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Mobile home loans A mobile home is called by different names. Some call it the RV or recreational vehicle because some people may buy RVs so that they will have a suitable vehicle for long travels and camping trips. But some people buy RVs and make them their primary residence. This is when the RV truly becomes a mobile home. Mobile homes are also called trailers simply because they are not joined to a piece of land. There is an obvious instability to mobile homes and this is why mobile home loans have a different set of requirements from other types of home loans. In the real estate market, mobile homes are considered as manufactured homes and getting a loan secured to these mobile homes can be more difficult than getting a loan secured to a regular home. The major difficulty in mobile home loans lies in the interest rates. The general rule among lenders with regards to interest rates is that low-risk borrowers get low interest rates while high-risk borrowers get high interest rates. The homeowner of a regular home is considered low risk while the owner of a mobile home is considered high risk. This is why mobile home loans are tied to high interest rates which are similar to car loans and boat loans. The perception of mobile home owners as high-risk buyers is based on the fact that mobile homes are cheaper that regular homes. At the same time, the value of the collateral, which is the mobile home, steadily depreciates. Yet, many lenders today are looking into home equity loans for mobile homes. |