To many people owning a lakefront vacation home seems out of reach, but the right vacation home could potentially pay for itself. With the onset of people choosing an Airbnb rental over a standard hotel, the potential for owning a vacation home that pays for itself is within reach! Don’t be fooled though, making the […]
mortgage
Fees on Second-Home Loans on the Rise in 2022!
Are you thinking about purchasing a second home on the lake in 2022? There is an important fact to consider… The Federal Housing Finance Agency introduced new upfront fees for some high-balance and second-home loans sold to Fannie Mae and Freddie Mac. Upfront fees for high balance loans will increase between 0.25% and 0.75%, tiered […]
How Do I Finance a Second Home on the Lake?
Buying a second home—whether for an investment or as a vacation getaway—can be a wise financial move if you plan to use it several times a year and rent it out for additional income the rest of the time. But buying a second home is not like purchasing a primary residence. The requirements for financing […]
Will I Need Flood Insurance for my Lakefront Property Purchase?
Your mortgage lender may require you to purchase flood insurance in connection with your purchase of a lakefront property. The National Flood Insurance Program provides for the availability of flood insurance but also establishes flood insurance policy premiums based on the risk of flooding in the area where properties are located. Due to recent amendments […]