Jul 30 2008
Save more money with mortgages for your Modular Florida home.
A recent client of BeechTree Mortgage, purchased a brand new Modular home and had it completed on their own Florida property. Previously, however, their local bank was charging more in closing costs and much higher fixed rates than currently available. After reviewing their documents we found they were preparing mortgage terms based on a manufactured home; which was unfortunate for them and the homeowner.
Distinguishing between a manufactured home and a Modular Florida home must be made, as the cost for manufactured homes are higher. Both Florida home types are delivered to the new home property site on some sort of steel undercarriage. However, before the Modular home is placed on a permanent foundation; the chassis or steel undercarriage is removed. Manufactured homes are placed on the permanent foundation with the chassis intact – making it possible to later move the home.
Make sure your lender or bank knows the difference before obtaining your Florida mortgage. It could save you thousands in closing costs or higher interest payments. For more information regarding Modular home mortgages; call our professional mortgage experts at 888.399.0520 or email anytime at info@beechtreemortgage.com.
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