Vacation Home Financing From American Financial Resources
Whether your second home is at the beach, on a lake, in the mountains, or another destination American Financial Resources has great vacation home mortgage programs. Today's low mortgage rates make it an excellent time to consider refinancing your second home mortgage. Call us today at 800-316-9508 to see if you could be saving money every month on your mortgage payment.
Purchase a Second Home
Due to the recent drop in home prices, and foreclosure and short sale properties available in many desirable vacation communities, there are many values to be had right now. If you have considered buying a place to get away to now may be the perfect time. Instead of renting a house or staying in a hotel for your family vacations you will be able to escape to your second home, which is sure to become a family treasure that will be appreciated by generations to come. If you plan on retiring to a place you love in a few years you might want to purchase the home now and get to enjoy it on vacations and long weekends until you are ready to move there full time.
Vacation Home Mortgage Requirements
In general a property can be financed with a second home mortgage when it is primarily for personal use, and is not located too close to your primary residence. Exceptions can be made to the distance requirements when the vacation home is in a resort or vacation community such as a beach town. Expect your vacation home mortgage application to be scrutinized more so than that of your first home. In time of financial hardship people are more likely to default on a second home mortgage, than on the loan on their primary residence, making second home loans more risky. You will be asked to show that you can afford the additional payment based on your income, and that you have enough money in savings to pay several months of your mortgage payments should there be an interruption in employment.
To get your vacation home mortgage process started simply request a quote through the short form on this webpage, fill out a short form online, or if you prefer to speak to someone right away give us a call at 800-316-9508. One of our experienced and knowledgeable loan consultants will be happy to help!
Last Updated: October 14th, 2011 12:55 PM CDT