You may have heard that mobile homes depreciate over time. While this can be true, it is important to understand that some mobile homes actually increase in value. The key is to build your mobile home on a fixed foundation. Mobile homes on fixed foundations are homes that increase in value over time unlike mobile homes that are not on fixed foundations. If you own a mobile home placed on such a foundation, you will accumulate equity every time you make a payment on your mortgage. After several years of paying on your mortgage, you just may have amassed an impressive amount of equity.
Equity is often used as collateral for a loan. There are a multitude of reasons why people take out equity loans. If you need a loan for a big-ticket purchase such as a car or a college education, an equity loan is a good idea. Some people use equity loans to consolidate their bills and pay off debts. Still others use equity loans to make home improvements. No matter why you want or need an equity loan, it is likely you can get one if you have adequate capital accumulated in your fixed foundation mobile home.
The key is to find the right home equity lender. While you could check with the original lender who got you your mortgage, you may not want to do that. Your best bet would be to shop around with a variety of different companies to find the most attractive loan program. Websites such as Lending Tree make it easy to compare loans from different lenders. You simply submit one application and receive offers and quotes from multiple institutions. You might also want to call around to lenders found in your local Yellow Pages. There are even companies who specialize in home equity loans. These companies usually offer better rates than a traditional bank or credit union can offer. Comparison shopping can help you find the best home equity loan possible to meet your financial needs.
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