Income Tax Rates

Today, more than ever, people are buying manufactured and mobile homes. You will save money by buying a premade home, since significant time is saved on construction. Even if they're not going to be moving their mobile home, the previous reasons are why more and more people are buying them.

People say mobile homes lose value over time, therefore they say it wouldn't be wise to take out a mortgage or loan against a mobile home. What everyone really wants to know is if it's actually a decent idea to invest in a mobile home.

The answer really is dependent on how you situate the home. The mobile homes depreciate over time is an unfortunate fact, and it may reach a point where it will be impossible to get equity against that home. Sometimes manufactured and mobile homes do actually appreciate in value.

These would be the sort of manufactured homes which are set on fixed foundations. A manufactured home only depreciates if it is not on a fixed foundation. This simple move of placing a manufactured or mobile home on a fixed foundation will do wonders for the home's appreciation.

With this you will see your mobile home equity increase after only a few years of on-time mortgage payments.

Home equity in a manufactured home can be drastically different than normal home equity loan programs. Equity on your mobile home is the difference in the value of your mortgage and the appraised price of your home.

For over a period of time of paying your mortgage on a timely basis, you will see that the equity will build up. You need to understand that the equity is a financial asset which you can use as collateral when taking out loans in the future. For manufactured or mobile home equity, you will see that the equity loans can be as high as 85% or even 100% of the total value of the equity on the home. This means that you can have access to most of your home's equity.

However, this too will depend on something. And, that something is your credit score. The better your credit score is the bigger funds you will get on your home's equity. Also, it will depend on the lending policy of the lender you choose.

If you plan on taking a loan with your home as collateral and you already have a mortgage, it is recommended that you should get home equity loans. It is much faster and easier to process than other forms of loans as long as you have a good credit score and you pay your mortgage on time.

There are a few things to keep in mind if you plan to use your manufactured home as collateral when you take out your loan.

As you can see, it is important for a manufactured home to get its value to appreciate. By building a fixed foundation for a manufactured home, you will see that the value will increase as well as the equity provided that you pay for your mortgage in time. By the time you need to take out a home equity loan, it will be easier and faster with an access to funds that is equal to the equity of your manufactured home.