You’ve toured our community, fallen in love with the idea of making life less complicated and are ready to say yes to life in the Meadows. But, you may be wondering how to finance your purchase.
When you’re ready to start the home purchasing process, our team will connect you with one of our preferred mortgage specialists. Though there are many similarities in financing a modular and stick-built property, key differences are best handled by an experienced mortgage specialist. We have a pocket full of finance professionals who specialize in just that.
Mortgages for Manufactured Homes
Whether you’re choosing stick-built or modular, one thing is for certain: you’re going to need a mortgage. Banks have created options that suit a variety of financing needs, and truthfully, not all mortgages are built the same.
When applying for manufactured home financing, you’re going to look for lenders that offer Clip (Chattel loan insurance program) mortgages. This is a specific type of mortgage where the bank guarantees your loan by having a financial interest in your property. In short: manufactured home mortgages are secured by a lien on the home itself.Contrary to popular belief, you do not need to deal with a credit union or broker when applying for a mortgage for a modular home. For example, the Royal Bank of Canada (RBC) has one of the best modular home programs in Canada!
Having a Clip mortgage on your home still comes with the same peace of mind protection through the Canada Mortgage and Housing Corporation (CMHC). What that really means is you’ll still have an opportunity to qualify for your dream home by getting a loan of up to 95% of the total purchase price while protecting its lenders!
Where can I get a mortgage for a modular home?
We believe in freedom of choice to work with your preferred lender. However, if you’re unfamiliar with the process of obtaining a mortgage for this type of property or would like a second opinion, rest assured we have preferred lenders with years of experience in our field. They specialize in approving mortgages on our modular homes and you’ll find their interest rates extremely competitive.
You might be wondering about the size of mortgage you qualify for. If you’d like to expedite the home buying process, you can still go to your bank and get pre-approved so you know the exact amount you can afford. Home shopping is way more fun and effective when you know what you’re working with. This way you can come into our Sales Centres with an idea of your budget and your monthly payments including your monthly lease rate for your lot. Reach out and we’ll connect you with our preferred lenders – it doesn’t hurt to explore the options!
So, how does the interest rate work?
We weren’t kidding when we said modular homes share similarities with stick built homes. They even have the same interest rates and down payment requirements! Once you’re pre-approved, your banker will generally lock in an interest rate for a definite number of weeks or months while you finalize your deal. This is a standard practice amongst mortgage specialists to allow you to finalize all items with your home purchase without needing to worry about a fluctuation in the interest rates.
If financing feels intimidating, you’re not alone, but it doesn’t have to be! Jandel Homes can assist you with all of your financing and mortgage options, whether it is through your bank or one of our exclusive lenders. Our clients enjoy elite rates and service with our preferred lenders and mortgage applications are usually turned around in a quick fashion. Get in touch today for more information!
How much will my home in Meadows of Morinville cost?
The short answer: it depends. Our community offers homes starting from the $190,000s and pricing varies depending on the size, interior options, exterior packages and if there’s a garage being built. When viewing our lineup of homes, you’ll be able to note starting prices in many cases. It’s best to reach out for an exact quote!
Lease rates in Meadows of Morinville are dependent on standard or premium lot sizes. The main difference between the two lots is a garage vs. non-garage lot. In any case, you can have peace of mind knowing our lease rates are locked in until 2028! We can give you the cost of your dream home and lease rate, but the rest is up to you. It’s important to consider costs associated with home ownership like furniture and decor, your shed, maintenance items (like your lawn mower and leaf blower, etc).
Save money on your new home in Morinville, AB
Modular homes offer speed, cost savings and convenience. Due to them generally being more affordable than a stick built, you can often qualify for a mortgage easier! Remember: a smaller mortgage doesn’t mean sacrificing quality. You’re still building a top of the line modular home and making the choice to have financial freedom.
Imagine having a brand new, single detached family home starting below the $200,000s… sounds like a dream, right? Our community is conveniently located minutes north of Edmonton and truly provides an opportunity for you to make life less complicated.
We’re professionally managed, architecturally controlled to protect your investment and award winning. With 154 large residential lots you can bet on finding community spirit you’ve been searching for.
Ready to get started?
Start by touring our community located at 34 Meadows Drive in Morinville, AB. Our friendly Sales Hostess will happily answer any questions you may have about making the move. When you’re ready, request a lease application to get the ball rolling. We can’t wait to welcome you into our community!