I would like to obtain a loan and buy a mobile home in another state in the next couple of months. I have a lease in my current state until March of next year that I cannot break. Is it possible for me to get a loan now and start making payments a couple of months later?
Rules on loan terms can vary from state to state. It is certainly possible to borrow money and have the first payment date 60, 90 or more days from the date the loan was closed. It depends on the state laws and the lender's policy. They may also accept interest only for that initial period. This would prevent that first payment from completely going to interest, or worse yet the first payment not being enough to cover that interest owed.
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Rules on loan terms can vary from state to state. It is certainly possible to borrow money and have the first payment date 60, 90 or more days from the date the loan was closed. It depends on the state laws and the lender's policy. They may also accept interest only for that initial period. This would prevent that first payment from completely going to interest, or worse yet the first payment not being enough to cover that interest owed.
