Does USModular Provide Assistance with Financing a Custom Modular Home in Newport Beach?
Yes! USModular has formed relationships and partnerships with competitive lenders that specialize in the in prefab property manufacturing. These trusted lending institutions offer many loan types, from construction-based to permanent and mortgage loans.
USModular lenders can offer unbeatable finance options for modular home projects in the local Newport Beach area. Financing options are available for:
- Construction to permanent loans (mortgages)
- Vacation homes
- Stated income for self-employed
- Competitive rates for new modular homes
- Short term construction loans
- Competitive rates for new modular homes
USModular works with lending institutions that recognize and appreciate the proficiency and quality provided to homeowners. These lenders adhere to our streamlined time schedule and will work just as effectively to get your new modular home project finished on schedule!
What is the Difference Between a Construction Loan and a Mortgage?
A construction loan is a loan in which the money are used to back construction of a home, Business building, or other building type. Repayment is generally based on aspects that can only occur when the project is being built.
Because of these factors, certain stipulations of the loans are subject to harsher monitoring and more specific guidelines to ensure the project is finished so repayment can begin. Construction loans are generally meant to be short term loans.
A mortgage is a long term loan written up for a period of 15 – 30 years that requires monthly payments. A mortgage is comprised of property taxes, collateral, and loan principal and interest. The house itself is used as collateral in a mortgage.
Visit our site for more information on financing your modular home!
