CONTRIBUTED CONTENT — Looking to invest in a second home? There are a few specific financing requirements that differentiate the process from obtaining a mortgage for a primary residence.
“If you have work-related obligations within your state, explain those,” said Brendan Fleischer, a loan officer with Homie Loans.
Learn more about financing a second home with Homie Loans in the “Ask a Local Expert” video in the media player above.
Generally, the property must be located at least 50 miles away from the owner’s primary residence in order to qualify as a second home. However, properties in certain parts of Southern Utah may be exempt from this rule.
“If you were within a vacation area, there are some specific requirements,” Fleischer said. “You can work around that.”
Buyers financing a second home are eligible for the same mortgage rates as their primary residence, and Fleischer said that although interest rates have rebounded slightly from the historic lows witnessed during 2020, it’s still a great time to invest.
“Rates are really good right now,” he said.
Created with the sole purpose of saving customers thousands of dollars on their mortgages, Homie Loans uses technology to automate and simplify the lending process. Whether buying for the first time or refinancing, Homie Loans guarantees they’ll beat any competitor’s locked loan estimate or pay clients $500.
Homie Loans is the sister company of real estate disruptor Homie. Since first launching in Utah in 2015, Homie has been changing the way homes are bought and sold. Their software platform streamlines the process from contract to closing, eliminating excessive fees and agent commissions along the way.
Find more information on the Homie Loans website.
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