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As the weather begins to turn, many people are beginning to think about
their vacation plans. Some will fly away to their favorite vacation spot, but
taking a vacation to a place you have to fly to can get expensive and can limit
where you go and what you can do.
Get free loan quotes for a second home and a Second Mortgage today!some portion of the year or by someone you allow to occupy it. However, to be a second home, it must not be rented or be part of a timeshare arrangement.
So, it might be the cottage you own on the lake a few hours away; it could be a home you let your son live in while he goes to college; or it could be a house you own that your friend and her children moved into because she lost her job. Those are just a few examples.
A growing number of families are buying vacation homes and it's a trend that's
likely to continue. If your new vacation home is close enough to your permanent
residence, every weekend could be an opportunity to go fishing on the river
or skiing down the slopes of your favorite mountain.
The decision to buy a second home does depend on things like: how affordable
the home is, the time it takes to travel to get there, and how likely it is
to appreciate. But affordability doesn't have to be the most difficult factor.
Quicken Loans offers several types of mortgages that make buying a second home
very affordable. You could get the Secure
Advantage Loan that gives you a low fixed rate for five years with the
choice of four different payment options including the minimum payment. The
minimum payment is calculated by the interest rate minus three percent, making
the minimum payment extremely low. This can be an incredibly great way to finance
a second home.
So if you have plans to buy a second home, it doesn't have to be difficult at all. Once you find a realtor that you can work with, you have several options to finance it. All it takes is some good research to find out which works best for you.