Essential Tips to Find Manufactured Home Lenders in Texas
Are you looking for manufactured home lenders in Texas? Here are a few tips that will help you choose a reputable loan officer for a favorable mortgage.
Manufactured homes can be financed with the help of both conventional well as FHA loans, depending on the credit score of the borrower. Nevertheless, seeking the traditional avenues like banks and similar financial entities might turn out to be dead-ends for the borrower because of the stringency in their mortgage norms, like good credit score and high down payment. When conventional methods fail, you can seek loan assistance from private lenders and government accredited lenders to buy a manufactured home or mobile home. But, how does one gets in touch with manufactured home lenders in Texas? This article will give you some handy to find the best lender for your mortgage needs.
Search Online
Most respectable and reputed lenders in Texas have their websites with details on the mortgage products, their specializations, current interest rates, etc. So, you can start by searching online. It would be able to give you the names of the top lenders specializing in manufactured home loans. Proceed by making a list of the lenders you deem to be the best fit for your mortgage requirements.
Ask Around
While searching online you can also use the traditional ways of finding a lender; ask your acquaintances. If you know someone who has recently bought a manufactured home through a mortgage then reach out to that person and get the relevant information on the lender that facilitated the loan amount.
Online Reviews
Once you have made a list of the probable candidates for manufactured home loans, make sure to go through the reviews and testimonials posted online by the people who had already taken a loan from the lender. It would give you an idea regarding the satisfaction level, along with other significant insights.
Book a Consultation
Before applying for a loan, it is best to book an initial consultation with more than one lender. It would give you the interest rates and other terms of the mortgage. After you are done with the consultations, you can tally the offerings of each lender. The comparison will help you make a clear decision about the one you should go for.
Conclusion
Follow the tips mentioned above to find manufactured home lenders in Texas. Make sure to check their market reputation and record of manufactured home mortgage. You need to understand that getting a loan for a manufactured home is not the same as other houses and apartments. Hence, the rules are different. A small reminder; if you are seeking government-backed loans, then ensure that the lender is FHA-approved.
AUTHOR BIO: Joan Gallardo is a Senior Loan Officer with 18+ years of experience and some great tips about finding the right manufactured home lenders in Texas.