If you are looking to finance a second or vacation home, here are some things to keep in mind:
You need a minimum of 10% down payment, it is better if you can put 20% down as you can avoid mortgage insurance.
Geographically, it has to make sense. There is not a rule that says the home has to be a certain amount of miles from your primary residence, but, it has to make sense that it is a second, or vacation, home.
Example: In Arizona, if you own a home in Phoenix, you can have a second home in Payson, or Prescott, but if you wanted to buy another home in Gilbert, it would likely not qualify as a second home as you would probably not have a vacation home in Gilbert.
The lenders would likely treat the home in Gilbert as an investment property and it would be subject to higher rates.
If you are looking to purchase a second, or vacation, home, contact us and we can help you.
We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.