I want to buy a vacation home, where do I start?
That’s awesome. Not only are vacation homes great for vacationing, but they can turn into a ready source of rental income or give you a chance to build home equity. If you’re searching for the perfect property, be sure to get pre-approved—it looks great to sellers when you make an offer.
A fixed rate mortgage perfectly suits today's low interest rate environment. The 30 year option is the one you hear about most, but there are also 10-, 20-, and 15 year terms for those who want to pay off their mortgage quickly.
A Jumbo Mortgage is what you will need if your loan surpasses the conforming limit (the largest size loan Fannie Mae or Freddie Mac can purchase). The conforming limit starts at $417,000, but varies by locale.
Since many loan programs (like FHA loans, VA loans, and USDA loans) are only available for primary residences, your options are going to be slightly limited. But that doesn’t mean you’re going to be stuck in a bad loan.
Why Choose Total Mortgage?
All we do is write mortgages, and we’ve got the process down to a science. Also:
- We have some of the lowest interest rates in the country, which can save you money over the course of your loan.
- Our consultative approach helps educate borrowers as they progress through the process.
- No worrying about tight move-in schedules. We’ll close your purchase loan in thirty days or less, guaranteed.*
- Our mortgage experts educate you as you move through our process, so you’re not left with questions.
- No pre-payment penalties—promise.
*terms and conditions apply https://www.totalmortgage.com/30-day-guarantee/