{"id":2989,"date":"2015-01-13T14:00:21","date_gmt":"2015-01-13T18:00:21","guid":{"rendered":"http:\/\/legendaryhomesinc.com\/blog\/?p=2989"},"modified":"2015-01-12T18:14:58","modified_gmt":"2015-01-12T22:14:58","slug":"terminologies-understand-buying-modular-home-michigan","status":"publish","type":"post","link":"https:\/\/legendaryhomesinc.com\/blog\/terminologies-understand-buying-modular-home-michigan.html","title":{"rendered":"Terminologies You Should Understand Before Buying a Modular Home in Michigan"},"content":{"rendered":"

\"Modular<\/a>Knowing what the terms mean can help you better understand the process and gain an upper hand in negotiations when planning to buy or build a modular home in Michigan.<\/p>\n

Base Price<\/h3>\n

It is the selling price of a modular home before any upgrades are added.<\/p>\n

Close<\/h3>\n

It is the act of convincing a home buyer to sign the sales agreement. Some dealers<\/strong><\/a> want to close the sale on the buyer\u2019s first visit. A consumer should never sign anything until they have researched at least 3 different dealers and shopped for financing.<\/p>\n

Closer<\/h3>\n

An employee at a dealership whose exceptionally talented in persuasion and whose only job is to convince the home buyer to sign the sales agreement.<\/p>\n

Consumer Deposit<\/h3>\n

Usually 5-10% of the modular home\u2019s price<\/a> that is paid before the home is order or at the time the contract is signed.<\/p>\n

Equity<\/h3>\n

The ending value of the modular home after subtracting the payoff from the total amount financed.<\/h3>\n

Finance Charge<\/h3>\n

The interest and fees charged on a financed modular home.<\/p>\n

Fixed Rate Mortgage<\/h3>\n

It is a loan with an interest rate that never changes. Your payments will be the same amount through the life of the loan.<\/p>\n

Floor Planning or Flooring<\/h3>\n

The modular homes on a dealerships lot are owned by a bank or financial institution and not the dealer.<\/p>\n

Gross Back End<\/h3>\n

Profit the dealership makes when a buyer finances and adds insurance to the payment plan. It is recommended that you keep insurance separate from financing.<\/p>\n

HUD Code<\/h3>\n

Refers to the National Modular\u00a0Home Construction and Safety Standards<\/p>\n

Land Package<\/h3>\n

A manufactured home and land bought together, often financed in with one loan. Setup and installation are usually included.<\/p>\n

Options \/Features\/Upgrades of Modular Home<\/h3>\n

Amenities added to the modular home at the buyers request. Also known as upgrades.\u00a0Be weary of some upgrades.<\/p>\n

PAC<\/h3>\n

The amount that a modular home dealer<\/a> pays a contractor or crew to have the home transported and installed. Watch for markups on this amount.<\/p>\n

Purchase Agreement<\/h3>\n

It is agreement detailing the terms and conditions of a modular home purchase. Do not sign this contract unless you understand everything completely and never sign anything that will be filled in later.<\/p>\n

Site Improvements<\/h3>\n

Land modifications needed to prepare the space for a modular home to be placed.<\/p>\n

Upside Down<\/h3>\n

When an owner owes more than the value of the modular home and this occurs often when buyers add extras to the financing such as insurance and taxes.<\/p>\n

In case you still have question about modular homes, you may contact\u00a0Legendary Homes Inc<\/a>\u00a0in Jackson, Michigan. A representative will be happy to assist you. Meanwhile you can check our\u00a0modular home price sheets<\/a>\u00a0by signing up to our\u00a0blog<\/a><\/p>\n

\u00a0Topic: Modular Home Financing<\/h2>\n