Repairing a Mobile Home: What Funding Options Do Homeowners Have?

Mobile homeowners encounter different issues and repair jobs compared to regularly built homes. Because a mobile home has moving parts and sections, owners may approach maintenance in different ways.

Repair and maintenance jobs for mobile homes can be less expensive than traditionally built homes. However, no matter how cheap, some problems may pop up when least expected. So, homeowners will eventually seek funding options to complete the needed repairs.

For mobile homeowners who don’t have money saved for rainy days, let’s explore different sources of funds for these expenses.

Personal Loans

Personal loans are one of the most accessible options for mobile homeowners needing financing for renovations, upgrades, or repairs. Since personal loans are unsecured, they don’t require borrowers to provide collateral like a car or house to secure the loan.

Now that many personal loans are available through reliable loans online offered by legitimate lending companies, the application and approval process is almost instant. Borrowers can expect to receive the loan amount upfront, allowing them to access the funds immediately and complete the repair as quickly as possible.

Personal loans can be used for many other purposes besides home-related expenses. According to True Tamplin, Forbes Contributor, credit cards “provide instant access to funds for emergencies, unplanned purchases, or travel-related incidents without the delay of bank transfers or checks.”

Credit Cards

Credit cards are another accessible funding option for financing repairs for mobile homes. With one swipe, the repair materials, equipment, or services can be quickly paid via credit card. Plus, there are no rigid terms, whether the borrower needs financing for simple paint jobs or big purchases like roofing materials.

Additionally, credit cards offer various incentives for borrowers. Many issuers provide rewards such as points or cashback on renovation-related purchases, which can accumulate to offset future expenses. They also come with exclusive perks like purchase protection and extended warranties from partner merchants.

Users can also enjoy introductory offers, such as extra bonuses in the first months of credit card use. Other offers include reduced or waived fees, enhanced benefits for new cardholders, and bonus rewards.

Government Loans Programs

Government loan programs are available at the state, county, or nationwide level. For example, the HUD Title 1 Property Improvement Loan Program is ideal for owners remodeling, repairing, or improving their properties. The loan amount and repayment terms will be based on the property type.

For local and state government programs, mobile homeowners may visit their state website or find their local government website and search for their housing department to learn more about the available government loans in the community.

Lines of Credit or Home Equity Loans

If the mobile home has equity, the owner may consider borrowing against its value through a line of credit or a home equity loan. With both options, owners can borrow against the value of their mobile homes.

A home equity loan provides a lump sum, while a home equity line of credit functions like a credit card, allowing mobile homeowners to borrow as needed up to a set limit.

Cash-Out Refinance

With a cash-out refinance, homeowners can replace their current mortgage with a new, bigger loan. Moreover, borrowers can keep the difference between the new amount and what they owe. They can use this money for expenses related to mobile home repairs.

A cash-out refinance can be a suitable funding option for homeowners who don’t want an additional monthly loan payment.

How to Save on Repair Jobs

There are many ways to save on mobile home repair jobs. Let’s explore these simple strategies owners can apply in case emergency repairs are needed.

Compare Quotes – Before purchasing material or hiring contractors, it’s important to research and compare quotes first. Ask for multiple quotes from different contractors. This guarantees owners a fair price for the necessary repairs. At the same time, it’s important to compare prices from different suppliers to get the best deals.

DIY (Do-It-Yourself) – For homeowners with the skills and knowledge needed for any repair, DIY can be the best approach to saving on labor costs. However, homeowners should evaluate whether they also have sufficient time and resources to complete the project on their own. This way, the repair job can be carried out without delays and avoid further issues in the future.

Sales and Discounts – If there are sales and discounts on supplies and materials needed for the repair, homeowners should actively monitor such deals. From clearance sales to seasonal promotions, these offers from home improvement stores can reduce the cost of the repair project.

Prepare a Home Repair Fund – Set up a dedicated fund for future repairs or projects. Homeowners can save a portion of their monthly budget for it, even if there are no visible potential issues with the mobile home. This fund will accumulate over time, helping owners with future upgrades or emergency repair expenses.

Smart Financing for Mobile Home Repairs

Funding a home repair requires careful planning. For mobile homeowners, it’s essential to evaluate their financial standing before deciding on which funding option to use. When evaluating lenders, compare their rates and terms to get the best credit product suitable for their situation. Most importantly, use the fund well by researching, comparing quotes, and prioritizing essential repairs. This way, owners can stay within their budget as they successfully complete the repair job.