Investment Property

How Much Cash Do I Need to Buy a Second Home?

Posted on


Anytime you purchase a second home that is not your primary residence, it is labeled as an Investment Property or Second Home in the mortgage world.

Non-Primary Residence

This just means you have a second home that is either used for a rental property or a vacation home. Anytime you have a loan on a property that is not your primary residence, there are just a few simple rules that apply to your loan. Of course every situation is unique, so please call and talk to a loan officer to see what your exact numbers would look like in your situation.

But in general:

  • At least 10% is required for a second home

  • You are subject to a higher interest rate then what you could qualify for on a primary residence

If you are interested in what your interest rates or what you will qualify for on a second property, please reach out to us here at The Ben Lemon Team today!


Continue Reading

Ever wondered what everyone is talking about when they say, “Interest rates are low, now is the best time to refinance!”. What does this mean?

It’s important to know the differences in property types because it makes an impact on your loan type and type of home owner’s insurance you need. Let’s review them now.