Buying a mobile home can be easier in many ways, when compared to buying a non-mobile home. Namely, receiving financing for a mobile home can often be easier, since there are less hoops to jump through, and the cost of the actual home is usually less. It is also a great way to get the home that you want and the location that you want, without having to compromise on either.
The biggest downfall of buying a mobile home is that there are significantly fewer companies out there who finance specifically to the mobile home market. The steps below will assist you in taking the proper steps to finance and buy a mobile home of your own.
- Getting financed. There are two ways to find financing for your mobile home.
- You can apply directly with lenders whom you feel are a good fit for you and your situation. You can find these lenders online or by looking in your local phone book.
- You can go to a website that will ask you specific information and then find a lender who fits your needs. This may be best for those who have more than a few blemishes on their credit report or those who want to leave their financing search to the "professionals."
- Deciding on a home/builder. Finding the home that you want can be much easier when you are buying a mobile home. You are not bound by your desired location, since you can take your home to any town, city, or county. Additionally, if you are buying a pre-built home, you can usually view several at one dealership. This should help expedite your search. You may also decide to build your home from scratch, which will be thousands of dollars less expensive than building a non-mobile home.
- Warranties and guarantees. Once you have chosen a dealer or builder, you will want to make sure that there are warranties (manufacturer, implied, and/or retailer) and other guarantees that are included before you sign any binding documents. You will want to know the specifics of each warranty/guarantee, including what is covered, how long it will be in effect, and any restrictions.
- Closing on your mobile home. Once you know what lender you want to go through and what home you want to purchase, it will be time to close on the home. At this time, the dealer or builder will receive his money and you will need to pay any applicable closing fees associated with the transactions, along with any agreed upon down payment.
- Delivery and installation of your new home. After the home has been paid for, you can soon look forward to it being delivered to the location you have chosen. There are a few things that need to happen during this phase.
- Make sure your foundation is in place and ready when the home is delivered.
- Make sure whoever delivers your home also levels it properly and per the manufacturer's instructions.
- Make sure that your home is properly secured to the foundation.
- Make sure that whoever delivers your home has also agreed to connect any utilities. You should make sure that this requirement has been agreed upon before the home is delivered.
- Inspect all aspects of the property before the retailer/contractor leaves. This will ensure that you will be able to get any issues taken care of right away and that you have a chance to make sure no damage was done to the home during delivery or installation.
Once these five steps have been taken care of, the only thing left to do is to move into your new home! This is the part that most new homeowners look forward to. No matter how hard or stressful the financing and home-buying process was for you, this moment will make it all worthwhile.