Now's the time to invest in your dream.
Financing a vacation property may be easier than you think! Having your very own “getaway” is attainable for anyone who wants a place to get away from it all. Plus, owning a vacation property can dramatically reduce the cost of vacations, bring your family closer together, be a good financial investment, and in some cases even generate rental income!
To buy a vacation property for owner-use, you are required to put a minimum down payment of 5% of the purchase price, as well as purchasing appropriate insurance and accounting for those premiums in the same way as a regular home purchase.
The purchase of a vacation home can be done through refinancing your mortgage to incorporate a down payment for the second property, which will require its own mortgage. Or utilize a Home Equity Line of Credit (HELOC) to borrow money using the equity in your property as collateral for the down payment on your new vacation home.
Purchasing a vacation property is a great opportunity, both for your investment portfolio and life!