A mobile home is a type of housing unit that you can transport to other locations if you wish. Like a regular single family home or a condo, you may need to finance the purchase of a mobile home when looking to buy one. Fortunately for those seeking to buy a mobile home, there are a number of ways in which you can get the down payment for the property. Anyone looking to buy a mobile home can use their personal funds, money from a family member and also use home equity lines of credit and cash out their investment portfolio. With all of these options, there are plenty of ways in which you can come up with the necessary down payment to purchase a mobile home.
PERSONAL SAVINGS
One of the first things you can do when looking to get money down for modular home financing is to use your personal savings. Over time, you may have saved a lot of money for the purchase of a home. If you are unable to purchase a regular single family home, you can buy a mobile home instead since it is less expensive. With your personal savings you can just use the funds you accumulated over a period of time to make the purchase. In most cases, your personal savings is usually the first option that people use whenever they are looking to come up with the down payment for a mobile home.
HOME EQUITY LOAN
Another common option that people use in order to come up with a down payment for a mobile home is a home equity loan. This is a type of financing in which a borrower gets funding for the value of the equity in their personal residence. With this loan, they can use it to buy a mobile home. A home equity loan is similar to a regular mortgage as it has an interest rate and specific repayment terms. Those who don’t have sufficient funds for a down payment but have a home with plenty of equity will benefit by using a home equity loan to help them with their modular home financing.
CASHING OUT INVESTMENT ACCOUNTS
As well as using your personal savings or getting a home equity line of credit, you can also use your investment portfolio. With a portfolio of stocks, bonds, mutual funds, real estate and precious metals, you will likely have considerable value if you had this portfolio for a number of years. When cashing out your investment portfolio, you will sell some of your assets in order to receive cash. With this cash, you will then use it to come up with the down payment for a mobile home purchase. Using your investment portfolio is an ideal alternative if you are looking to make your mobile home your residence during retirement.
GETTING A LOAN FROM FAMILY
Anyone looking to get a down payment for a mobile home can also rely on their family for funding. They can borrow money from their family in order to make the purchase. In this situation, a person can ask their parents or siblings for funds and receive them immediately. Family members will often be an easier group of people to receive funding from compared to traditional lenders, hard money lenders and even property sellers.
GETTING FINANCING
Whenever you are looking to purchase a mobile home, it is important to make sure that you get financing that you can comfortably afford. You will need to know the exact terms of the loan, the repayment policies and the interest rate. As well as knowing these things, you will also need to know how much money you need to put down to qualify for financing. With a number of options available, you can easily come up with the upfront cash in order to buy any mobile home of your choice.
