Finding a manufactured home lender is no mean feat. Here are the essential tips to keep in mind.
You are buying a mobile or manufactured home, so congratulations are in order. But if you need a mortgage, you will be in need of a mortgage lender. While the market is filled with conventional lenders, finding a manufactured lender is not an easy task.
In this article, we mention the best tips about the best manufactured home lenders in Chicago, IL. Let’s have a look!
Comparing Different Lenders in Chicago, IL
Working with the first lender is not the best idea you have. Rate shopping is a smart way to kick things off. Only a handful of lenders allow manufactured home loans, so you should be careful about getting the best deals on terms, fees, and rates. It is essential to find a mortgage lender who understands your language. In this post-pandemic world, online meetings work just fine. When you make the mistake of not shopping around, you lose the chance of saving hundreds of dollars. Borrowers are likely to save around $1,500 over the loan term if they compare before choosing the lender. Believe it or not, thousands of manufactured home buyers do not shop for rates during the loan search.
You can use websites designed for home loan rates and lenders. Finding a broker may be of some help to you. The broker can evaluate the application and collect quotes from lenders to match your requirements. It is your duty to look at the differences in rates and fees before finalizing the lender.
Focusing on Credit Score
Before you start the search for a manufactured home lender, fixing your credit score remains a priority. You can get a free credit report every year, but the report only gives a vague knowledge of the financial condition. So, here is a chance to figure out whether you have an ideal or less-than-perfect credit score. Clearing outstanding balances on credit cards is also an important step to shape your credit score. Having a solid credit score means you are a trusted buyer who maintains paying off existing debt on time.
How much is your DTI? Keep the debt-to-income ratio below 43%. Manufactured homebuyers usually have a higher DTI ratio, so talk to the lender. Manage your DTI by avoiding expensive purchases and new credit cards. Lower mortgage rates mean small monthly payments but the manufactured loan becomes costlier.
If you are having a rough time finding the best manufactured home lender, get in touch with Clear Lending.
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