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Are there different rates for vacation homes? Are they any better?

by symbolic756 from Coal Center, Pennsylvania. Sep 25th 2020 Reply


Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,236 contributions

No. In mortgage terms, a vacation home is actually a 'Second Home'. This would be a home that is not your primary residence but is NOT used for rental purposes. Most lenders price second homes the same as a primary residence. Additionally, second homes do require at least ten percent down. If you plan to rent the home out in any way, then the home is a non-owner occupied (investment property) and these loans require at least 20% down and come with higher costs. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Sep 25th 2020
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,316 contributions

No, second home / vacation home interest rates are the same as a primary home. The only "rule" is that for second homes, you'll need a down payment of at least 10%.. I lend in Minnesota, Wisconsin, Iowa, North Dakota and South Dakota. I can be reached at JoeMetzler.com - NMLS274132

Oct 1st 2020
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