Are you pre-qualified or pre-approved for a mobile home loan?
Before you begin to shop for a new manufactured home, you should set up a time to meet with us so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a manufactured house.

To get pre-qualified for a loan, MobileHomeLoan.biz will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. MobileHomeLoan.biz will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide us with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application under the terms that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount MobileHomeLoan.biz is willing to lend you for your home.