North America’s vacation property resource
North America’s vacation property resource
Second home finances can mean a number of things. From second home mortgages and lending criteria to the cost of owning and maintaining a second home, there are many topics to cover. For instance, what are typical lending criteria for second home mortgages? What are the down payment requirements for a second home? What are typical interest rates for second home mortgages? How much can I afford in a second home? What is a good debt to income ratio when applying for a second home mortgage? What are the true costs of owning a second home? These are just some of the many questions that you may have on the topic of second home finances.
Discover articles covering various topics related to second home finances, including general guidelines, frequently asked questions, industry data, “best of” lists and more. In particular, topics include: Buying a Retirement Home Early: Your Chance to Own a Vacation Home, Down Payment for Vacation Home: Requirements for Buyers in the United States and Canada, Vacation Home Costs: True Cost of Owning a Second Home and others. We continually add more materials so ensure you check back often.
Be sure to also check out our second home mortgage calculator to discover your monthly second home mortgage payment based on the maximum amount you can afford. You may also find our other calculators helpful as you consider second home finances, including our cost of owning a vacation home calculator.
We hope you enjoy reading and welcome your feedback.
There may be many reasons for using retirement funds to buy a second home. Whether you’re interested in a vacation property on the water or a rental property for investment purposes, buying a second home can be quite compelling. Yet, there are many things to consider before doing so, including the type of retirement plan…
Read More
Financing a vacation home today might be more difficult than before thanks to the current state of the market. Many banks are no longer offering second home loan products, aka vacation home loans, to reduce the risk of default. Citi, for example, is pulling back on their home equity loans and lines of credit for…
Read More
Buying a vacation property or “second home” that will be your primary residence is a great way to get comfortable with your new home before moving in full-time. Whether you will be using the property on weekends or as a seasonal residence, you will be able to familiarize yourself with your new home while you…
Read More
Fractional vacation home ownership presents a more affordable way to own a vacation property with less stress and responsibility. Fractional ownership also provides you with a more passive way to own a property since multiple people own it and someone else takes care of the property. Whether it’s the sunny seashores of Montage Kapalua in…
Read More
If you’re in the market for a second home, you may find that it’s more difficult to secure financing. Lenders have stricter requirements including a much larger minimum down payment for a second home. This is because lending money for a home that isn’t your primary residence is risky business. You have much less to…
Read More
Debt-to-Income Ratio for a Second Home If you’re thinking about taking out a mortgage for an additional property, whether through a HELOC, second mortgage or other second home financing, lenders in the United States and Canada will look closely at your debt-to-income ratio for a second home. In this guide, we’ll look closer at debt-to-income…
Read MoreOwning a home is a keystone of wealth… both financial affluence and emotional security.