Many people are taking advantage of the booming market right now and buying second homes or vacation homes. For many, it is the perfect time to get that log cabin at their favorite ski destination or the cottage on the beach. Whatever your real estate aspirations, we can help. Downs Financial, Inc. is a leading lender in the mortgage industry, with over eight years of consistent customer satisfaction.
We believe that you work hard for your money and you should be able to enjoy it. While many banks will make you jump through hoops for a second mortgage for a vacation home or even rental investment, we're experienced in this arena and make the process simple. We work to offer you a stellar rate on your vacation home and will offer several solutions for funding the loan.
Customers can fund a second home or investment property (i.e. rental property or condo building) in a few ways. First, we offer a refinance plan in which you can fold your original loan and new loan together into one with a lower rate. This is a great way of consolidating loans and reducing the costs of originating the second loan.
Second, we offer home equity lines of credit that can be used to put up the down payment on your second property. But be careful here, you need to fund a mortgage on a second home within 90 days to receive tax deductions on the property, according to the IRS. The other options include taking out a completely separate mortgage for your vacation or rental property and buying it with cash. When cash purchase isn't an option, we can find a way to create the ideal loan for your dream vacation home and your budget.
