Subject: Mortgages on Vacation Homes or Secondary Homes

The purchase of vacation homes is increasing in the US as many baby
boomers are heading into the years of retirement. It has even
increased among non- retiring families.

Vacation homes are a perk that many people want to enjoy during
the few weeks they get off a year to spend time with their families.

There are a few smart tips to keep in mind when initiating the loan
process to take out a mortgage for a vacation home or a secondary
home.

A secondary home is a home that is not the primary residence of the
buyer.

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Although it is traditionally thought that the interest rate on
vacation and secondary homes are higher than that of primary homes,
it is being proven that the gap is lessening over time and in many
situations the interest rate is nearly the same.

The higher interest rates originated from two situations.

The first being that lenders were taking an opportunity to make a
higher profit off of “luxurious” mortgages such as those of
vacation and secondary homes.

The second, which is still somewhat of an interest rate
driver, is that lenders saw mortgages for additional homes as
a greater risk.

One thing to consider when financing a vacation home or
secondary home is to refinance your primary home and take out
cash to help assist the purchase of the second home.

Many people hesitate to do this and try to take out second
mortgages or equity mortgages of their primary home for a down
payment toward the second home.

Second mortgages or lines of credit usually have higher and or
fluctuating interest rates so it could cost you more in the end
than refinancing your primary home.

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Financing a vacation home is becoming more popular with
Americans these days.

Being aware of all of your financing options can make it more
affordable.

To learn more about financing a vacation home and the programs
available to you, you should contact a mortgage lender
preferably one that is very knowledgeable of mortgaging
secondary homes.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com