Poor Credit Mobile Home Equity Loans Are Secured

If you own a mobile home then you may be surprised to learn that you can actually cash in on the equity you have built up in your property via a home equity loan. More and more owners of mobile homes have been doing this recently, and if you have over five thousand dollars of equity built up in your mobile home there is a good chance you'll be able to qualify at most lenders who provide such loans. These sorts of mobile home equity loans are not unlike more conventional home equity loans in that they will based off of a number of factors, including the equity you have built up in your property, your credit, and your income.

If you have poor credit then you can expect to face a significant challenge trying to get approved even if you have over five thousand dollars worth of equity built up in your property, and unless you take the steps to improve your credit you are most likely going to have to do some digging before you find a lender that can do business with you. The mobile home equity loan is a secured loan that will place a lien against your property, and most lenders will want to see clear evidence that you can be trusted to payback such a loan.

The number of poor credit secured loans that can be made to individuals who are looking to take advantage of the equity that they have built up in their mobile homes has skyrocketed during recent times, and you may be able to find a lender that specializes in providing these kinds of poor credit secured loans if you are willing to put in the time to search online. Once you have found a potential lender you must quickly analyze if they will be able to work with you if you have poor credit, and if they can then you should try to apply and hope for the best.

Claude Ellesemere is an online author who writes about such topics as Poor Credit Secured Loans and Mobile Home Equity Loans.

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Mobile Home Equity Loans For People With Bad Credit History

If you have bad credit or even just below-average credit then you probably have realized first-hand just how difficult it is to get pretty much any kind of loan. Lenders simply view people with bad credit scores as high-risk individuals, and there isn't much you can do to change this perception. If you own a mobile home and you have built up some considerable equity in your property then you may be interested in a mobile home equity loan. A mobile home equity loan can give you a loan that can be secured by the equity you have built up in your mobile residence, and like other loans, whether you get approved or not will depend heavily on your credit.

The good news is that there are lenders that supply all kinds of loans for people with bad credit histories, and some of these lenders even specialize in providing niche-type loans such as mobile home equity loans. These types of lenders will listen to your explanation as to why your credit is so bad, and they will typically grant you a pass in terms of approval as long as you can meet the remainder of their requirements. When it comes to home equity loans, these types of lenders like to see that you have a good employment history, and this should translate into a demonstrable and consistent income that you can show the lender.

Once these sorts of lenders see that you have enough money leftover each month to make the payment on your mobile loan they will then make exceptions if you don't have the best credit in the world. Lenders still don't like to see bankruptcies and other sorts of delinquencies and late-payments on the credit report but if you can show that you can repay the loan each month they may be able to overlook these kinds of things as well. Some of these lenders will not be able to make a mobile loan if your mobile unit isn't built on a solid foundation, so make sure this is in place before you start to go out and apply to a bunch of lenders. Work on your credit and the remainder of your application and you will eventually get that mobile home equity loan with no problem.

Blake Fisher is an expert writer on such financial topics as Mobile Home Equity Loans and Loans with Bad Credit History

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Mobile Home Equity Loans

Mobile homes built on fixed foundations are appreciating properties - their values appreciate with the passage of time. Hence, after a few years of timely mortgage payments, the value of the mobile home will be much higher than what it was bought for. This difference is called mobile home equity. Equity on a mobile home is equal to the numerical difference between the appraisal value of the home and the value of the mortgage.

Equity is built up over a period of time, and it is the possession of the owner of the mobile home. Since equity is a financial asset, it can be used as collateral to take a further loan. Such loans are called mobile home equity loans. Mobile home equity loans could be up to 85% to 100% of the value of the built-up equity on the home, depending on the credit score of the borrower and policies of the lender.

The process of taking a mobile home equity loan is much simpler than taking a normal loan. This is because the mobile home itself will be kept as collateral, or to be more specific, the equity on the home will be the collateral. The lenders would first get the property appraised through their appraisal officer or any other licensed professional. Then the value of the mortgage taken earlier is verified, and the difference is calculated to provide the equity. Mobile home equity loans carry lower rates of interest and can be spread over longer periods than ordinary loans.

A mobile home equity loan can be described as a mortgage upon a mortgage. Equity loans become very useful if a person wishes to start a small business enterprise after buying a home. Usually the lenders would not ask any questions about the purpose of the equity loan - it can be used for anything from renovating the home to going on a cruise. Having said that, it is essential to remember that a home equity loan does increase the indebtedness of the person, and it is best to avoid them. No lender would provide a second equity loan, no matter how much equity is built up.

Mobile Home Loans provides detailed information on Mobile Home Loans, Bad Credit Mobile Home Loans, Mobile Home Equity Loans, Mobile Home Refinancing Loans and more. Mobile Home Loans is affiliated with RV Loan Calculator.

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