Michigan is a summer paradise where thousands travel to vacation from around the world each year. Surrounded by the Great Lakes and endless tourist attractions, there is no place on earth like Michigan. For those of us that live here year round, it is easy to take fore granted the beauty that surrounds us. There is no better way to enjoy each day than on or around the lakes of Michigan.
Buying a vacation home in Michigan may be the perfect solution for your and your family to enjoy our natural surroundings. Our low down payment vacation home loans makes owning a 2nd home affordable for many families. Mortgage rates are still low and will allow you to lock in low payments for your family’s recreation for years to come.
Top Reasons to Buy a Vacation Home in Michigan
There are many benefits to owning a vacation home in Michigan including:
- Take advantage of Michigan’s Summers
- Lock in low payments for family recreation
- Make extra money renting your vacation home from time to time
- Historically, owning real estate is a great investment
- Potential Tax Benefits
Wondering if you can afford a vacation home? Use our Conventional Mortgage Calculator to estimate total payments to buy a home!
How to Buy a Vacation Home in Michigan
The first step is to call a license loan officer for a mortgage pre-approval. It is important to understand the price range you should be house shopping in for your desired payments. A loan officer will review 2nd home down payment requirements, vacation home loan rates and loan options.
Once you are pre-approved for a mortgage, the next step is to find an experienced Realtor that can show you vacation homes in the Michigan area. They will be able to set you up on automated searches for your target area and suggest potential options within your budget. The great news is a buyer’s real estate commissions are typically covered by the sellers.
After you have found a vacation home and received an accepted offer to purchase, you will be walked step by step through the home loan process by your loan officer. They will provide updates along the way and answer any questions that you may have.
Once your loan is cleared for closing, you will meet at a local title company for the closing. Once you sign your paperwork you will be given the keys to your new home!
Expert Vacation Home Tips:
- Buy in an area that you can easily travel to.
- Make sure the property is suitable for year round living.
- Consider a security system for your vacation home to protect it while you are away.
- Make sure you know if the property has Home Owners Association Dues and what benefits the association provides.
- Keep your vacation home supplied with a second set of the essentials so you can pack lightly for quick trips!
- Do not forget to plan time to enjoy your vacation home!
If you have been considering buying a vacation home in Michigan, call us at 1-800-555-2098 or simply apply online below. We are happy to help!