Who does not dream of owning a home. But in the today's time this presents itself for ever more as a hurdle. The interest rates for a construction financing are rising and because of the high demand, so are the real estate prices. This makes it impossible for many to purchase their own home. After all, buying a house is supposed to be an investment rather than a debt trap. Who can, should therefore fall back on alternatives, with which the dream of own home can still be realized. Such a solution mini houses offer. The trend to the mini house has its reasons, because the mobile house solutions are already available under 100.000 euros. It was never so favorable to buy a house and who informs itself extensively, can easily overcome the hurdles with the correct financing with the acquisition of own home.
What must be considered with the purchase of a mobile house?
Before buying a house, you should first ask yourself what you want in the first place? Do you want a mobile home, which you can move in the future or rather a large modular house, which is permanently placed on a plot of land? There is also the question of how much living space you need, because prices among mini-houses vary widely. And should the mobile house on a property be parked, must be acquired in addition also still another property and a building application be placed, which increases the acquisition costs enormously.
If it concerns the financing of the house, one must look above all, how much own capital funds are present. While there is a mobile home already for 43.000 euros, modular houses are just under 100.000 Euro price a little higher. As a potential buyer, you should therefore inform yourself extensively about the financing options, because in some cases financing is possible even without equity capital. An interest calculator can help here, which gives an overview of the loan amount and calculates the monthly installments. This way you don't run the risk of paying more than your budget allows later on.
Differences in financing: mobile homes vs stationary home
Who wants to take out a real estate loan with the bank, must usually prove collateral in case of default. For this purpose, usually the property is taken, which is firmly connected to the land. With stationary houses this is no problem, but with the mobile home it concerns a mobile home, which is often also put on lease properties and this is not sufficient for most banks as security. Thus, for mobile homes usually only an installment loan is available as an option, where the personal credit rating counts and the monthly repayment installments are significantly higher. In addition, with most banks, repayment must be made within 10 years. This can also pull the monthly installments sharply upwards. But don't worry, because of its low prices, mobile homes are still much cheaper to finance than stationary homes, where interest is sometimes still paid after 25 years.
Step by step to real estate financing
Because mobile homes and modular homes are not yet as prevalent in Germany as they are abroad, the financing process may take a little longer with some banks, as they first need to familiarize themselves with the new housing trend. But if you search the Internet, you can already find credit institutions that make it possible to quickly finance mobile homes. Regardless of whether construction financing or installment loan, the procedure for financial support runs the same.
First you need to determine the loan amount. If you have decided to buy a mobile home, we will provide you with a complete offer, which can help you with the calculations. Do you know what amount is needed then the visit to the bank is pending. This is where the financing application is reviewed and the interest rate is calculated. The interest rate depends on factors such as the term of the loan, collateral, equity capital and creditworthiness. If the credit offer is good, the credit agreement is concluded with the bank. If the loan is not paid off by the end of the fixed-interest period, follow-up financing comes into play.
Generally, the shorter the loan term, the better the interest rate. It is therefore advisable to find out about the various offers at an early stage.