You want to buy a vacation home.
Start at the beginning. See how much you qualify for.
How do you want to get started?
Easily find out how much you qualify for.
Not ready to talk to a mortgage expert? Quickly and easily find out what size loan you qualify for by answering a few questions online.
Talk to Us
Not an online type of person? Book a FREE half-hour phone consultation and we'll answer all your questions. Even those you may not have thought of.
Before you begin to search for your vacation home, you want to know how much you can spend.
With as little as 10% down a 2nd home can be within your reach.
Get a full loan approval even before you have an exact property in mind. You can go house hunting knowing your mortgage is already approved.
How to get loan approval before you have an accepted offer.
- Determine in which County you will buy.
- Submit your income and asset documentation
- Submit information on your current home; mortgage payment, taxes, and insurance.
- The address on your application will be TBD (to be determined),
That's it. Now go have fun!
What loan options are available?
Both fixed rate and adustable rate loans are offered for second homes.
FHA, VA and USDA loans are not available as they are offered for primary residences only.
What are the interest rates?
The interest rates for second homes may be slightly higher than for your primary residence.
The difference is minimal though, and with a large down payment there may be no difference.
What are the closing costs?
- Closing costs for a second, or vacation home are no different than for your primary residence.
- There are no lender fees. Title and Escrow will be whatever is acceptable in the area where you buy.
- You will have a full list of fees prior to starting the process so there are no surprises.
Can I rent it out?
There are different criteria for a lender and for Uncle Sam.
- Lenders expect a 2nd home to be lived in by you and rented to others not more than 14 days each year.
- If you later decide to rent it out for a longer period of time, your tax preparer can guide you. You will have to report the income but you will also be entitled to deductions.
Call directly 310-429-8070 or set an appointment for a no-obligation consultation here.