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Modular home mortgage
Posted on 9/28/26 at 3:02 pm
Posted on 9/28/26 at 3:02 pm
In the beginning stages of financing to purchase a modular home. Already own the land it’s going to be placed on. The banker advised us to do a balloon loan with a 6.9% rate. I’ve been looking at the pros and cons of a balloon compared to a conventional loan and am not swayed either way by what I’ve read. Anyone have any advice?
Posted on 9/28/26 at 3:08 pm to tigger4ever
Is this the type of home that loses value instead of growing?
Posted on 9/28/26 at 3:22 pm to notsince98
Basically might, but just couldn’t go for an expensive build.
Posted on 9/28/26 at 3:28 pm to tigger4ever
quote:
Modular
Who is calling it a modular home? The seller?
Does it have an axle? VIN?
If yes, it isn't modular. You are buying a mobile home/manufactured home.
It has been a while since I was in the mortgage business. But true modular homes were treated like stick built frame homes. Conventional mortgages.
Posted on 9/28/26 at 3:45 pm to tigger4ever
quote:
Basically might, but just couldn’t go for an expensive build.
Whatever you can do to payoff the debt the fastest is the choice here.
Posted on 9/28/26 at 5:28 pm to tigger4ever
So a balloon loan on a depreciating (losing value) asset? So in the end you are left with a huge final payment on a less than market value mobile home?
Posted on 9/28/26 at 5:46 pm to Jcharles
quote:
So in the end you are left with a huge final payment on a less than market value mobile home?
Every home depreciates.
Even stick built homes.
It is the land that appreciates.
It is the difficulty for financing mobile homes that depreciates the resale market differently than stick built homes (i.e. the land doesn't appreciate because it has a mobile home on it. It might be better as raw land versus a property with manufactured housing).
It sounds like he is having difficulty with financing right now (so my guess is that he is buying a mobile home).
Salespeople avoid using the term mobile home because wives and girlfriends have sensitive ears to such language. My guess is that the OP is married or has someone of the opposite persuasion helping him with the process.
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