A chattel mortgage refers to a type of loan agreement that allows individuals to finance the purchase of a mobile home. In the context of Arizona, a chattel mortgage on a mobile home is a legal document that grants a financial institution a security interest in the mobile home for the duration of the loan. This means that if the borrower defaults on the loan, the lender has the right to repossess and sell the mobile home to recover their losses. Arizona Chattel Mortgage on Mobile Home: 1. Traditional Chattel Mortgage: This is the most common type of chattel mortgage on a mobile home in Arizona. It involves a borrower securing a loan from a lender to purchase a mobile home. The lender retains a security interest in the mobile home until the loan is fully paid off. 2. Refinancing Chattel Mortgage: This type of chattel mortgage is ideal for individuals who have an existing loan on their mobile home but wish to refinance it with better terms, such as a lower interest rate or extended repayment period. Refinancing can often lead to cost savings and improved financial stability. 3. Chattel Mortgage for Home Improvement: This type of chattel mortgage allows homeowners to secure a loan using their mobile home as collateral to finance home improvement projects. It provides an opportunity to make necessary repairs, renovations, or add necessary upgrades to the mobile home. 4. Chattel Mortgage for Land Purchase: In some cases, individuals may wish to purchase land along with their mobile home. This type of chattel mortgage allows borrowers to finance both the mobile home and the land it sits on. The lender will have a security interest in both the mobile home and the land until the loan is paid off. 5. Chattel Mortgage for New Purchase: This type of chattel mortgage is for those who intend to buy a brand-new mobile home. It offers financing options to individuals who want to purchase a newly manufactured mobile home from authorized dealers. When entering into an Arizona chattel mortgage on a mobile home, it is essential to carefully review the terms and conditions of the agreement. Various factors should be considered, such as the interest rate, loan duration, repayment terms, and any associated fees. It is advisable to work with reputable lenders who specialize in mobile home financing to ensure a smooth and secure transaction.
Arizona Chattel Mortgage on Mobile Home
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How to fill out Arizona Chattel Mortgage On Mobile Home?
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Legally, your Park Home is a chattel and as such is not considered to be land unlike a house or flat.
The ownership of a manufactured home for which an Affidavit of Affixture has been recorded is the same as the land ownership. Once an Affidavit of Affixture has been recorded, the ownership of the manufactured home changes whenever deeded action changes the ownership of the land. A.R.S. §28-2063 .
Park home loans One of the key differences between a park home and a traditional property is that you can't get a mortgage on a park home. This is because park homes don't have the same legal status ? you can learn more in our guide to park homes and mortgages.
sectional manufactured home can be placed in any location in which a sitebuilt home is permitted. A single wide mobile home can also be placed in any location in which a sitebuilt home is permitted, in a mobile home subdivision, or in a mobile home park. All that is needed is a development permit.
In Arizona, there are a few requirements for your mobile home to qualify for financing: The home must be set on a permanent foundation that is not in a flood zone or trailer park. The loan must also cover the land the home is situated on.
Chattel is the tangible personal property that is movable between locations. It can refer to property such as mobile homes, furniture, and automobiles.
All mobile homes in Arizona are subject to property taxes from January 1 following the day they enter the state.
Unless a mobile home is placed on a permanent foundation and registered as real property, it is typically considered personal property. Personal property loans carry higher interest rates as they lack collateral. In contrast, real property loans offer lower interest rates as they are secured by collateral.
Our average price range is between £80-150,000, offering various options to cater to different budgets and requirements.
Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below. In this case your loan would work almost exactly the same as financing for traditional ?stick-built? houses.