A chattel home loan try a specific particular consumer loan you to definitely are often used to pick a created family. This mortgage type pertains to home that will be classified just like the personal assets, although not so you’re able to land that will be classified while the a residential property. Chattel money actually work more like a beneficial lien the bank holds against your residence until it’s paid in full, so technically your property might possibly be repossessed if you can’t generate your repayments prior to it being paid off.

Chattel funds will often have shorter conditions than just old-fashioned mortgage loans. Continue reading →