plan.
Remember that different lenders have different terms and conditions. It is always important to read all the requirements (and understand them accordingly) before appending your signature above the dotted line.
That being said, here is a detailed analysis of some of the top mobile home loan lenders that have been serving the market for the past few years.
1) MH Loans Corporation
This is a company with 40 years of experience in the competitive loan industry. The provider seems to have a clean track record so far and is often touted as being a reliable company. Online loan application option is provided.
Mailing address: MH Loans Corporation, 100 E. San Marcos Boulevard Suite 400, San Marcos California 92069
Services: Fixed MH refinance rate, MH purchases loans, principal reduction program, realtor services
2) JCF Lending Group
Founded in 1994, JCF offers a unique package for manufactured, mobile and modular home owners. The company offers applicants with feedback (approval or decline) within 15 minutes.
Mailing Address: JCF Lending Group, 848 North Rainbow Blvd. #2249, Las Vegas, NV 89107
Phone: (866) 967-0143
Services: Mobile home purchase financing, refinancing with up to 25 year long repayment programs
3) Vanderbilt Mortgage and Refinance, Inc.
With branches across the country, Vanderbilt Mortgage and Finance Inc. specializes in financing new modular as well as manufactured homes. They have been in business for the last 45 years. And currently service about 200,00 loans.
Mailing Address: Vanderbilt Mortgage and Finance, Inc., PO BOX 660180, Dallas, TX 75266-0180
Services: Purchase and mobile home refinance options
4) American Modern -Aberdeen Proving Ground Federal Credit Union
This provider’s roots go back to 1938 – which means that they have been in the market for quite a while now.
Mailing Address: APG Federal Credit Union, P.O Box 1176, Aberdeen, MD 21001-6176
Services: New/pre-owned mobile homes, refinance MH loans
5) American Financial Resources, Inc.
This is a nationwide home mortgage lender with 15 years of market exposure and experience. Currently listed among the most outstanding FHA mortgage lenders in the country. This provider offers diversity of options in mobile home purchases and refinancing.
Mailing Address: American Financial Resources, 9 Sylvan Way, Parsoppany, NJ 07054
Services: Mobile home purchase and mobile home refinance options
6) First Credit Corporation
This New York based company was founded back in 1985 and has maintained a clean track record since then. So far, majority of their services are offered within 6 major states namely: New York, New Jersey, Pennsylvania, Massachusetts, Delaware and Connecticut.
Mailing Address: 21 North Main Street, Gloversville, NY 12078
Phone: (518) 773-2718
Services: Mobile home refinance options and mobile home purchase
This analysis is basically meant to help you make a wise decision when shopping for mobile home loan lenders. It would be wise to visit all the providers to compare the terms of services and rates before making a choice.