Finance A Vacation Home

How To Finance A Vacation Home


A vacation home can be your private paradise, but you have to finance it first. It’s a large investment that requires careful planning.

Include credit unions in your loan search. You may find lower interest rates at a credit union.

Use your savings. If you can afford it, then consider using your savings to avoid getting a second mortgage.

Use the equity in your current home. You may want to get a home equity line of credit to finance the vacation home.

Consider renting the vacation home after purchase. This will help you pay off the mortgage.

Get a home loan. A home loan for a second home is more challenging to obtain, but it can be done with careful planning.

Consider co-ownership with a friend or family member. Purchase the vacation home with another person and share it.

A vacation home is a large investment that can significantly affect your household. Consider all of your financing options to make a decision that’s right for you and your family.


The FTG Knowledge Bank