The
MANUFACTURED HOUSING GLOBAL NETWORK  
The WWW Guide to Manufactured Housing            

Mobile Home Loans
Search Local Homes For Sale Manufactured Housing Books Buy A Foreclosure Mobile Home Insurance

? Questions?
Ask the
Mobile Home Expert






The Differences between Chattel Mortgages and Traditional Real Property Mobile Homes Loans
Tue 08/18/09 07:59:16 pm
by Josh Ladick

The recent changes in the American banking system have made the distinction between a chattel mortgage and tradition real property financing more important than it used to be. When buying a mobile home or manufactured home, the first thing your broker will ask is if you will be buying with land or home-only.
CLICK HERE FOR MOBILE HOME LOANSEveryday I am asked about the differences between mobile home loans and real property site built homes, and how these differences affect the mortgage loan processes for these homes.
 
Generally speaking, a manufactured home mortgage is a written document which gives a creditor an interest in the property of a borrower to secure payment of a loan debt. While this broad definition blankets all mortgage loans, the different types of homes, or collateral, are what draw differences between manufactured home, or chattel, loans and traditional stick built home mortgages.
 
In the United States, chattel mortgages are referred to as secured transactions. Such transactions are governed in most states by Article 9 of the Uniform Commercial Code. When obtaining a loan for a manufactured home, a borrower will be entering into a chattel mortgage. The purchaser or home owner is borrowing funds for the purchase or refinancing of movable personal property (the chattel or manufactured home) from the creditor. The creditor then secures the chattel loan with a mortgage over the manufactured home as chattel, or the manufactured home itself. The Legal ownership of the chattel is transferred to the creditor, and the registered ownership is given to the purchaser, or the homeowner, when the loan transaction has been completed.
 
Mortgages for traditional homes that are built on site and include real property are a bit different from chattel, or mobile home loans. A mortgage for this type of mobile home is a loan secured by real property through the use of a Note, which is a document that evidences the existence of the loan. Real property mortgages and loans can and should be additionally evidenced by a Deed of Trust document, which is recorded with the County Recorder. The Recorder is a county official that insures that instruments are recorded, giving public notice of such transactions. The Deed of Trust for the mobile home will be recorded CLICK HERE  FOR FREE SEARCH MOBILE HOMES FOR SALE NEAR YOUwith the County Recorder of the County where the real property is located.
 
Manufactured home mortgages, or chattel loans, are not secured in the same fashion as real property loans. The title information for manufactured homes is maintained by The United States Department of Housing and Urban Development. In the State of California, The Department of Housing has "Registration and Titling" offices that are specifically assigned to maintaining the title information on Manufactured Homes. The homeowner, or purchaser, of a manufactured home shall be shown on the title as the registered owner, and the creditor shall be shown as the Legal Owner to the manufactured home. When a manufactured home is encumbered by a Legal Owner, the genuine Certificate of Title to the manufactured home is handed to the mortgage creditor, or legal owner. The manufactured home owner is handed a Registration Card, which evidences the homeowner's Registered Ownership interest in the manufactured home. With site-built, real property homes, the homeowner retains a Grant Deed to evidence their ownership in the home, and the creditor maintains the Note and Deed of Trust to evidence their ownership interest in the real property home.
 
It's helpful to understand these title and security differences, as they play a major role in determining the actual loan type, qualifying agents and the loan process itself. Mobile homes and real property site built homes are not only made differently, but titled differently and mortgaged uniquely as well. For more information on mobile home titling, visit The HUD website.
 
About the Author: Josh Ladick is with the San Diego Mortgage Group  ,  a mortgage funding and brokerage firm, with a specialty in mobile home loans. They are located in San Diego, and have financed hundreds of loans across California, however they can finance loans for chattel mortgages across the USA. For more information: || San Diego: Mobile Home Loans or Refinance || California: Manufactured Home Loan || United States: Manufactured Home Finance
 


Think You Should Refinance Your Manufactured Home?
Fill Out The Refi Info Request Below Now!

Cost:free
Submit form below:

[ Become an Affiliate Finance Company Here ]

Should You Refinance Your Manufactured Home?

This Refinance Calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.


Mortgage Refinancing Calculator
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
Enter the your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs that will be required for refinancing:

Results
This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

Copyright © 1997-2007Web Winder Site Traffic Magnets. All rights reserved.

One Stop MH Loan Shopping
E-Mail Address:
Full Name:
Street Address:
City
State Zip
Home Phone:
Work Phone:
Best Time Call:

1. I am interested in:(check one)
Purchasing a Home
Purchasing a Home and Land
Refinancing Exisiting Loan(s)


2. The Home is used for:(check one)
Primary Residence
Vacation Home
Investment Property or "Buy For"


3. The Home is a:(check one)
Singlewide
Doublewide
Site Built Home


4. The Home is/will be on:
Owned Land Rented Land


5. Year Home was Built:

6. My Credit Standing:
Never had credit problems
No credit problems for past 2 years
No credit problems for one full year
Minor Credit Problems
Major Credit Problems

7. Contact me by:

8. Comments, concerns, or special requests:




 

Bringing information and technology together for the Manufactured Housing Industry .

Post and Read Comments about The Differences between Chattel Mortgages and Traditional Real Property Mobile Homes Loans


LOCAL GUIDES
? Questions?
Ask the
Mobile Home Expert
FIND FORECLOSURES

Mobile Home Parts
Purchase Securely
Online Or By Phone
HARD TO FIND PARTS FOR
REPAIR AND RENOVATION


Free Insurance Quote
Dont Wait for Your Policy to Expire
No Obligation - Just Win Win

Manufactured Home
Book Value Report

Submit Your Home
Buying Selling You Should Know

Home Finder Search
NO COST to Find Sellers Near You
Save Time We Do The Legwork

Mobile Home Loans
Find the best loan terms
Banks compete for your loan


Manufactured Homes
For Sale By Owner

Search By City and State
New Used & Repo Homes

Manufactured Housing
Business News & Opinion

UPDATED DAILY FROM OVER
A THOUSAND SOURCES
Stay On Top of Your Industry


Find A Reputable Dealer
& Negotiate a Fair Price

Best Selling MH Buyer Guides
KNOW BEFORE YOU SHOP

MULTIPLE
LISTING
SERVICE
Manufactured Homes For Sale By Owner
Search Listings
Sell Your Home

 


Mobilehome Modualr Home and Manufactured 
Housing Web Sites
Top

MH Loan Finder         MH Book Value         MH Multiple Listing Service         Discussion Forums         MH Repo Liquidation
Yellow Pages         MH Parts Store         Insurance Quote         Home Finder Service        

© 2010 Express Network Solutions for the Manufactured Housing Global Network

Quantcast