Underwriters, Lenders, and Surveyors – The Many Faces of the Manufactured Home Buying Process

 In Manufactured Home Loans, Mobile Home Loans, Modular Home Loans

Home buying in America is a time consuming and sometimes strenuous process that can scare people away from chasing the home of their dreams. Fortunately for those seeking to buy a new modular home or manufactured home, there are plenty of people in the industry whose job it is to make the process as simple, fiscally responsible, and stress-free as can be. Here are just a few of the people that can help you get your home buying process started. Someone that goes nearly completely unnoticed, if everything goes the way that they should, is the underwriter.

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An Underwriter’s Function:

The underwriter is not a Saturday morning cartoon villain, as the position’s name might confuse you to believe. A master of legalese and of what it takes to get you the loan you need for your new place of dwelling, the underwriter is usually employed by a lending house to assess risk in approving loans. While the position is not limited to only the housing industry, getting the green light from a Mortgage underwriter is the final hurdle to ensuring that a lender is willing to work with you to make your manufactured home purchase. Specifically for the manufactured home and modular home industry, there’s a large number of options and repayment methods when considering a loan. A good underwriter is aware of all these options, what it takes to qualify and repay them, and can help decide if a loan is in the best interest of the lender and the borrower both.

A Lender’s Function:

An underwriter’s work process is moot if there is not a lender to supply a mortgage for prospective home buyers in the first place. Of all the positions and services in the home buying industry, a lending house will likely be the one you are most familiar with by the time you move your first box into your home. A lender’s job is well known enough: these agents of a lending body will work with you to decide how much is needed, a repayment schedule, and act as a representative of their company to customers looking to buy a modular home or manufactured home. It is in the best interest of a person looking to buy a home to get well acquainted with their lending agent and develop a strong plan to pay off their loan.

A Surveyor’s Function:

When people think of a Surveyor’s job, some might have a completely different mental image than what this position actually functions as in the housing market. A surveyor in housing or city development fields of work still collects data; but instead of asking people questions on a piece of paper, this specific kind of surveying is conducted to record the exact dimensions, contents, and special features of a property. The purpose of this is to help with the appraisal of a property, to prevent encroachment, and to have accessible records for the city and owner in case of repairs or additions that need be made by manufactured home builders or the land a new manufactured home is set on. All these points of data help to better inform the buyer of what they are actually purchasing, the lender on what they are giving their money out for, and the underwriter to better understand the nuances of what will take to get a loan paid back in full.

A common theme in the effectiveness of these three highlighted positions is being informed.

The more aware of every nuance or detail of the manufactured home you are seeking to buy you and the purchasing team are, the better everyone can do their job. Buying a manufactured home or modular home is a streamlined process, but that is due in part to the hard-working faces and names working to make the experience positive and beneficial for everyone.

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