LAST CALL FOR $8,000

File Under: General by Excel Team

unclesamIf you’re a prospective first-time homeowner who wants to take advantage of the government’s $8,000 tax credit, we should remind you that time is running out.

Many people assume they have until the end of the calendar year to make their purchase, but the deadline for the free money is actually November 30. That means you’ve got a little more than two-and-a-half months to close on the house of your dreams (and yes, that includes new modular homes).

Whether or not you can choose a design and close on a new modular home within that timeframe is debatable, but if you’re looking at existing homes, you’d better get on the ball. Due to recent changes in the mortgage industry, it can take several weeks or months for some lenders to wrap up the entire process. If you have any questions about the timing of your efforts and the likelihood of qualifying for the tax credit, contact your local lender or real estate agent. You do already have a real estate agent, don’t you?

 

WANT TO REFINANCE YOUR MODULAR?

File Under: General by Excel Team

You might consider it, especially with rates being as low as they are. According to Freddie Mac, the average 30-year fixed rate mortgage fell to 4.78 percent, the lowest rate since Freddie Mac began the survey in 1971. That means a lot of homeowners are refinancing their purchase in order to save some money in the long run.

Missouri based mortgage broker Tom Meacham offers a few tips, including not signing on the dotted line unless you’re getting a significantly lower rate. Meacham also points out that your credit score will affect your rates, but a mortgage broker can help you find the best deals.

mortgage

 

ASK THE EXPERTS: MODULAR FINANCING?

File Under: General by Excel Team

The home buying process requires a lot of homework and is full of questions. That’s why we’ve created this recurring “Ask the Experts” feature here on the Excel Homes blog. It features real questions with simple answers from Excel modular home experts like Robin Gamby, VP of M&T Bank, Mortgage Division. M&T Bank is a leader in modular financing, having financed over $1 billion in modular construction loans. Click on the “Ask the Experts” link on the right to ask one of our listed experts a question of your own.

HOW IS SECURING A MORTGAGE FOR A MODULAR HOME DIFFERENT FROM A MORTGAGE FOR A TRADITIONAL SITE-BUILT HOME?

This is a common question, and rightfully so. The dream of owning a home often begins with a mortgage. The truth is, there are very few differences between a modular home and a regular site-built home and therefore very few differences in mortgage options. In fact, standard site-built homes and modular homes are the same in the eyes of the bank. These similarities include appraisals and insurance as well. This is in contrast to mobile homes, which require different financing.