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Answers (3)
- Jose Castillo Realtor, "josesellsfl"
- Contributions:110
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
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
- don bro, "Broker_Dave"
- Contributions:41
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.
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.
- HomeSand.net, "White Picture"
- Contributions:4403
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)
Vacation or Second Home?
Thanks
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