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Financing a Vacation Home

Mortgage Programs for Financing a Vacation Home

Thinking of Financing a Vacation Home?

Financing a vacation home is a dream for many families. Who hasn’t fantasized about escaping to a house at the beach, a cottage by the lake or a cabin in the mountains? For most people, making the dream a reality depends on making a detailed financial plan for financing a vacation home that not only includes the upfront costs of a down payment and a mortgage but the costs of furnishings and repairs and the ongoing expenses of insurance, real estate taxes, and utilities.

For help in thinking through all of the variables in financing a vacation home and finding the best mortgage interest rate, contact the knowledgeable specialists at eLEND. As a leading mortgage lender, we are dedicated to providing first time buyers, existing homeowners, and vacation property owners with mortgage assistance that includes finding affordable home loans and providing guidance through the mortgage process.

Financing a Vacation Home with Help from eLEND

At eLEND, our Mortgage Loan Originators provide unparalleled expertise and exceptional service to simplify the process of financing a vacation home. From recommending mortgage programs to finding the best 3/1 ARM or 30 year fixed mortgage rates, our specialists are available to help at every step of the process.

One of the critical questions when financing a vacation home is whether you will qualify for a second home loan. You’ll need to show potential mortgage lenders that you have enough income to afford a second home and enough savings or other accessible assets to cover several months’ worth of expenses on two homes. Your eLEND mortgage consultant can help you prepare the necessary documentation and provide guidance as you work through all the questions around financing a vacation home.

Mortgages available for financing a vacation home with eLEND include many of the same products used to purchase a primary residence, including fixed rate mortgages with 10, 15, 20 and 30-year terms as well as 5/1, 7/1 and 10/1 adjustable-rate loans. Your eLEND Mortgage Loan Originator can help you determine which mortgage makes the most sense for your financial goals and use a mortgage loan calculator to determine how much vacation home you can afford.

Financing a Vacation Home with a Refinance

In addition to financing a vacation home, we can also help with refinancing your mortgage on your vacation property. Our experts can offer advice on the most effective mortgage programs and provide the latest refinance rates. Reasons to refinance your vacation home include:

  • Securing a mortgage with a lower interest rate to save money over the life of the loan
  • Reducing your monthly mortgage payment for your vacation home
  • Consolidating other debts in a new mortgage
  • Borrowing against the equity in your vacation home to get cash to use for other purposes

Learn more about financing a vacation home with eLEND, and research mortgages and home loans online at our Mortgage Education Center.