Are you 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.
  • The location of the home needs 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.

For instance, in Arizona, if you own a home in Phoenix, you can have a second home in Flagstaff, or Prescott, but not in Chandler. Lenders do not feel that you would have a vacation home in a community so close to where you live. The lenders would treat the home in Chandler as an investment property and it would be subject to higher rates.

We offer a variety product services, ask us how we can assist you today.

Counsel Mortgage Group®, LLC
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873

Copyright © 2021 Counsel Mortgage Group®, LLC