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Modular Home Mortgage
A modular home mortgage might be easier and
cheaper to obtain than you think. Modular homes are one of the
fastest growing home construction segments. Banks and mortgage
companies often view a modular home and a site-built home as the
same, and are eager to earn a piece of this new business. There are
several reasons why mortgages for modular homes can be less
expensive than traditional ones. Some of these are examined in the
following.
The cost for a modular home is often less than a traditionally
constructed home. Why is this? Modular houses are manufactured at
indoor facilities as essentially large building blocks. The indoor
construction means that there are never any weather-related
construction delays. Construction cannot be stopped by rain, snow,
or ice. This cost saving for modular homes usually means lower
mortgage payments.
Each module of the home is manufactured on an assembly line. This
allows the modular home manufacturer to bargain with suppliers for
large discounts. The exact amount of materials is known and can be
ordered as needed. Computer controlled machines cut and assemble
many of the large components. This precise modular building
technique greatly reduces waste, resulting in lower mortgage
payments for modular houses.
Once all the modules for a home are completed, they are shipped to
the customer's property site. A large crane lifts each module into
place, and workers secure them together using pre-installed
fasteners and devices. The construction crew spends far less time on
site than with traditional construction. This is another cost saving
factor that may reduce the modular house mortgage payments.
Modular homes can be quickly and precisely constructed inside
climate-controlled factories. Manufacturers can obtain large
discounts on parts and materials. Construction crews spend much less
time on site than with traditional housing construction. All of
these factors contribute to a much lower modular home mortgage
payment.
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