A HELOC can serve:
• Ongoing or uncertain expenses • Long-term projects • Borrowers who want flexibility
A HELOAN (Home Equity Loan) provides you with a lump sum at closing with a fixed interest rate, providing consistent monthly payments of principal and interest over a set term. A HELOAN can serve: • One-time, large expenses (e.g., medical bills, home improvements) • Borrowers who prefer predictability and a fixed repayment plan • Those who want a clear spending cap
Mobile and Manufactured Homes:
These programs are offered through a limited number of lenders, so be sure to ask your loan officer what’s available. Getting a mortgage for a mobile or manufactured home can be more complex than for a traditional house. One reason is that these homes often depreciate in value over time, similar to vehicles, while traditional homes usually appreciate. Because of this, lenders take extra care during the approval process. What Affects Loan Eligibility? • Age of the Home: Older homes may not qualify for certain loan programs. • How the Home is Classified: If the home is permanently attached to land you own and titled as real property, you may qualify for a traditional mortgage.
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