Buy your second home or invest in an income property through us.
Why First Vision Real Estate & Financial Services?
First Vision Real Estate & Financial Services ultimate goal is to satisfy the needs of our clients. We understand the intricacies of the mortgage industry and have streamlined the entire process to make it stress free while we work with our clients to achieve and meet their needs. Our trained qualified professionals have extensive knowledge of the marketplace and are readily available to shop for the best loan programs and rates that are best tailored to suit your needs. We can save you time and money by comparing the market with the most up to date technology and analytics to achieve your goals.
How to get started?
Understanding how to buy a house is very critical, knowing how much down payment helps a buyer to be more prepared.
We provide the best mortgage options that can help you finance your second home. The best part is that you can use as low as 10% for a down payment.
Why choose First Vision Real Estate & Financial Services for the Second Home Purchase?
- Our loan consultants will assist you every time they are called upon. You will be guided through the process.
- Our Loan consultants will work exclusively One on One with you.
- We don’t leave you alone to complete the loan paperwork. We do it for you! Our process is paperless and saves your valuable time.
- We never let your hand go even after we close the transaction. We are always here for you!
Mortgage Loan Options:
There are several loan options available for you, the most popular ones are listed below:
- 30-Year Fixed Loans: A 30 year fixed mortgage is a loan whose interests rate stays the same for the duration of the loan.
- 15-Year Fixed Loans: A 15 year fixed mortgage is a loan with a repayment period of 15 years and the interest rate remains the same through the life of the loan.
- FHA Loans: This is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. They are popular especially among first time home buyers because they allow down payments of 3.5% for credit scores of 580+. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults. The borrower’s credit score can be between 500 – 579 if a 10% down payment is made. It’s important to remember though, that the lower the credit score, the higher the interest borrowers will receive.
- VA Loans: The VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA), issued by participating approved lenders. This program is for American veterans, military members currently serving, reservists, and select surviving spouses. The VA itself does not originate loans, but it does set the rules for who may qualify, and it establishes minimum guidelines and requirements for the home loan program. Since the creation of the program, 20 million VA home loans have been insured by the government.
- USDA Loan: A USDA home loan is a zero down payment mortgage for eligible rural homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.
- Non-Qualified Mortgages: A non-qualified mortgage (Non-QM) is a home loan designed to help home buyers who cannot meet the strict criteria of a qualifying mortgage. For example, if you are self-employed or don’t have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.
FAQs for Second Home Buyers
Q: Can you really, truly afford a second home?
A: Buying a second home is a money decision not just a fun way to spend your leisure time and it is one you shouldn’t make until after the rest of your finances are in tip-top shape. Are you mostly debt-free? Are you saving enough for retirement? Do you have at least 20% equity in your primary residence, plus enough cash on hand for a 20% down payment and 3% closing costs for the vacation home. In general, you should be able to accommodate all your mortgage payments (including the vacation home) and the rest of your debt using no more than 36% of your monthly gross income. If you cannot make those numbers work, this isn’t the right time to spring for a vacation home.
Q: Are you buying for the right reason?
A: Some people may view a vacation home as a costsavingstool, they see it to save on the lodging fees they’re paying every year when they take a trip. That is flawed logic because for the amount you’ll spend on a vacation home, you can take a lot of nice trips each year and stay in hotels.
Another perspective? View it as an investment either as a place where you plan to retire or a property that you can sell down the road to supplement your retirement income. When evaluating the investment property’s long-term potential, it’s important to research how prices have appreciated over time in the market where you’re buying.
Q: How do you plan on using this home?
A: If you are buying the second home for your own personal use, you are free to purchase whatever you like and disregard what might attract tenants. But if you are counting on rental income to cover the mortgage, you should be more conscious of the home’s location and appeal to others. Also keep in mind that quite different tax rules may apply, according to whether your second home is for personal use or if you rent it.
Q: If you do rent the property, is it the right property?
A: The first step is to think about how often you’ll want to rent, plus how long the potential rental season will be. Next, consider how attractive the home will be to potential renters: Is it close to local attractions, such as the beach or a vibrant downtown? Does the property have any unique selling points or great amenities? Make sure there are a few characteristics that will help your house stand out from others in the area, helping to make it a top choice for renters.
Q: Will you need to hire a property manager?
A: If you live within a reasonable driving distance of the home, you are handy and you have the time, you may be able to do the property management yourself. It also helps if your vacation spot is a condo where some of the maintenance is done for you as part of your association fees or it’s a newer home, which may have fewer issues. Many people start out thinking they are going to do it all themselves until they realize how much time they have to put into finding tenants and dealing with paperwork.
Q: Are you rushing into the decision?
A: As with any large purchase, you should make sure you are not buying a vacation home based purely on emotion or impulse. Research the area and sleep on any big decisions before you make them. In other words, take your time and find the type of property that you really want and can afford
Four reasons why you should buy a vacation home
When you buy a vacation home, you are making one of the few investments that offers both personal and financial rewards. First Vision Real Estate & Financial Services will make sure to assist you with the mortgage financing of your new residence to vacation at.
- Diversify your income
When you buy a vacation home and choose to rent it out, it is possible to create a new, short-term rental revenue stream. This rental income could supplement your salary and any other interest-bearing income you earn. You may want to work with a First Vision Real Estate agent who has the local expertise and vacation rental savvy to help you buy a vacation home with a good cap rate in a great market.
- Build equity and wealth
When you buy a second home, you join a community of savvy investors who understand the value of real estate holdings. Your home can be an investment property or a legacy you leave for your family.
You don’t have to pay cash (or cash in your savings) when you buy a vacation home, either. Nearly 75% of people who buy a vacation home will invest through some form of financing.* Then, by hosting short-term rental guests, the mortgage, property taxes, HOA fees, and home maintenance costs are offset all while you build wealth for today and tomorrow.
- Plan for retirement
Retirement may be a few years (or decades) off but buying a vacation home now opens up interesting options for you. Do you want to retire at the beach, by the lake, in the mountains, or even in your favorite urban oasis? Is it your dream to host your children and grandchildren in a vacation home for holidays and other special visits?
As you move closer to retirement, the amount you owe on your vacation home mortgage will be smaller, or it may be paid off completely. Meanwhile, with the right property management company looking after things, your second home will be well taken care of until it’s time for you to retire there
- Take easy, affordable vacations
If you want to buy a vacation home to enjoy more downtime, join the bevy of home buyers making a vacation rental investment within a two-to-four-hour drive from their primary residence. If it is a quick jaunt for you, and it is easy to block out time to entertain or unwind, you may never want to vacation anywhere else again.
Looking for the best Mortgage for your Vacation home?
Our team at First Vision Real Estate & Financial Services provides the best mortgage options for your perfect vacation home.
We can offer you with the most competitive mortgage programs and rates to finance your home. You need an experienced Mortgage broker like First Vision Real Estate & Financial Services on your side to achieve your goals
How to get started?
Consider a few steps:
Step 1: Make sure you can afford a Vacation Home.
Step 2: Make sure to have the cash flow to finance your Vacation House.
Step 3: Financing a second home offers better interest rates than financing an investment property.
Step 4: Knowing the best locations to purchase a second home.