What is a mobile house

Mobile Homes are also known as mobile houses, trailer homes or manufactured homes. Mobile homes are manufactured in factories and can be installed anywhere you want, this is why they are called "mobile".

Home-owners need a "lot" (a piece of land) where mobile homes can be installed. Lots for mobile homes are situated in a specific area in a city, known as Mobile Home Parks. The rules and regulations of every mobile home park are different, some can allow you to purchase a lot, and some will only allow you to lease a lot.

The main differences between a normal traditional house and a mobile house are:

Normal House

Mobile House

Houses are free-standing. Once built, they cannot be moved.

Mobile houses are movable.

The homeowner owns both the house and the land. 

Ownership of the land and the house are separate. That means you can own your house, but not the land.

The house value goes up because of the land associated with it

Value of mobile homes normally doesn't increase because land is separate with the house

Doesn't have a lot fee

Has a lot fee

Are more expensive

Are less expensive

 

Mortgage for Mobile Houses

In Canada, it is possible to get mortgages for mobile homes.The mortgage specialists from different banks and brokerages can help you get a mortgage for mobile homes. Lenders have different requirements as compare to mortgages for traditional homes. For example, the minimum down payment percentage and mortgage rates Canada could be different.

 

Sources:

Flickr: Taylor White

Flickr: SamStockman

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