Once you have obtained your manufactured home loan with Credit Human you will be required to make a monthly payment to repay the loan. This typically begins 30 days after the loan funds. Monthly payments are made up of the following four components:
Principal: The portion of the payment that goes toward paying down the balance of the loan.
Interest: The portion of the payment that goes to the lender based on the interest rate offered.
Taxes: The amount of money collected that goes to the county/city based on the value of your home only. Taxes for land are separate and not collected in conjunction with a chattel loan monthly payment.
Insurance: The amount of money that is collected to pay your annual insurance premium once it is due.
All loans offered through Credit Human require the creation of an Escrow/Impound Account. The taxes and insurance portion of your monthly payment is collected in this account to be paid by us, as your lender, when they are due.