Apply Now for a Loan on Mobile Home Anywhere in Canada…
Most Popular in Alberta and British Columbia
Loans on Mobile homes are becoming increasingly popular as it allows you to take the loan you need regardless of your credit status.
This type of loan is available these days in Canada and it is on your mobile home that can be moved from one place to another and can be as a collateral for your loan.
Taking a loan on your mobile home is one of the good decisions you can ever make if you need to be funded, and you may have several important reasons and factors to consider for taking this type of loan. It can be for renovating your current mobile home, it can be a down payment for buying a new mobile home, and it can be for anything that in need to be funded from your side.
It hardly matters how much the amount of investment is on your mobile home within a limit of $50,000. The most important is that it can be funded in an easy and fast process regardless if you have a bad credit score or no credit at all.
Apply online now to receive your instant approval including your loan amount and monthly payments.
Constructed homes are becoming expensive, and no matter how small a house might be, it will cost you a significant amount. Thus, several individuals have shifted to mobile homes. These homes are easier to acquire than other options. The best part, if you don’t have enough cash to invest in a mobile home, you could use mobile home loans.
These loans could be for a new or second-hand home or renovating the modular home space. With mobile home mortgage loans, borrowers get competitive rates and flexible plans according to their financial standing.
No doubt, the process for mobile home financing can be confusing, especially if it’s your first time. You might wonder if lenders will give you a loan for mobile home financing, how to meet the criteria, and how are these loans different from personal loans. If you feel confused, this short guide could keep you on track.
What are Mobile Home Loans?
These houses have become more popular amongst the masses who can’t afford expensive properties. In simpler words, mobile homes are a viable option, and with mobile home loans in Canada, you won’t have to arrange a single penny.
All you need to find is a lender who can offer you money for these homes. They will require necessary documentation, like:
- A description of the movable property: Provide information about your mobile home’s price and dimensions to the lender.
- Borrower’s source of income: Lenders will need to see your source of income. Having a stable job or source of income improves your chances of getting a loan.
- Information about down payment: In case, you plan to pay a down payment, inform your lender in advance.
These points determine your chances of getting a loan. Lenders will review this list to confirm your request is safe to approve. After all, they are investing a significant amount and can’t be uncertain.
Will a Bad Credit Score Affect My Loan Application?
A borrower’s credit history matters to some lenders but not to everyone. Your credit history shows whether you’ve returned previous loans and if you should be trusted with such a significant amount. A higher credit score indicates you are a safe investment. On the other hand, average or low credit history puts you in a weak situation.
Lenders can take advantage of a borrower’s weak credit history by charging them higher interest. However, FEL Canada doesn’t believe in judging individuals based on credit histories. We provide low-interest mobile home financing for bad credit. You could buy your dream mobile home or pay to renovate your existing modular home.
How to Find a Lender?
It’s necessary to select a lender who offers the best rates to you for your loan. There are different conditions revolving around a loan. For example, every loan comes at a specific interest rate, and you should prefer a low-interest rate. If a lender quotes a higher interest rate, you will find it difficult to pay back the loan amount and the total interest.
Similarly, monthly payments are crucial in your contract. Make sure to pick a lender who offers convenience. Ask your lender about penalties for missing a few monthly payments. Once you’re clear about these issues, move to the application process.
Many banks might not feel safe providing loans for mobile homes, but you can trust FEL Canada to facilitate you with mobile home financing for bad credit. No matter what type of home you select, we will finance it for you. Our approval rate is high, and borrowers get the amount in their account within a day or two.
You don’t have to visit any branch or meet contractors. Our website allows each individual to fill out an online application and apply for up to $50,000, with no credit checks. In case, you require additional information, feel free to contact us through our helpline or email us your concern.