STEP 1: WHAT YOU SHOULD KNOW
PURCHASING A SECOND HOME INVESTMENT
If you are financing a piece of property that you don’t intend to live in, then it falls into one of two categories. If it’s a beach home or mountain home that will be a weekend residence, then it will be called a second home. If it’s a place that you intend to rent out, or that you’re buying for that relative with terrible credit, it’s an investment property (note an investment property doesn’t have to be just a house held for investment income). If it falls into the second home category, then typically your interest rate will be the same as on an owner-occupied residence. However, if it’s an investment property, your rate will be somewhat higher.
We at The Z Mortgage Team have extensive experience in the financing of second homes and investment properties. We finance condotel’s in Park City, second homes in St. George, small 2 bedroom rental houses, ski properties of all shapes and sizes . . . and the list goes on.
Taking on a second mortgage is not a step most homeowners take lightly. But with more people seeking second properties where they can escape the city, the financing of recreational properties is a market that has expanded in recent years.Whatever kind of second home you’re interested in, be it for seasonal getaways or year-round use, The Z Mortgage Team has a Second Home lending option designed to help you make your dream a reality.