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Whether you own the land under a mobile or modular home changes the product entirely, and it affects the cost far more than the home itself does.
| Home on land you own | Financed as real property. Mortgage terms, longer amortizations, more lenders. |
| Home on leased land in a park | Financed as chattel, closer to a vehicle loan. Shorter terms, higher rates, fewer lenders. |
| RV or motorhome | Terms commonly up to 180 months on larger units, because they hold value over a longer horizon than a car. |
| Park model home | Narrowest lender pool of the four. Often chattel regardless of the land arrangement. |
The single most important distinction in this category, and the one that determines everything else.
On owned land, permanently affixed: the home is real property. It finances as a mortgage, at mortgage rates and mortgage terms, and default insurance may be available.
On leased land in a park, or movable: the home is chattel, meaning personal property. It finances as a chattel loan, at higher rates over shorter terms, secured under provincial personal property legislation rather than by a charge on title.
Two identical homes can finance completely differently based on what is underneath them. Establish which situation you are in before shopping for financing, because the products are not comparable.
CSA certification. Homes built to CSA Z240 MH (mobile homes) or A277 (factory-built) carry a certification label. Financing on a home without one is difficult, and the label is physically attached to the unit.
Age. Many lenders set a maximum age, and older units financed at all carry shorter terms.
Foundation. Permanently affixed on an approved foundation supports mortgage treatment. Blocked and tied down usually does not.
Park lease term, where applicable. A lender will not finance beyond your right to occupy the land. A short remaining lease shortens the loan, and this catches buyers who never thought to ask.
Park rules. Some parks restrict age of homes, resale, or subletting, which affects both value and marketability.
Even where lived in full time, a recreational vehicle is a chattel purchase.
Terms run longer than a car and shorter than a mortgage. Depreciation is steep in the early years, which creates the same negative equity risk as long auto terms.
Full-time living in an RV is worth flagging to the lender rather than concealing. It affects wear, insurance and the residual assumption, and a lender discovering it later is a worse outcome than one pricing it upfront.
On a leased lot: monthly lot rent, which can rise, and which continues regardless of the financing. Over a long term the lot rent frequently exceeds the loan payment.
On an RV: storage, insurance, and the maintenance profile of a vehicle that is also a building. Roof seals, plumbing and appliances all fail on a schedule.
Land-lease arrangements deserve particular care. You are financing an asset that sits on land you do not control, and the lease terms govern more of your position than the loan does.
Only if it sits on land you own and is permanently affixed. On leased land it is chattel, financed at higher rates over shorter terms.
The Canadian standard for mobile homes. The certification label is attached to the unit, and financing without one is difficult.
Yes. A lender will not finance beyond your right to occupy the land, so a short remaining lease shortens the loan.
Yes, as a chattel purchase. Tell the lender rather than concealing it, since it affects the residual and insurance assumptions.
