Let’s say one morning you wake up and realize that, yes, buying a modular home is the right thing to do for you. But you have reservations. You might be a little nervous that you’ll mess up, and it’s normal to feel that way. You are probably spending hundreds of thousands of dollars and making the most important financial purchase of your life.
So let’s get started buying your first modular home!
Consider if Buying a Modular Home is for You
You might decide that renting is better for you than buying, because buying a modular home has its drawbacks. On the other side of the coin, there are many more benefits to buying. Keep these reasons in mind if you start to get cold feet. Tips for home buying with a partner or significant other before tying the knot, plus how to handle the financial details of homeownership without plans to ever marry.
Before Buying a Modular Home, Get Your Finances In Order
By doing your homework, you will know exactly how much you can pay and what it will cost you. Give yourself time to clean up a credit report that contains mistakes. Dispute errors. Try to reduce your monthly debt obligations now by paying down those loan balances. Check out places to get a mortgage and compare rates and fees. Start with your own financial institution, then interview a few mortgage brokers and choose a loan product you completely understand. The more you put down, the lower your monthly mortgage payment.
FHA loans carry competitive interest rates, come with minimum down payment requirements and allow sellers to pay some or all of your closing costs. Showing the seller you are already preapproved for a loan gives you an edge during offer negotiation.
Pick a Real Builder to Help With Buying a Home
An modular home builder with experience can help you to avoid making mistakes such as choosing the wrong home or offering too much. Start by asking your friends and family member for referrals. Make sure you are comfortable with your agent before committing to work with that person.
Research about your Home
Start your search online, and don’t rely on print because most modular homes are not advertised in the newspaper.