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Vacation / Investment Property

If you’re looking to buy a second home, whether as a vacation home or investment property, there are a few things to be aware before starting the process.

Financial Responsibility

Make sure you and your family can afford the extra expense before you even start looking for a property.  Take into consideration if you will be using the home exclusively or if you will be renting it out while not in use.  Factor in any additional expenses that will be related to maintaining a second property including utilities, taxes, etc.

Maintenance & Renovation

If you have found a potential property but it needs some extensive maintenance or even renovation work, contact us to find out what loan options we may have available to assist you in covering those costs.

Financing Options

For a second home, you can apply for a mortgage for that property on its own or even use the equity in your primary residence to help finance or even purchase the second home outright.  Call us today to find out what your options are for financing.

Mortgage Evaluation

Your mortgage application will be reviewed using several different standards, but these are the primary ones:

  • Income:  reliable and continuing to ensure ability to make monthly payments
  • Debts & Credit History:  timely payments, debt to income ratio, payment habits
  • Assets & Available Funds:  cash available for down payment and closing costs
  • Property:  market value, underwriting requirements met

 

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