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Vacation or Second Home?

Contributions: 4

Q&A

:4

If I buy a second home or vacation home are the rates different than if a primary residence? If so how much higher? I am assuming a loan of 415,000 or less.

Thanks

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July 27 - Davie

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Jose Castillo Realtor , "josesellsfl"
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Jose Castillo Realtor , "josesellsfl"

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David,

If your credit score is 740 and above and your LTV 80% your rate will be the same for either Primary or second home.

if your score is below the 740 than yes the rate differs from primary to second/vacation home.

If you need help finding your second home i would be happy to help.
Best of Luck
Jose Castillo
954-240-3940 or josesellsfl@yahoo.com
www.josesellsfl.com

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July 27

don bro, "Broker_Dave"
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don bro, "Broker_Dave"

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Here is an example of the same loan with the exeption of primary or second home.
30day lock
1% YSP
720 FICO
80% LTV
$400,000 loan
Broward county FL
31% DTI

Owner Occupied is 5.25% Interest Rate
Second home is 5.375 to 7.25 depending on the lender
There are other factors on rate:
Lock today with some and there could be a .25 lower rate fico above 740 could have lower rate depending on the lender

The whole package must be considered when talking about rates.

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July 27

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For many banks, the rate will be as same as the primary home, the higher rate apply only to the investment property (rental, you buy the 3rd house for example)

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July 27

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Question Want to buy a house in the $800000 but dont have %20 what are my options?

Question Our Realtor blew the deal, what can we do?

Question Vacation or Second Home?

Question Primary residence

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

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Related Questions

Question Want to buy a house in the $800000 but dont have %20 what are my options?

Question Our Realtor blew the deal, what can we do?

Question Vacation or Second Home?

Question Primary residence

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

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