What is an example of chattel mortgage?

A chattel mortgage is used to purchase movable personal property, other than real estate, which serves as collateral for the loan until it's repaid. Farm equipment, livestock, farm assets, and mobile and manufactured homes are a few examples of property you could purchase with a chattel loan.

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Chattel Mortgage on Mobile Home

Queens New York Chattel Mortgage on Mobile Home

Name: Queens New York Chattel Mortgage on Mobile Home
Brand: US Legal Forms
Rating: 4.6 (250 reviews)

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Loans and Lending - Chattel Mortgages

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Multi-State

County:

Queens

Control #:

US-0007BG

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A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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How to fill out Queens New York Chattel Mortgage On Mobile Home?

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A chattel mortgage is used to purchase movable personal property, other than real estate, which serves as collateral for the loan until it's repaid. Farm equipment, livestock, farm assets, and mobile and manufactured homes are a few examples of property you could purchase with a chattel loan.

A chattel mortgage is a conditional sale of personal property as security for the payment of a debt, or the performance of some other obligation specified therein, the condition being that the sale shall be void upon the seller paying to the purchaser a sum of money or doing some other act named.

Chattel Mortgage refers to a contract by virtue, which involves recording the personal property in the Chattel Mortgage Register as security for the performance of an obligation. The Chattel Mortgage can either be a formal contract or an accessory contract. It is required if the debtor has to retain the property.

Lenders can offer up to 100 percent financing on manufactured home loans. You'll need an affidavit of affixture, which proves the property is attached to land you own and meets certain local and VA requirements. Loan terms can range from: Lot for a manufactured home you already own: 15 years plus 32 days.

Chattel mortgages are a little-known but potentially good option for someone looking to finance a manufactured home or even heavy equipment. Though these loans are smaller than conventional loans and tend to have higher rates, they are also shorter in term and more quickly paid off.

Assuming a borrower who buys a fairly typical multi-section manufactured home for $80,000 and puts 20 percent down, a 20-year fixed-rate mortgage at 3.36 percent would produce payments of $367 per month.

Mobile home loans are a type of loan that borrowers can use to finance the purchase of a mobile home. Because mobile homes can be moved, unlike a traditional home, most mobile home owners don't own the land where they park their home.

New York Mobile Home Financing from eLEND eLEND offers a variety of manufactured home financing options, including a program backed by the Federal Housing Administration (FHA) that can allow you to finance a manufactured home with the peace of mind that comes with a low fixed interest rate.

A Chattel Mortgage is primarily used to purchase an asset for business use. Structured similarly to a regular mortgage, the lenders provide funds to purchase the asset (known as a Chattel) and register their security interest on the Personal Property Securities Register (PPSR) for the life of the loan.

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One of the biggest changes since then—and the reason why many foresees will end up owing much more on their loans than the original purchase price—is that the percentage of down payments that banks require has changed. Since the 2008 crash, down payment percentages have been set at between five and 10 percent for all new mortgages, as this chart from Trulia's data demonstrates: The average down payment percentage for mortgages originated between 2005 and 2011 was around 10 percent. Since then, in the last four years, the average hasn't even been close to that high. But this is just one measure. As my colleague Chris Christopher has written, the actual amount borrowers are required to put toward a down payment varies wildly depending on the state in which a borrower falls. In Arizona, for instance, lenders must now require more than 30% and at least 20% down. In Nevada, the required down payment has jumped from zero in 2005-06 to 20% by 2011, to 25% in 2013.

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Queens New York Chattel Mortgage on Mobile Home

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