Owning a second home, such as a lake home or cabin, can be a wonderful place to vacation with family and friends. A second home is occupied by the borrower for some portion of the year, and not subject to any timesharing ownership arrangement.  Typically, a second home is used as a vacation home or is a property in a location that you visit frequently for business.

When purchasing a second home, there are a few things that should be considered.  Your debt to income ratio will be looked at to make sure you, as a borrower, will be able to pay for 2 (or more) mortgages. Your existing debt, along with the debt you are asking to take on by purchasing a Second Home, will be reviewed.  As with any major purchase, your credit score, credit history and your assets will also be taken in to account during the loan approval process.

Get your online application started today!