Second Homes / Vacation Homes

Seize the Day

With the incredibly low housing prices, and phenomenal rates and purchase programs available today, many homeowners have set out to realize their dreams of owning a second home, or vacation home. However, there are a lot of people that would love to explore this idea but don’t really understand how to get the ball rolling. We’ll make it Simple for you…

What’s a Second Home?

A Second home is a one-unit property you own, but do not occupy as your primary residence. This property can not be rented out, nor can it be used as a time share type of situation. The property can be occupied by family or friends, but you can not collect rent. The property must also be within reasonable distance from your primary residence.

What’s a Vacation Home?

A Vacation Home is a second home that is near a recreational location. For example, a house near the ski slopes would be classified as a vacation home.

Where Do I Find A Second Home?

Think of it like you did when searching out your primary residence. Organize your goals and search accordingly. Some good questions to ask your-self would be:

1. How am I going to use the property? Take a look at “Why” you’re considering a second home. Is it near a college so that your child can live in it while attending school? Is it near the beach for summers? Whatever your goals are will dictate where you should be looking.

2. How much can I afford? Take a look at your budget to determine what you can afford. Remember this property doesn’t qualify as a second home if you’re collecting rent. This would be an Investment Property if you collect rent.

It’s a good idea to enlist the help of a Real Estate Agent when looking for that Second Home you have in mind. They can help you quickly find the right deal on the right home.

Financing a Second Home

Getting financing on a second home is Simple with us…

We have a number of programs designed specifically for Second Home Purchases. They will allow you to maximize your purchasing power, while keeping the payment comfortably within your budget. Speak with your Loan Simple Advisor today to get some information on seizing your dream of owning a Second/Vacation Home.