Any Mortgage Brokers?

[olds]

Real mortgage brokers, not Internet warriors or someone who stayed at a Holiday Inn last night...

All things being equal: what's the rate difference between a home loan and a vacation home loan?

 

[LevelSea]

bout tree fiddy

 

[highland145]

2 weeks ago, my banker said I could get a loan on a rental for 1% higher than a conventional home mortgage.

 

[nakedfrog]

Wouldn't it be easier to just call/email a mortgage broker and ask?

 

[olds]

Wouldn't it be easier to just call/email a mortgage broker and ask?

No

 

[olds]

2 weeks ago, my banker said I could get a loan on a rental for 1% higher than a conventional home mortgage.

A broker told me .125 to .375 more than a conventional loan. I though it was going to more along the line of what you were told.

 

[highland145]

A broker told me .125 to .375 more than a conventional loan. I though it was going to more along the line of what you were told.

When I had rentals...the rate was a lot higher than conventional, 3 or 4% IIRC.

 

[MrSquished]

Buying it as a second home is different than buying it as an investment property

Sent from my LG-H910 using Tapatalk

 

[Pantoot]

You can run some tests with this site: http://www.hartwest.com/mortgage-rates.asp (only a few states though)

For example, its not really apples to apples (investment you pay a little, purchase give a small credit), but for a 255k loan you can see the rates are pretty close to the same:

Investment 30 year 75% max LTV: 3.88%, 3.98% APR, .625 points, estimated $1600 fees, monthly $1,201.71
Purchase 30 year 75% max LTV: 3.63%, 3.68% APR, $638.89 credit, estimated $1600 fees, monthly $1,165.45