Real Estate and Home Mortgages - Rate v. credit score
Doityourself.com community forum was created to provide answers to all questions related to home improvement and home repair. Doityourself community can help you find information about how-to topics on small fixes to large remodeling projects. With comprehensive how-to content and expertly moderated community forums DoItYourself.com makes it easy to tackle even the most complex home improvement projects.View Full Version : Rate v. credit score
jhomeowner
04-19-07, 03:32 PM
My credit score is very nice. I want to buy a second home for personal use [not a primary residence]. The house is located in a community with both permanent and vacation residents [i.e. property crime is less of an issue]. The house is in Maine. It is a year-round residence.
Does any one have any idea what kind of rate I should be offered?
Does any one have any idea what kind of rate I should be offered?
Family Guy
04-20-07, 11:21 AM
If this is a 2nd home, then the rate would be the same as buying a primary residence, with most lenders. You need to make your calls and shop rates and fees (MUST be both or the info you get is useless).
We don't give rate quotes on this site, only advice. The best thing to do is to get organized and on the phone--not the internet--to shop around. You need to talk to people and get the full picture of their loan offerings before you start applying.
We don't give rate quotes on this site, only advice. The best thing to do is to get organized and on the phone--not the internet--to shop around. You need to talk to people and get the full picture of their loan offerings before you start applying.
jhomeowner
04-20-07, 03:04 PM
I did not if rates were the same, or higher and by how much for second homes.
Family Guy
04-23-07, 09:27 AM
Second/vacation homes are no big deal, as long as the location "makes sense" and it doesn't look like someone is really buying investment property.
Investment property is where the rules/rates change up a good bit.
Investment property is where the rules/rates change up a good bit.