Modular Homes

Know about Modular Homes and different Financing Options Modular homes come with many advantages, the most significant ones being their flexibility and affordability. However, they also have a downside - financing.

While houses are built on your

land

from

their

foundation, over the frames to completion, the same is not the case with modular homes. They arrive on your land when they are almost completed, while the whole building

process

is

done

offsite in facilities owned by your builder. Due to regulations, banks are more eager to lend money to those who build on their land but are hesitant to finance modular homes until they are already on your property.

Luckily you can only expect difficulties regarding the time needed to obtain a loan, but the interest rate itself doesn’t change, regardless of the construction type. Although there are several differences in the steps of releasing funds in modular homes, the fundamental evaluation of your loan will remain the same.

How Much Can You Loan?

Like with other loans, you should reach out to your chosen bank to take a look at your personal savings, your current equity and possibly other loans you have, to finally inform you on your lending

capacity.

This

process is something you should take care of before deciding to go forward with your plan of building a modular home. Therefore, try to speak with your financing agent or a broker as soon as possible if you’re planning to invest a modular home. For the aforementioned reasons, it is highly likely that you won’t be able to access your loans before the construction is completed.

Financing is one of the biggest reasons you should choose your home builders carefully. Not all of them are ready to be flexible with financing, so you want to avoid arranging a deal with a wrong company. Luckily, there are home builders who

understand this issue and would be happy to help you with this issue.

The Right Builder for You One of them is Evoke Living Homes, a company focused on Perth Hills and Country areas. Previously called WBS homes, this acclaimed

home

builder

is

centered on helping people to realize their dreams. They are especially focused on building in remote locations and offer a full service - from design and manufacturing to the transport and installation. They could also

help

you

with

your

potential financing issues. Since they understand the problem of modular financing, they offer a possibility to cover the cost of construction until the modular home is on site.

To achieve that, all you have to do is to pay financing fees and a safety deposit after you sign your contract. Evoke Living Homes will take care of the other steps. Specifically, they will work hand in hand with your bank or broker to find a finance schedule that works for all included parties. The specific steps will vary on individual cases, depending on their financing procedures. Thus, it would be best that you contact your home builder, and find out how your particular dream can be turned into a reality.