Mobile Home Financing

Historically, manufactured homes were known as “mobile homes,” a term that a lot of folks still use. Manufactured homes are built in a manufacturing plant and are fashioned to conform to the rigorous Housing and Urban Development Code, which was instituted by the Federal Government to regulate safety, design, and structure of these homes.

The uncommon affordability of manufactured homes puts home ownership inside the reach of a lot of families who are priced out of the marketplace for traditional homes. Over the last few years, the rate of growth of the factory-made construction industry has been striking, and the affordability of these homes has played a role in getting rid of the roadblocks towards homeownership for many households. Millions of Americans live in mobile homes, which constitute more than 10% of the total housing market. Nowadays mobile homes offer the superior quality, economic value, and technologically advanced features that homebuyers want.

In spite of the popularity of factory-made housing, most mortgage brokers and lenders don’t care to meet the needs of manufactured homeowners or supply funding for mobile homes. Those that do will take in to account things like the foundation and type of substructure which are what allows for mobile homes to be classed as real estate.

If you can obtain a local lender to finance your mobile home, you’ll notice many similarities and several differences to conventional mortgage financing. Many mobile homes located on land now demand a 5 percent minimum down payment and loan conditions that finance the balance over 20 to 30 years.

Other loans, known as “chattel mortgages” are likewise obtainable from certain lenders. A “chattel mortgage” is a loan for a home where land isn’t a consideration, only the mobile or manufactured home, its self. This is of value for homes that are located in mobile home parks or rented lots.

Many times, the best place to look for mobile home financing is to go direct to the manufacturer. Mobile home manufacturers oftentimes offer in house financing programs at rates that are competitive with the industry standard.

Mobile Home financing isn’t confined to purchase loans. As a mobile home owner, you are able to also refinance your present loan, just like a traditional mortgage. If you’re looking to lower your rates and benefit from a monthly savings, you may be a good candidate for a mobile home refinance.

Although mobile home financing does differ from financing a traditional home, there are numerous options available to you. It is true that it can be more difficult to get financing for a mobile home. Despite the extra hassle, if money is an issue, purchasing one of today’s modern manufactured homes can be a great way to experience homeownership without breaking your budget.

Mobile Home Finances

Mobile homes are housing units built in production facilities and transported to their owner’s location. As opposed to conventional homes that are constructed on site, mobile homes are usually far cheaper and are often associated with rural areas and high-density developments.

Although these houses are usually placed in a permanent location, as the names suggests, they do have the ability to be shifted. This ability to be moved is required in many areas, where such homes are popular.

The unique selling proposition of this form of housing has undoubtedly been its mobility. Initially these homes were mainly marketed to people who led a mobile lifestyle, such as construction workers. However, beginning in the 1950s, mobile homes began to be looked upon as a cost effective alternative by people who could not afford a traditionally constructed home.

Mortgages to finance the purchases of mobile homes are comparatively harder to obtain and a few restrictions are applicable. Institutions providing mobile home finance prefer not to finance any homes that are more than 20 years old. Mobile homes with structural modifications or alterations do not qualify for finance because these alterations tend to decrease the value of the homes, since they can no longer be compared with standard mobile homes.

Although mortgages for mobile homes are available from some lending institutions, banks don’t usually finance mobile homes because the current default rates or foreclosure rates for these kinds of homes is far in excess of traditionally constructed homes. The tendency of mobile homes to depreciate quickly in resale value makes loans that use these kinds of homes as collateral far more risky, compared to traditional home loans. The terms of mobile home financing gets limited to far less than the typical thirty year terms of traditional home finance and interest rates are usually higher. With the rates low and there being no lack of customers for traditional homes, banks prefer not to deal with properties such as mobile homes, which entail a higher risk.

Home Finance Software – Taking Control of Your Finances

Personal finance software is also known as home finance software. This is because it is simply personal finance software that you use in your home. You can use different applications under the category for different purposes.

Some of the applications cater to money management and accounting, whereas others concentrate on expense, income, and investment tracking. You can also use some of the applications for calculating mortgage payments, loan rescheduling, and loan prepayments. This you can do because the applications are equipped with a built-in mortgage calculator.

You can also use home finance software applications for budgeting purposes. They can help you prepare the monthly budget based on calculations involving the family’s income and the expected monthly expenses. The software will churn out a budget report at the click of a mouse. The important advantage of budgeting using home finance software is that you do not need to manually track your monthly budget.

Home finance applications maintain accurate account balances. However, for this you need to enter all purchases, credits, and payments in the application’s database through the checking account built into the application’s user interface. You are spared the hassle of making calculations as the application does this for you.

This is why reconciling of your personal finance accounts becomes easy with the burden of doing the math without making any errors whatsoever is taken over by the software. This keeps your mind relaxed and then you are able to concentrate on other important tasks that require your immediate attention.

Tax tracking becomes easier if you are in the habit of using home finance software. This is because tax categories are part of the software. Even if some of the tax categories are not included, all you have to do is to set them up. Such categorization of tax transactions helps you in saving time when the time comes for filing your annual tax returns. A decision on whether you need to make adjustment of tax with holdings can be done throughout the whole year through such categorization.

Some of the sophisticated home finance software packages allow you the facility of downloading data and transactions from banks. This helps integrate your checking account with those maintained by your bank. This convenient feature also helps you avoid manual data entry to a significant extent and thereby saves time.

Online bill payments become very much possible through most home finance applications. Although you may have to pay a nominal fee to access the service, it is still worth the convenience.

Another advantage of using personal finance applications in homes is that you can track all your investment transactions through online updates. This helps keep your investment account balances always updated.

All in all home finance software is a boon to families. The greatest advantage of using it is the sense of mental relaxation that you get by being fully dependent on it to make your finances become systematic.