The Manufactured / Mobile Home Loan Process
1. Submit an application For a Mobile Home Loan
During this first phase on the Mobile Home Loan Process, we gather information that we need to determine what type of loan you qualify for. We need a completed loan application to get started. That’s all we need at first. You can download an application on the first page of this website. You can either fax, mail, or drop it off in person. If you have questions or need help in filling it out, please call us.
2. Underwriting the loan
After we receive your application, we will run a credit report for all of the borrowers. We also compare the values of similar homes to yours. All this information is then used to determine the best loan that is available to you. We will usually have an answer for you within 24-48 hours. Within three days of your submitting your loan application, you should receive a Good Faith Estimate and Truth-in-Lending Statement along with your Letter of Approval. These documents should have all of the information pertaining to your loan, such as interest rate, length of the loan, approved amount of the loan, etc. If you have any questions regarding any of the terms or conditions of the proposed loan, now would be a good time for you to contact us.
3. Verifications
If you have a job, we will contact your employer to verify your employment status and income. We will also visit your home to inspect it (usually just from the street) and take some pictures. We need to verify that you are approved to reside in the park. If you aren’t already a resident, this is when you would apply to the park. You need to talk to an insurance agent now, also. It is a requirement of your loan to have hazard (fire, theft, etc.) insurance in place at all times. In order to help you with this important matter, we will collect money from you every month in addition to your regular mortgage payment. When your premium is due, we will pay it for you.
4. Sign loan documents and escrow papers
Once we have verified everything, you have placed your down payment in escrow and received park approval, we will prepare the loan docs for you to sign. This is usually done in our offices in Old Town San Diego. It usually only takes about a half hour. Your agent may have already made arrangements for you to sign the escrow instructions. This is sometimes done in our office as well.
5. Funding and closing the Loan
When escrow has everything signed and they have your down payment, we will fund the loan to escrow. They usually close the same day and you become a new happy homeowner. If you are refinancing, your bills will be paid or you will be able to pick up your check if you have some cash back coming to you.
6. After the Close of Escrow
You will receive copies of everything you signed plus payment coupons until the end of the year. (You will get new ones every year.)
That’s all there is to it. It might sound like a lot, but we are here to help you every step of the way. Feel free to call us anytime if you have questions about your specific loan or Manuafacured and Mobile Home Loans in general. |
