You can utilize your own bank or private lender. Our goal is to make your home buying experience as easy as possible, so we’d love to help you find the mobile home of your dreams, whether you use our lenders or your own. Generally, your own lender will be your favorite bank or a friend or family member who would like to personally loan you money. The advantage of using your own bank is convenience and that you already have a built-up relationship. The only disadvantage is if your bank does not typically handle loans for mobile homes, you may find getting approved for the loan harder than with our lenders, higher deposits may be required, and possibly even a higher interest rate may be assigned to your loan. Just watch the details when you go through the borrowing process. Borrowing from a friend or family member is often offered at lower interest rates or smaller down payments. When borrowing person-to-person, we recommend hiring your own attorney to review the documents to ensure the loan arrangement is fair, no matter how much you trust the loan. This can help when the unexpected comes up; for example, what happens if the lender passes away? You should also know that loans between friends and family members can change the relationship, so be sure to talk through things like what happens if you lose your job, if there is a late payment, etc. Saving a few dollars is not worth driving a wedge between you and someone you care about. Through communication plus clear understanding of the loan arrangement can go a long way to preserving a healthy relationship.
