What is the current interest rate for mobile homes & what can affect my interest rate?
[Currently, it is at 8.75% to 14.00% & up range. People with normal condition would qualify for 9% – 12%. The lender decide your interest rate base on the amount of down payment, the length of the loan period, your time in current job & total time in same line of work, your credit score & history, your total outstanding debt amount, and many other factors. Among all these, the only 2 factors the borrower has control over at the time of buying are down payment and length of the loan. The higher the down is, the lower the rate is; the shorter the loan period is, the lower the rate is.
