- BUY A
- SOUTH STATE
For many people, a vacation home will never be more than a beautiful dream, something to aspire towards even if they feel it can never be achieved. However, you might be very surprised when you discover how affordable owning a vacation home really is.
Mortgage Options is ready to work with you to secure the financing you’ll need to turn that dream vacation home into reality. Here are some things to consider before purchasing your home-away-from-home.
Added Financial Responsibilities
•Will you use the vacation home exclusively for yourself or will you rent it out when you’re not
using it? If renting it out, you may need to build an owner’s storage closet and provide
furniture and other essentials for them.
•Home values are always changing over time. It’s important to remember that the value of the
vacation home might decline.
•You might have added expenses that you haven’t considered. Things like cleaning services,
homeowner’s association fees, utilities, flood insurance, etc.
•Consider your monthly cash flow to make sure you’ve got enough to handle extra expenses.
•Consider the amount needed for closing costs and other expenses like cosmetic
improvements, furnishings and repairs.
Use Your Current Home’s Equity to Finance a Vacation Home
•Buy the home outright. If you have enough equity in your existing home, you might be able to
buy the vacation home outright and skip having another first mortgage by getting a home
equity line of credit. Ask the mortgage pros at Mortgage Options about this plan.
•Use your current home to make a down payment. Take advantage of the equity in your
primary home to make a down payment of 20%, and avoid having to pay private mortgage
insurance on the vacation home. Of course, the larger the down payment, the smaller your
monthly mortgage payment will be.
•Mortgage Options will help you choose the best financing option to meet your needs
•It’s very possible that the interest on your home-equity financing could be tax deductible.
You might find it easier than you think to purchase your vacation home. Why? Because it turns out there are a number of creative home equity loans that might be available to you.
To find out more about financing a vacation home, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.
Refinancing your home to buy that vacation home?