 |
Home Purchase FAQs Finance FAQs Home Purchase FAQs What type of loan will be best for me? What will my closing costs be? Will I be charged points? What items must be prepaid? How long will I be guaranteed the quoted interest rate? How long will the approval take? Does the loan have a prepayment penalty?
What criteria do lenders use when approving a loan? With all loans whether you are financing or refinancing your manufactured home we look at three criteria: Capacity (can you afford it), Credit (do you pay your bills on time) and Collateral (your homes value). What is the typical down payment when financing a manufactured home? Depending on your credit, job and income history, a typical down payment for manufactured home financing ranges anywhere between 5% to 20%. Naturally, as with site-built homes, the greater the down payment, the lower the monthly mortgage payment. How would bankruptcy, a bad credit rating, or not having a steady job affect my chance of qualifying for manufactured home financing? At Advantage Homes, we work with customers on a case-by-case basis.If you have been turned down for a home loan in the past, we can work out a plan where you would qualify for a manufactured home loan, especially if you have a large down payment. Can I have my payment automatically withdrawn from my bank account? Yes, this can be set up after your loan has funded and you have made your first payment. How much documentation will I need to supply to verify the information I provided on my application? Every situation is different. Once you submit your loan application and have been approved you'll receive a customized list of documents you'll need to provide. Income, down payment and job time verification are required. How can a shorter term save me money on a Fixed-Rate Mortgage? By opting for a shorter term, you can save thousands of dollars in interest - not only because you'll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans. What is Private Mortgage Insurance (PMI) and do I need it? PMI is not need on any of our loans regardless of LTV. Do I need to get an appraisal? Not always. That will depend on the down payment you are putting on the home. What is homeowner's insurance? Homeowner's insurance is designed to protect your home. It is also known as hazard insurance, or fire insurance. While the lender requires this coverage, you determine which insurance company will carry the policy. Homeowner's insurance premiums are either paid directly to the insurance agency or financed into your loan.
|
