Mobile Home Equity Loans
Mobile home equity loans are a type of loan in which the borrower uses the equity in their mobile home as collateral to help finance major home repairs, medical bills or college education. A mobile home equity loan creates a lien against the borrower's mobile home, and reduces its actual equity. The variation in the present market price of a mobile home and the leftover amount on the mortgage taken is the equity which can be utilized to get mobile home equity loans.
Benefits of Mobile Home Equity Loans
There are many benefits inherent in using mobile home equity loans. One, the process of procurement is easy and fast. And two, there are no limitations regarding the way you decide to utilize the loan money. You can employ the money to either invest in a business or as in majority of cases, pay off current debts in order to reach a stable economic equilibrium.
Qualification Criteria for Mobile Home Equity Loans
There are a few conditions that people need to adhere to, in
order to be eligible for mobile home equity loans.
- You must be the owner of a mobile home and have a loan on it.
- You must be at least 18 years of age.
- Your credit record has to be exemplary.
- You need to have a recurring, methodical and provable income source.