Posted on: 10th Nov, 2009 05:45 pm
I'm Looking to buy a mobile home in Fontana Ca area and i'm not sure if i'm getting the right deal the instrest rate about 14% my stepmother said that is really good rate but others tell me it's too high i need help in making the right choice the home is $28,000 and land rent is about $600.00 a month do you think this is a good deal. Please Help with some answers.
Thanks, Ms. Buyer
Thanks, Ms. Buyer
Hi ms,
An interest rate of 14% is quite high. The current interest rates on home loans are low. It is usually around 5-6%. However, in case your credit is not very good or you are making a minimal amount of down payment, the interest rate on your loan could be high. But I don't think going for a mobile home loan at 14% interest rate would be wise. You should contact some other lenders and see what kind of rates they can offer you. There are lenders in this community as well. You can seek a no obligation free mortgage quote from them. They will assess your financial situation, credit scores, etc. If you qualify for the loan, they will offer you free mortgage quotes. You can then compare the various interest rates offered and take your own decision.
An interest rate of 14% is quite high. The current interest rates on home loans are low. It is usually around 5-6%. However, in case your credit is not very good or you are making a minimal amount of down payment, the interest rate on your loan could be high. But I don't think going for a mobile home loan at 14% interest rate would be wise. You should contact some other lenders and see what kind of rates they can offer you. There are lenders in this community as well. You can seek a no obligation free mortgage quote from them. They will assess your financial situation, credit scores, etc. If you qualify for the loan, they will offer you free mortgage quotes. You can then compare the various interest rates offered and take your own decision.
by all means, shop around a bit. as noted, however, by jenkin7, if your credit standing is not up to high standards, you'll pay more for your loan automatically. in addition, most mortgage lenders do not do mobile home lending, so you won't find that 5-6% category available anyway. you may find rates in the 7's or 8's, which is a far cry better than 14%. do some more digging.
There are plenty of places online you can get quotes for lending of different sorts. 7-8% is still pretty good considering the martgage amount isn't huge.