Second Home Loans, Vacation Home Mortgages, and Seasonal Property Financing
Having your own place to stay near your favorite beach, lake, or ski resort has many potential rewards—a home away from home for family and friends to build special memories without the hassle of having to book hotel rooms, cabins or rent a house. First, you need to decide what kind of property you’re interested in buying.
- Year-round single-family home
- Three-season structure
- Vacation condo
A year-round single-family home may offer you lots of privacy and more room to entertain guests. A year round vacation home might also become your retirement home later in life. You’ll need to spend some of your time and money to maintain the property but the financing can be just as good as with a primary residence.
Three-season properties are very popular. They are typically not habitable in the winter for any number of reasons: lack of water supply, lack of central heating system, unmaintained roads, etc. You might be surprised to find how similar the financing is to a regular year-round home. Of course, if we’re talking about a shack with no electricity or running water, the financing will be less attractive.
A condo might be a great choice as long as you don’t mind the association’s maintenance fee. You won’t have to worry about exterior maintenance so you can spend your time off relaxing. Onsite rental offices, concierge services, and how the association is structured will largely determine what your financing choices will be.
If you’re interested in a seasonal or second home for family vacations in New Hampshire, we have many second home loan finance programs. Some vacation home mortgages require as little as 10% down and provide the same low interest rate as primary residences. The terms of these mortgage programs are much better and therefore not intended for investors. They are geared for qualified, low-risk, homebuyers who intend to truly use their new house as their own vacation property.
Myth: Owning a vacation home is more expensive than hotel stays or renting.
Depending on the amount you spend on accommodations, owning a vacation home may be less expensive in the long run. Also, you might decide to rent your property out while you’re away to offset the cost of ownership.
Fact: Seasonal properties and some condominiums have more restrictive guidelines for financing.
If you intend to purchase a three-season cottage or a condo in a complex that has an in-house rental office, call Charley at (603) 472-2272 or email the details so we can discuss your options for financing your vacation home.
Your information will be kept completely private.
We have originated more than 1/2 billion dollars of real estate loans to thousands of NH property owners and are happy to share our experience and expertise with you.