Borrowing to Buy

The mortgage environment has certainly changed, but lenders are finding ways to work within the new guidelines.  For example, many seashore buyers secure 2 loans to complete a purchase:  the 1st loan of $417,000 (a “conforming” loan with an attractive interest rate); and a home equity line against their primary home for the balance.  This enables the buyer to avoid the higher interest rate charged for “jumbo” loans.

When selecting a loan for a vacation home, it’s important to think ahead.  Are you likely to own the house for 30 years and pay off the loan?  Or, realistically, will you hold the house for 10 years and then trade up to another location/property style?  If a 10 year holding period is more likely, a 10 year interest only mortgage may be a more cost effective fit.

If you would like recommendations for mortgage representatives in the Avalon and Stone Harbor area, please let me know.

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