HOLIDAY HOURS:
We will be closing at 3PM on Tuesday, December 24 and Tuesday, December 31.
We will be closed on Wednesday, December 25 and Wednesday, January 1.
Second Homes
Look out mountains, look out sun, look out beaches – here you come!
When you’re ready to finance the purchase of a second home, we have options. But first things first: what exactly is a secondary home? It’s a residence that you intend to occupy at least 15 days yearly as a second home (vacation, etc.) while maintaining a primary residence elsewhere (not in the same locality).
Can you rent it out seasonally (i.e. week-to-week)? Yes, although for purchases you would have to qualify for the mortgage based on existing income. Anticipated seasonal income won’t be considered.
For a purchase, how much should you expect to put down? The minimum down payment is 20% of the purchase price or appraised market value (whichever figure is lower, if they differ).
Here are some more basics:
- For purchases and refinances, financing available up to 80% of sales price/appraised value.
- Financing available for single family residences, town homes and 1-unit condominiums
- Terms available up to 30 years
- For refinances, closing costs can be rolled into mortgage to minimize out-of-pocket expenses
- Average application processing time is 30-45 days
- Financing available in all states except Texas and Puerto Rico
- No pre-payment penalties
- Simple online application process