Chattel
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Chattel is movable personal property, as opposed to real estate. A chattel loan finances movable items like a manufactured home not attached to owned land.
What Chattel means
When a manufactured home sits on leased land or is not permanently affixed, it is financed as chattel rather than with a traditional mortgage. Chattel loans have shorter terms and higher rates than real-property mortgages.
Florida example
A buyer of a manufactured home in a Florida leased-land community financed it with a chattel loan, since the home was titled as personal property rather than real estate.
What it is
Chattel is personal property that is movable, unlike real estate. A manufactured home not fixed to land is often financed as chattel.
Chattel loans have their own rules and rates.
Why it matters
A chattel loan differs from a standard mortgage in rate and term. Knowing the type helps you plan.
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