Vacation Properties

If you can afford it, there is nothing like owning your own holiday retreat. But vacation home loans usually require a larger downpayment, involve higher interest rates, and may have other restrictions compared to loans for a primary residence.

In addition, there are tax implications with a vacation home. If you do not intend to rent your property, you can usually deduct mortgage interest and property taxes. You cannot deduct all the closing costs as you can on a primary residence mortgage. Also, tax deductions vary depending on your income and whether you rent your vacation home. You should consult your tax advisor to fully understand all the tax ramifications.

If you are ready to begin your mortgage application, APPLY NOW.