Hey there neighbors.
So I'm looking to buy a trailer in one of the parks and had some wonderings.
I'm looking to pay off the mortgage on it so I can sell it down the road (after keeping on top of fixing and updates and what-have-you) and have a good down payment on a home later on in B.C.
So I will need a chattel loan apparently (from google) which is maybe different from a mortgage? One of my questions is, do I own the trailer (and can sell it) after I pay off this loan? Or is it possible to mortgage a mobile home and then sell it down the line, even if it is on the trailer park land? Do I pay off a mortgage on a trailer just for the park to own it after 20 years?
I was going to ask a mortgage broker/ bank spokesperson on Monday but thought I would ask here as well. :)
Thank you guys for any assistance/ advice/ answers!