Things You Need To Learn About Michigan Modular Homes Financing

When you are a modular home buyer, who wanted to live in Michigan, you are thinking of how to get a modular homes financing. You are most probably looking for banks or institutions that will help you in getting a home loan. And you will be surprised that there are lots of them in Michigan. To narrow down your search, let’s start in giving you an insight about the things you need to know in modular home financing.

Terminologies To Help You in Modular Homes Financing

In modular homes financing, there are terminologies you need to learn first. These terms will help you during the talk with your home manufacturer or general contractor.

Fixed Rate Mortgage 

A fixed interest rate keeps your payments the same for the duration of your loan because the principle is drawn down consistently and the interest charged never changes.

Amortization

Most people get confused on this. But in simple tongue, it is a table that shows the shift between the amount of each payment that goes toward interest versus the amount that goes toward the principle.

Balloon Payment

A balloon payment is a large sum due at the end of the loan or at a date set by the lender, which are often used to structure loans with lower monthly payments. Most modular homes builders like, Legendary Homes, are not recommending this.

Power of Attorney

This form only gives the lender the right to title your home. It gives no other powers to the lender.

Right to Cancel/Right of Rescission

In homes financing,this is the form that allows you to opt out of the contract within three days. Every refinance with a different lender by law must include this form.

Payoff Authorization

This form is required by every lender offering a refinance. It allows them to pay off your current loan.

Reasons Why you Should get a Modular Homes Financing

Modular homes financing from Legendary Homes has been helpful for many reasons. You get lower down payment loans for your modular home or manufactured home. Together with our partner, The Specialty Products Group of Premier Home Mortgage, a modular home buyer will only give as low as 3.5% down payment. One more thing is that, gifts or land equity is allowed for down payment.

Another reason when getting a modular home loan is that you don’t pay during construction. You will pay at the time your loan closes. But remember that your resources will be verified prior to your loan approval.

The bottom line in giving these things about modular homes financing is to guide you in achieving your dreams of owning a home. The least you would do is look for the best modular homes financing company, especially when you are near Jackson, Michigan. Legendary Homes is among the most trusted modular homes builder who assists clients in manufactured and modular home loans.

“With its superior quality, energy efficiency, strong and budget friendly modular homes, Legendary Homes is one of the trusted modular home builders around Clarklake and Jackson Michigan for over 20 years of experience now. Legendary Homes helps in site location, acquisition of permits, excavation, foundation (including Insulated Pre-Cast Foundations), landscaping, breeze ways and other services needed to complete your home. As a company that prioritizes its customers, Legendary Homes allows you to customize your home. And most importantly, we assist in modular homes financing by working with the top lenders in Michigan.”

It’s amazing news to start building your dream home, right?  “We can make your dreams a reality!”

Topic: Modular Homes Financing

Things You Need To Learn About Michigan Modular Homes Financing