What Is A Chattel Mortgage 5 Things You Have To Know

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Don't forget to explore Our Unbeatable $1 Down Land Listings + Vacation Giveaway! https://land.gokcap.com • • if you’re buying movable property, did you know that you need a different type of mortgage (a chattel mortgage)? • This often becomes confusing for buyers when they decide to buy manufactured homes, modular homes, vehicles, or other types of equipment. • In this video, we’ll tell you the top things you need to know about getting a chattel mortgage to buy this type of property. • _________________________________________________________________________ • Disclaimer: we are not lawyers, accountants, or financial advisors, and the information in this video is for informational purposes only. This video is based on our own research and experience and, while we do our best to keep it accurate and up-to-date, but it may contain errors. Please be sure to consult a legal or financial professional before making any investment or purchasing decisions. • _ • Video Transcript: • _ • Hi guys this is Erica from Gokce Capital. Now before I begin, be sure to click subscribe and turn on the notification Bell. At 200k, One Mississauga listing is one of a kind for its affordability but it won't sell why not? • Well, learn more at the end of this video but first if you plan to purchase a mobile home RV or tiny home you may need a chattel mortgage and in today's video we have the top things you should know. Number one, what is a chattel mortgage? A chattel mortgage is a loan used to purchase a piece of movable property like a mobile home, RV, or tiny home. • Number two, how is a chattel mortgage different than a conventional mortgage? Well, like a conventional mortgage. The property secures the title mortgage but there are a few key differences. • For one, you aren't buying land with a channel mortgage. Thus, you must either own, buy or rent the land separately. In addition, title mortgages tend to have shorter loan terms. • Lower processing fees and lower maximum loan amounts. As well as higher interest rates than conventional mortgages. Number three, what are the advantages of a channel mortgage? • Well, the biggest advantage is that a channel mortgage is available for a wider range of property types. They also as I mentioned tend to have lower processing fees than a conventional mortgage but like a conventional mortgage. The loan interest may be tax deductible depending on your situation. • Although you should verify this with your accountant finally compared to a personal loan or unsecured mortgage which we'll cover in a little bit title mortgages tend to have lower interest rates. Number four, what are the disadvantages of a chattel mortgage? Well, as we've already covered Channel mortgages tend to have higher interest rates than conventional loans although lower ones than unsecured loans. • They also tend to have shorter loan terms than conventional loans which can be both a good and bad thing. It means you pay off the loan faster but you likely will have higher monthly payments. The most important thing to understand is that channel mortgages are often not covered by the same foreclosure laws that a conventional loan is. • This means you could easily lose the property if you fall behind on payments and number five. What are the alternatives to a channel mortgage? Well, if you're property class is not eligible for a conventional loan, you can pay cash for it or alternatively you could also take out a personal loan. • Now the key difference between a personal loan and a title mortgage is that a personal loan is not secured. This means that the lender cannot take your property if you fall behind on payments. However, because of this, you will be guaranteeing the person alone which could put you at risk of bankruptcy. • The fact that you guarantee the loan also means that the eligibility requirements may be more strict for a personal loan than a channel mortgage and the personal loan will likely come with a higher interest rate. So that covers the basics of chattel mortgages and with that let's return to our 200k listing. In the Canadian city of Malton Mississauga, a property recently hit the market.

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