Manufactured Home Loan Application Etiquette
Being ready to buy a manufactured home or modular home is a great feeling, as you and your family are about to join the ranks of many americans that have a place of to call their own. But there are many moving parts and necessities that need to be addressed and checked before the day you get your keys. Getting the paperwork all arranged, settled, and ready for inspection can be the deciding factor between getting approved for that loan and having to wait another 6 months or more to move forward with your purchase. As we all know, anything involving paperwork can either be a fluid experience or a stifling and painful ordeal. Doing your part the right way ensures that your manufactured home loan application gets through the first time. Here’s how you can do just that:
Prepare your paperwork ahead of time: Shortly after you complete your manufactured home loan application, your lender will pull your credit report and check your credit rating, bill payment history, current debt and all relevant information to check for risks that might not be seen on your credit score. Making sure to review a copy of your credit report and before proceeding with your loan application can make the closing process a smooth and stress-free experience. If you’re able to catch any inaccuracies beforehand you’re able to contact the credit bureau and have them fix the observed errors. Once the errors are fixed and you request a new credit report, you can be confident in knowing that the loan originator and lending house will be completely satisfied with your application and ready to help you get the best loan possible.
Hold off on large money transactions, either in or out: Some lending houses get nervous if they pull your credit score during the process and see that you’ve made some big purchase on an appliance for the new home or something that might take you a few months to pay off. The same goes for depositing money, as many lending houses will require to see deposit slips or other indicators of just how much money is going in, in case that affects the repayment of your loan in the future. Keeping these things in mind will help you keep your manufactured home loan application process from stalling or stopping in its tracks all together. If it does get stopped, the whole process has to restart, no matter how far along you got the first time through.
Get a conditional approval: Conditional approval on your loan application likely means that your manufactured home loan process is already underway. Since you don’t need to start the application from square one, because you’ve followed all of the other helpful tips so far, you get to close your loan application faster. That lets you make an offer faster. After you make an offer on your dream home, you’ll be able to close on your manufactured home faster.
Be honest with yourself about what you can afford: Keeping in mind how much home you can realistically afford and applying for a manufactured home loan that you won’t have to struggle paying back will make the process much easier. Not only that, it will likely save you money in the long run because of lower interest rates.
Following these steps will get you that much closer to opening the door on your new manufactured home or modular home and being assured in your purchase. The lending house is more willing to do business with those who are willing to put the work in and make a real effort in making the process an easy one. Put your best foot forward and show how serious you are! Make the manufactured loan application process as simple as it’s meant to be! Be sure to follow up with us if you have anymore Manufactured home loan questions