Oook so not really baby related, but we were just approved for a home loan today! The only thing is, my husband's credit wasn't the best so we got an interest rate of 10% for a mobile home :o is that a normal rate? The home is only 25k, but by the time it's paid (making minimum payments) we will have paid almost 60k! Anyone have experience with this? I'm trying to be excited, but this rate really floored me.
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That makes me feel a bit less nervous lol thank you @charlee12 I was just expecting the traditional rates and almost had a heart attack when the number came back more than double!
My husband and I just got approved as well and ours is 8.9% so not to much higher
Oohh! Nvm, I looked it up. Because the home isn't permanently attached to the land it doesn't qualify for a traditional home loan. Most mobile homes are subject to a chattel loan which carry interest rates of 7-12.5% because they are considered "personal property". If we moved the home later to land we owned and affixed it to an approved foundation, we could then refinance with a traditional home loan with lower rates.
I'm not on the loan at all because i'm a stay at home mom, plus my credit is worse than his so no help there lololol. This was our last resort as far as loan companies as all others have turned us down. I'm trying to convince my husband to wait until we build more credit, but he's stubborn and wants us to be out on our own asap ._.
Nevermind, they may require you to since you guys are married
Oooh that's definitely way high, for any home. I plan on going in to purchase a home without my fiance on the loan since he has horrible credit and I have wonderful credit. Can't afford to pay for his credit mistakes lol. He will still help me with the house payments of course, he just won't be on the loan approval. Maybe this will work for you if you apply elsewhere? I'm purchasing a $200k home in September before house prices go up anymore
That's what I thought! My husband is trying to convince me that a rate that high is normal because it's a mobile home :/ The refinance idea is something to consider... Would it make a difference if we put a few extra grand down each year to pay it off faster? As it sits now it's a 20 year loan. I feel like we don't need 20 years to come up with 20k...
Maybe you could refinance after a year of timely payments? 10% is pretty high
10% is very high. we just bought a home in February. 3.625%
I'd keep looking...
We have a racist on the APP ‼️
I don’t think we would have been able to move if I didn’t have my stay at home job, we would still be in a neighborhood with our house getting broken into. I’m so thankful and blessed to have found a legit home job so my kids don’t have to go to day care, counting my blessings daily
Home sweet home! First time we've ever picked a home without having set foot into it. I'm really pleased with it, now that we are here! It was the perfect choice.
So we have no food in our house and no money so whatever we had I let my husband and kids eat. I'm so hungry. I haven't eaten since yesterday. I wish we weren't so behind on rent. Next week we have to pay our phone bill and the week after we have to pay rent again. I'm so sick on not being able to have food in our home.
Yeah I mean not so great credit will bite you in the butt! My husband doesn't have great credit whatsoever so ours isn't super low. But they told us in a year to come back and re finance and you can get it lower. Just anything that's affecting credit or could make sure you make those payments and within a year you should both have better Credit scores. That's what my husband and I are doing.