Re: unfair

Posted by Drew (24.59.25.2) on August 04, 2004 at 14:37:30:

In Reply to: unfair posted by lucewebb on August 04, 2004 at 10:02:00:

Mobile homes are always charged higher interest rates because mobile homes are higher risk. The lender figures that the loan (30 year fixed) will outlive the mobile home due to depreciation. If you are going to buy a mobile home, never purchase it for a 30 year loan. Even though the payments are lower, the interest will be higher and you will pay all of the interest at the beginning of the loan and will make very little headway on the principal. In addition, the depreciation on a mobile home is terrible and it depreciates a lot like a car so you will never get what you pay for it.

THat is why interest rates on a mobile home are so high regardless of credit factors.

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