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We are looking to get a loan to move our double wide on our land. We are not sure if we should go with the bank, credit union or mortgage company. Which would you get the better of the interest rates? Which is more keen on the credit score? We need to know where we should start?

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Asked by determind at 6:58 PM on Feb. 19, 2009 in Just for Fun

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Answers (5)
  • Are you buying land or you just want to finance the actual move? That should only cost a couple thousand right? Just put it on a credit card with a low interest rate. Mortgages are generally 30 years long, if you can get approved for one, which right now is really hard to do. This isn't really an easy question to answer with out knowing the cost.

    Answer by feesharose at 7:07 PM on Feb. 19, 2009

  • I love credit unions. They are usually community based, usually non-profit, and generally have better rates than a big bank. Those credit cards companies suck eggs. We got a notice from one of them that our rate would go up to 23.9% if we were even one day late getting our payment to them. Yikes.

    Answer by Trixiebelle2 at 7:12 PM on Feb. 19, 2009

  • No it's not that simple, We own the land , but not the double wide, we are still paying on that. We need to have the whole 9 yards done to the land, well, septic, dig a basement, have our house moved, so we are looking at atleast $100000 the min.

    Answer by determind at 7:17 PM on Feb. 19, 2009

  • No relocating a double wide can cost up too $10,000 if they are good. Credit Cards are always a BAD decision when making a big purchase. If you use more than 30% of your available credit it ruins your score. I'd choose a credit union, they will work with you in bad times, banks and mortgages are being bailed out, they don't HAVE to help anyone.

    Answer by Anonymous at 7:20 PM on Feb. 19, 2009

  • Always go with a credit union. Credit unions are always not for profit (someone mentioned that they are sometimes not for profit which is not the case). I was a V.P at one when I lived in NH. Anhow, they will work with you and even if your credit scores aren't that great they can help with improving it so you can get the loan. Stay away from banks or mortgage companies right now- they are money suckers and really not lending out money to people now because of all the trouble they got in with subprime mortgages. Good luck with your relocating your home. :)

    Answer by candygirl1030 at 7:41 PM on Feb. 19, 2009

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