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Rates for Vacation prop Vs. Primary Res

I would like to know if mortgage rates better for vacation property vs a primary residence in San Diego. Loan amount is $425k I have excellent credit 725, income is $86k/annually. I would like to get an vacation property instead of my first property being my primary residence. Thanks! by Brucewales1955474 from Bakersfield, California. Jun 28th 2018 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

A primary residence is always going to be your best pricing.. followed by 2nd home, then investment... if you intend to use your vacation home as an investment home, you should disclose that.. Also, some lenders wont allow you to purchase a vacation home if you don't own a primary residence. We do allow it.. but some will not.. feel free to contact me directly if you have any other questions.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 28th 2018
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Kirk Anderson (KirkAnderson)
#25 ranked lender in Arizona - 50 contributions

Bruce,Our rates on Primary versus Secondary residences are the same, you would of course need to qualify for the new mortgage as well as your current housing expense, which apparently is a rental. Please call me if you'd like to discuss your options. I'm a National Lender with 31 years of lending experience, Licensed in all 50 States.Kirk AndersonBNC National Bank877-262-4050602-508-3777480-235-3491kanderson@bncnationalbank.comNMLS #459103

Jun 28th 2018
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Dan Paladin (dpaladin)
#1 ranked lender in California - 529 contributions

A vacation home typically does have the same rate. Feel free to call and discuss your scenario. 562.254.5616

Jun 29th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Just to clarify.. The loan interest rate is typically the same, however the mortgage insurance rate is always going to be higher for a vacation home vs. primary residence.. Additionally, the down payment requirements for a vacation home are higher as well. For a first time buyer, on a primary residence you can do 3% down.. otherwise it's 5% down.. for a vacation home, you need a minimum of 10% down.. If you plan on putting 20% down or more, then there is no mortgage insurance and the loan will be priced the same. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jul 2nd 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,811 contributions

Standard conventional mortgage loans have the exact same rate on a second (vacation) home as they do a primary residence. You just need at least 10% down payment. Rental property rates are higher. For second home loans in beautify Minnesota, Wisconsin, and South Dakota - visit me at www.Minneapolis-Mortgage.net

Jul 5th 2018
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