Manufactured Home Lenders

There are three basic types of manufactured home lenders that you can choose from when looking to finance a new home. There’s the loan officer at the local bank, institutions that specialize in home loan lending, and mortgage brokers. Which ever choice you make the end result will be the same; you’ll get the home you want with a loan that fits your needs.

Here’s a quick look at each of these home lender types and what you can expect when working with them.

Loan officers are simply employees of the bank or credit union who specializes is working with prospective homeowners to process their mortgage and loan applications. They have a large selection of mortgage and loan products to choose from and it is the job of the loan officer to tailor their banks offerings to the best interest of the client. The loan officer also walks the prospective manufactured homeowner through the loan process from application, to approval and ending with the closing.

If you are considering a lending institution that specializes in home mortgages you will also work with a loan officer or loan specialist. While these institutions work much like a bank when it comes to loan processing they do not offer the other service you may find at the bank.

Mortgage brokers work a little differently. They are freelance operators in the home mortgage market who earn their living by matching up prospective home buyers with lenders. They keep a close eye on a multitude of lenders and their loan offerings which allows them to more accurately match their client’s needs with the proper lender. They are also able to analyze their client’s financial situation and credit report to further enhance their mortgage matching abilities.

One of the advantages to using a mortgage broker is their ability to match your home loan needs with lenders across the country. This can allow them to find the lowest rates and fees saving you money. The only drawback to this type of arrangement is out-of-town lenders may not be familiar with local codes and laws which may slow down the loan process.

When it comes to comparing manufactured home lenders the best strategy is to approach several and get quotes from each. This allows you to compare their offerings and find out which loans interest rate and terms work best for your situation.