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Vacation Property

Buying a Vacation Home vs. Primary Residence

When you purchase a home as your primary residence, lenders are more trusting that they'll receive the money they're owed. When it comes to a vacation property though, they view a second home mortgage as a larger financial risk. Because of this, lenders tend to impose stricter requirements like:

  • Six months of cash reserves.
  • At least a 10 percent down payment.
  • Higher credit rating is necessary.
  • Lower required debt-to-income ratio.

These requirements make buying a second home more difficult. But with the right help, your dream vacation property is within your reach. The professionals at SouthPoint Financial Services can help you through the process of buying your vacation property.

How SouthPoint Helps

Even if you've bought a home before, you may still be unfamiliar with the process of buying a vacation home. Loan documents are difficult to understand and some companies may focus more on profit than helping their clients.

This isn't how we do business at SouthPoint. Our focus is to educate every client who's in the process of seeking a second home mortgage. We also prevent unnecessary delays by having in-house underwriters who work only steps away from your loan officer.

SouthPoint will be with you during every aspect of your home buying journey. If you have questions about second home mortgage rates, debt-to-income ratio or any other inquiry, we'll make sure you don't walk away confused.

Service Above the Sale

If it turns out that you need a real estate agent referral, we'll handle that for you too -- because getting you into your dream vacation home is more important than making a sale. SouthPoint also provides a free worksheet so you know every option in front of you.

Fixed-rate mortgages are popular options for a second home, but it doen't apply to all situations. At SouthPoint, we'll look at your individual circumstances to ensure you get the best deal possible. 

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