Forgotten Your Password?

Need to Register?

Question Icon

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

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

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 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 ~ 480-889-9000.

Sep 25th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,409 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 - NMLS274132

Oct 1st 2020
Subscribe to our news feed.