Planning to buy a second home?

Our financial advisor offers secure mortgage options to fit into your budget!

There’s no place like Home
Except for your Vacation Home

Ocean Front, Mountain Views or Skyscraper sights We can help you get there…

Things to consider before buying a vacation home

A vacation home is a large financial investment. So keeping a few things in mind can help you build both wealth and equity.

Changing Real Estate Values:

Know when is the right time to buy the home? Check the real estate market value to avoid overspending.

Reliability & Flexibility of Vacation home

Always choose a location that is easily accessible and where you more often plan for vacations.

Property Tax & Mortgage Interest deduction

You may receive tax breaks on your insurance, land tax, and mortgage interest depending on your loan plan.

The size of the down payment

Check how much you need to pay down to buy second home? It’s the right time to evaluate if it’s worth investing in!

Available Funds

What if your vacation home needs renovation? Especially if you are planning to make this property a vacation rental home.

Property Management

Whether you are planning to make it a family vacation or rental vacation home, house maintenance is always on you!

How to buy a second home?

Buying a second home that will be your primary residence is a dream come true. US Mortgage has made the second home buying process simple, and secure!

  • 1

    Find & Determine the location

  • 2

    Determine whether you can afford the second home?

  • 3

    Evaluate the rental potential of the property.

  • 4

    Evaluate the extra taxes & insurance fees.

  • 5

    Qualify for the second home mortgage

  • 6

    Make an Offer

  • 7

    Close on your vacation home!

Check out some of the Top Vacation home Locations in 2022!

We are the Best mortgage lenders for first-time buyers!

Lee County Florida

Dukes County, Massachusetts

Swain County, North Carolina

Oscoda County, Michigan

How to finance your second home?

You can use your first home to fund your second home if you owe a large amount of equity
in your first home. Check the possible options to finance your second home:

Home Equity Loans

Such loans obtain a lump sum of money from your primary home at a fixed rate.

heloc

HELOC

Home Equity Line of Credit obtain money from your primary home at variable rates when required.

Cash-Out Refinance

Cash-Out Refinance

An ideal option get an easy loan approval of 80-85% of your first home value at low-fixed rates.

loan

Refinancing + 401(K) Loan

The best option if you want to buy the second home in cash.

How much second home can I afford?

The best way is to use our second home calculator. It uses your debt income, and gross monthly income
to determine the total property price and the mortgage rate you can afford to buy the second home.
Before you ask this question, always consider the following:

FAQS about buying a second home

The mortgage interest on a second home is 0.5% to 0.75% higher than on the first home. The minimum down payment requirement for a vacation home is 20%.

Buying a second home is not as expensive as it is buying your first home. The potential rental income makes it easy to pay the monthly installments. Many homeowners prefer to rent their vacation homes to defray monthly mortgage expenses. Don’t worry! Almost all the mortgage lenders allow renting your second home.

  • Homeowner insurance
  • Property tax
  • Utilities
  • Maintainance
  • Monthly gas, heating & water bills

No, the qualifications and T&Cs are entirely different for both houses. You spend most of the time in your primary residence. Whereas a vacation home is used for a lesser time. Keep in mind that lenders track your occupancy period to determine your credit rates.