It’s an unfortunate, yet irrefutable,fact of life that whenever discussing issues related to mortgages or financing that we seem to accidentally omit our mobile home dwelling neighbours. Sure, they only account for about 0.5% of the nations population yet that is still just under 200,000 home owners which is a number deserving of recognition.

We all also know of how the recent changes in mortgage requirements for regulated institutions has made it harder to qualify for a mortgage and has allowed lenders to up their fees.

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Why is this especially disconcerting for mobile home owners?

front-side-of-a-house

Mobile homes are still technically considered to be “affordable housing”. To many, they offer the same space and possibilities as a family-sized stick-built home at the fraction of the cost. The drastic leaps in quality they have made over the last decade or so has made them an attraction option to many and some do choose to reside in them through absolute choice.

 

However, many mobile home owners also purchase these homes because they are much less expensive and because they are in a financially vulnerable or precarious state.

 

For some owners, having the option to access the equity in their home in the near future could be absolutely critical.

 

Some of the new regulations that has come in to place make that either nearly impossible through traditional and regulated means or at great cost through alternative avenues.

 

Most traditional lenders don’t make loans unless the home is also insured if they are located within a mobile home park. This requirement causes a problem when it combines with new regulation that also prohibits mobile homes from being refinanced if they are insured. Do you see the problem yet?

 

This effectively locks many mobile home owners out of any options through traditional financial institutions if they need to refinance for whatever reason.

So, what options do mobile home owners have?

refinance-wooden-text-block

Unfortunately, there isn’t exactly a ton of options available to mobile home owners just like their aren’t to traditional homeowners. It’s worth mentioning that mobile homes aren’t being targeted in any specific way. There is now legislation or regulations that are unique to mobile homes, it’s just an unhappy coincidence of to separate requirements by two separate entities.

 

It also raises the secondary problem that government is unlikely to address mobile homeowners concerns directly as they are loathe to make that distinction in law.

This leaves mobile homeowners with only one real recourse: private lenders. Private lenders have come a long way from little-known and mistrusted sources of mortgages or loans.

 

However, considering that they are aware of current mobile home owners desperation in this situation and that private lenders typically do hand out loans with the intention of making as large a profit as possible, it could cost these owners.

 

It seems that the average rate for borrowers in this situation is over 10% with  variable upfront fee. As steep as that may sound, it suddenly feels much more acceptable if you are locked out of every traditional lender and need to access equity in a tight spot.

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My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
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Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
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Riley Clements
15:27 20 Jul 17

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