Mobile Home Loans
We are proud to offer Mobile Home Loans to you if you are purchasing a mobile home, if you need to obtain cash from the equity in a manufactured home or if you simply want a lower interest rate.
We offer a variety of fixed-rate terms on purchase or refinance transactions on a primary residence or second home. Guidelines change in conjunction with market conditions. At this time, we require a 20% down payment on all purchase transactions.
A purchase transaction will allow loan proceeds to finance the purchase of the mobile home.
Our relationship bankers will assist borrowers with a no-cash-out refinance, which will allow consumers to pay off a first lien or second lien secured by the property.
Call us, your local hometown experts, to assist you with your mobile home loan. We are always available for a consultation, and we're always just a call or click away.
Personal Line of Credit
Personal Lines of Credit are unsecured loans. There is no collateral to fall back on if the borrower goes into default, so it is much riskier than a loan secured by a house or a car.
Once approved, the Personal Line of Credit is attached to the customer’s Talmer Bank and Trust checking account and provides overdraft protection if the customer makes a bookkeeping error and accidentally overdraws the account. Because the loan is revolving, as the borrower pays down the principal balance, it becomes available again for use. The line of credit has a 60-month term limit. At the end of 60 months, if the borrower has a good payment history, we may renew it for another 60 months. The maximum loan amount available on this type of loan is $5,000.
CD Secured Loan
A CD Secured Loan is just that, a loan secured by a Talmer Bank and Trust Savings Account or Certificate of Deposit (CD). Applicants may borrow up to 100% of the balance in the CD.
This type of loan has the least amount of risk. If the borrower goes into default, we would simply take the balance of the loan from the CD and pay the loan in full. Therefore, even applicants with somewhat questionable credit (past delinquencies, collections, etc.) would qualify. It allows borrowers who may not normally qualify to take out a loan and use those funds without depleting their savings.
A much lower interest rate can be obtained and the rate on the loan is based on what is being paid on the CD. The interest rate is fixed for the term of the loan and protects the bank against a possible increase in savings rates. The loan must mature at the same time as the CD to stay in line with fluctuating savings rates. IRAs may not be used as collateral, no exceptions.
Contact your local Relationship Banker for more information at 800.456.1500