Big Changes Coming to Second Home Pricing

Did you hear the update about pricing for second homes? Currently someone can buy a vacation home with rates similar to a primary home purchase. However, effective April 1st, the interest rates on second homes will be comparable to non-owner occupied (investment) properties, meaning they will be significantly higher. However, down payment requirements will remain the same. 

If you are shopping for your next vacation home, I highly encourage you to educate yourself on the changes coming because it will change your pre-approval amount once they take effect.Please feel free to reach out if you have any questions about this update. I’d be happy to chat through it with any questions you might have! Or if you’re ready to get started, you can apply here!