We call it a vacation home mortgage to eliminate the confusion between a second mortgage and a home equity loan.
A second mortgage loan covers the costs of a second home, for example, a vacation home. The result is that the borrower has two mortgages and two homes. A home equity loan, on the other hand, allows the borrower to refinance their existing mortgage to get cash - or equity - out of their home. It's still one mortgage, but it's been refinanced.
Yes! You can choose to pay a fixed, interest-only rate for a period of 10 years or 15 years with our interest-only vacation home mortgage.
Depending on your income and expenses, you may qualify for a loan of $453,100 to $1.5 million. we are committed to working with you to help make your vacation home mortgage dreams come true.
Contact us today at (859) 253-3377 to get started or start an application today.