You’ve officially saved up enough money for a down payment on your dream home – high five! Naturally, you may believe that the next step would be heading to the bank to speak with a traditional mortgage broker. But, that’s not the case.
Purchasing your home in a unique land-leased community, like Meadows of Morinville, lends an opportunity to work with a specialized mortgage broker. Why? Because Modular Home owners often acquire a Chattel Mortgage on their property. We have a pocket full of finance professionals who specialize in just that.
What is a Chattel Mortgage?
A Chattel mortgage, or loan is one that is obtained through a financial institution using your modular home as collateral.
I really like working with my bank – do I have to use one of your lenders?
We’re firm believers in having your home, your way. You have the freedom to use a lender of your choice. However, we work with lenders who have years of experience approving mortgages on our modular homes and their interest rates are often better than a lot of the big banks. We’d love for you to consider them!
Do I want to live in a land-leased community?
Land-leased communities offer an opportunity to get into a home you may not otherwise be able to afford. In addition, down payments and property taxes are significantly reduced because you only pay taxes on the home! Meadows of Morinville could be the perfect way to balance your desire for a luxury home with your need for financial freedom.
Financing can be intimidating – 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 within 48 hours. Get in touch today for more information!