2nd Mortgage Originator
Looking for a 2nd mortgage for your vacation home or winter home means you’re finally at a stage in your life where you’re successful and making good money. Perhaps you’ve paid off the mortgage on your current home or close to doing so. Whether you’re a skier who loves the mountain slopes, a lover of sunny beaches, or a retiree seeking to finally escape, there are second homes available to meet a wide range of different budgets.
With profitable opportunities in the housing market, owning a second home is a dream for many. If you’re at the right place and right time in life and have been toying with the idea of buying a second home, now could be a good time to take the leap. When you’re ready to move past settling down to finally getting away, Tim Barr with Homestead Mortgage can help with getting your the best 2nd mortgage for you and your family.
What is a Second Home Loan?
Similar to a loan you might have used to purchase your home, a 2nd home mortgage is a loan that uses your current home as collateral. Second home loans tap into the equity in your current home, which you may have built up with monthly payments or market value increases.
Second Home Loan Benefits
Because the loan is secured against your current home, a second home loan allows you to borrow a large amount of money with up to 80% of your home’s value.
Second home loans often have lower interest rates than other types of debt, because you are securing the loan with your current home which helps reduce risk for a lender.
A benefit that’s often overlooked is tax breaks. You might be able to qualify for a deduction for interest paid on a second home loan with a mortgage interest deduction.
Are you dreaming of a vacation home by the beach? Or maybe a dream home in the mountains? Or maybe you just want to extra generate income as a landlord. Whatever the case may be, we at Homestead Mortgage can help you find the right 2nd home mortgage loan to meet your specific needs. To learn more about the different second home loan options available to you, contact the Homestead Mortgage home loan expert Tim Barr today!