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Will I Need an Insurance Binder if I Am Financing the Purchase of a Manufactured Home?

manufactured home oregonA lot of buyers of a manufactured home don't need to borrow money. They pay cash for the home in a park. The purchase is almost as easy as buying and registering a car. Up until recently a mobile home owner didn't need to buy insurance. More and more parks are requiring manufactured home insurance. Two reasons. If a fire starts in your home it may spread to the adjacent structures and you would be responsible for the damage caused to the other homes. The park owner may also carry liability coverage and if the homes damaged by the fire cannot collect from the owner of the home where the fire originated, they may attempt to collect from the landlord. The owner of the park does not want that possibility. Hence the requirement for mobile home insurance and liability.

If you find that you must finance the manufactured home, the lender will require insurance, naming them as lienholder. The home stands as collateral to secure the interest they have in the home until it's been paid off. Just like buying an automobile, the lender won't let you close the loan and take possession of the property until an insurance binder has been faxed or emailed to the loan officer.

Don't let a binder prevent you from closing the loan. Just give us the name of your loan officer and we can gather all the information we will need to calculate the manufactured home insurance quote and provide a binder so you can close the deal and move in!

Call Shelly at 503-489-3143 in Gresham, Oregon. We can get the information from you to quote the mobile home insurance policy.