What is a chattel mortgage?

A chattel mortgage is a loan to purchase movable personal property, such as construction equipment or a mobile home. Chattel mortgages often carry higher interest rates and have fewer consumer protections than traditional mortgages. If a borrower defaults on a chattel mortgage, the lender can repossess the property or equipment.

Does Rocket Mortgage® offer chattel mortgage loans?

Rocket Mortgage® does not currently offer chattel mortgage loans. A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. The movable property, called “chattel,” also acts as collateral for the loan.

Do chattel mortgages work for movable property?

Chattel mortgages work for various types of movable personal property, including: Manufactured homes: Manufactured homes, formerly known as “mobile homes,” are a type of property often financed with chattel mortgages. These movable homes are built offsite and relocated using a chassis.