Should you buy a single family or mobile home?

Buying a home is a big decision, and deciding what type of home can be an even bigger one. If you are trying to decide to what purchase considering the following…

Single family homes contain lower interest the lowest interest rates and provide the most amount of financing options. These types of properties are also more marketable because more people can get loans on them, making them more universal, subsequently, resulting in lower cost of funds.

Manufactured homes within a park are generally lower in purchase price. However, they also contain space rent space rent. Essentially you’re paying a monthly fee to the owner who owns the land and subsequently, can raise this monthly rental fee just like rent for say an apartment. This is considered to be chattel ownership or chattel ones which is sent which essentially is personal property. These properties generally require down about 20% usually and oftentimes carry substantially higher interest rates because of the inherent risk that the lender takes on. A mobile home could essentially be detached from the earth and moved, which poses a risk to the lender.

Which home type should you buy?

If your situation is such your present financial situation is temporary then a single family home may be a better play down the line. By temporary we mean you may be in any of the following situations down the line, more income, better credit score, less debt or more cash in the bank. If any of those things is within your plan, more traditional real estate is safer better long term bet.

If your situation is fixed, i.e. income is fixed and will not change, cash in the bank will not change and the situation is poised to remain unchanged, a mobile home may be a better bet.

If you can qualify for a single family home, condo, pud, multi-family, mixed use, modular, prefab or manufactured home on land your own, will likely do far better over time when compared against a mobile home with a variable space rent component.

Bottom line whichever home is within your means, and if waiting to buy a home is more suitable, then wait. No one is in a rush to buy a home these days. It takes careful planning, consideration, some time and great deal of patience, with a little luck sprinkled in.

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RELATED MORTGAGE ADVICE FROM SCOTT SHELDON

When buying a home, it’s natural to want the lowest mortgage rate possible. But sometimes, chasing a slightly better rate from another lender—especially after your offer has already been accepted—can backfire in a big way. Let’s walk through a real-world scenario. You’ve got an offer accepted on a house. You’re working with a lender who has you approved, documents in underwriting, and a 21-day close of escrow in place. Everything is moving forward. Then you hear from another lender offering a rate that’s 0.25% lower, with slightly better closing costs. It’s tempting. But before you make a jump, here’s what you need to consider. Switching Lenders Comes with Time Costs When you pivot to a new lender mid-contract, they’ll need to: Re-underwrite your entire loan, Order a new appraisal, Disclose and sign new loan documents, Submit the file for final loan approval, Schedule and fund closing—all over again. This doesn’t happen overnight. Even in ideal circumstances, the new lender is likely going to need at least 25–30 days to close. If you’re in a fast-moving or competitive market, this is a real problem. Most sellers won’t grant a contract extension just because you’re switching lenders. So, what happens next? A Contract Extension Can Jeopardize Your Deal Asking for a contract extension means the seller must agree to delay closing. But that delay introduces risk—especially if the seller has backup offers or simply wants certainty. They may not grant the extension. Or worse, they could cancel the deal outright and take another buyer’s offer. Even if the seller agrees to extend, your earnest money and negotiation power could take a hit. And for what? A slightly lower rate that might save you $50 to $75 a month? Mortgage Rates Aren’t as Far Apart as You Think Here’s the truth: all mortgage lenders get their money from the same place—the bond market. The pricing differences between lenders usually range from 0.125% to 0.25% in rate on any given day. If one lender seems to be offering dramatically better pricing, the first thing you should ask is: How? Head over to FreddieMac.com and check the average 30-year fixed rate posted weekly. This is one of the most reliable benchmarks for where rates truly stand in the market. If a lender is quoting you a rate that’s well below that average, ask for the details: Are they charging extra points? Is this a teaser rate with a prepayment penalty? Is it based on a different loan product or risky structure? Often, what sounds “too good to be true”… is. Consider the Bigger Picture Think long-term. If you’re financing $600,000, a 0.25% lower rate may reduce your payment by roughly $75/month. But what if you lose the house and have to start over? That monthly savings doesn’t mean much if you’re outbid on your dream home or lose your deposit. Also, remember: you’re not going to keep this rate forever. Today’s homebuyers typically refinance when rates drop by about 0.75% or more. So if rates fall within the next year or two, you’ll likely be refinancing anyway. Instead of paying extra points now or risking the entire deal for a minor monthly savings, it may be better to accept a slightly higher rate—knowing you’ll refinance when the time is right. The Real Risk Isn’t the Rate—It’s the Delay When shopping for a home loan, don’t just ask, “What’s your rate?” Ask: Can you close on time? Is this rate sustainable or based on hidden costs? Will switching lenders delay or jeopardize my contract? A home purchase contract is a binding agreement between you and the seller to perform within a set timeframe. If you can’t meet those dates because you're chasing a slightly better rate elsewhere, you may want to reconsider if now is the right time to buy. Final Thoughts Yes, interest rates matter. But execution matters more. Before making a switch mid-transaction, talk to your lender. Have an honest conversation about pricing, timelines, and strategy. You might find that staying the course, securing the house, and planning to refinance later offers a better path to financial security. Want to Know Your Options? Let’s compare rates and strategies the smart way—without risking your dream home. 👉 Click here to get a custom rate quote today.

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