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Second Mortgage for a Vacation Home |  |
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Many borrowers like to take out a second mortgage to finance the down-payment for a vacation home. Many homeowners have utilized a 2nd mortgage for to help them get the cash they needed to purchase a second home. Most underwriters do not like to approve a cash out second mortgage that is solely used to cover the down-payment of an investment property. Underwriters are more likely to approve a 2nd mortgage offering cash out for a vacation home because the default rate is less than with an investment property. Can I get a second mortgage on an investment or vacation home? If you are looking for a second mortgage on your vacation home, you better have excellent credit and a ton of equity because lenders rarely approve 2nd home loans on properties that are not a primary residence. The reality is that lenders are skeptical of offering home equity loans on non-owner-occupied properties. Banks have been burned too many times by offering cash out loans on non-owner-occupied 2nd homes so you must have very impressive credentials if a lender is willing to facilitate your financing request. |
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