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Vacation Home Mortgage And Second Home Loans

Buy a Vacation Home in Michigan with a vacation home mortgage.

A Vacation home Mortgage in Michigan may be the right fit for your family to own the home of your dreams. With a low down payment, you may be able to buy a vacation home to enjoy for generations. Whether you want a lake front home, a cabin in the woods or a cottage up north, this home loan option may be the ticket to years of happy memories.

For more information on a Vacation Home Mortgage, call us at 1-800-555-2098 or apply online today!

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    What are the Benefits of a Vacation Home Mortgages?

    Many families take vacations to get away from the normal bump and grind of life. Instead of wasting money on expensive hotel rooms and resort fees, buying a vacation home may be a better option. Investing in real estate is typically an appreciating asset; this means that over time the value of the home will rise while you each payment you invest reduces the mortgage.

    Benefits of a Vacant Home Mortgage include:

    • Save Money on expensive Vacation Trips
    • Low Down Payments
    • Low interest rates
    • Own appreciating real estate
    • Enjoy tax advantages
    • Have a vacation spot for generations
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    How do I apply for a second home mortgage loan?

    Applying for a second home mortgage loan is fast and easy. Simply call a loan officer at 800-555-2098 or apply online and a mortgage loan officer will contact you with a pre-approval. Once you are pre-approved for a mortgage you can begin the process of shopping for a vacation home. We recommend using a real estate agent to provide instant updates on new properties that are listed for sale. Michigan cities such as Grand Haven, Traverse City and Mackinac Island are hot spots for tourist and vacationers so homes for sale go quick!

    Steps to buying a vacation home in Michigan

    1. Apply for a Vacation Home Mortgage.
    2. Once Pre-Approved, contact a real estate agent to find vacation homes for sale.
    3. Place an offer to buy the home.
    4. Complete the mortgage process.
    5. Meet at a local title company for the closing.
    6. Enjoy your vacation home for generations with your family and friends.

    Riverbank Finance LLC offers a great Vacation Home Mortgage option with low down payment requirements and fixed rates. We would recommend getting a mortgage pre-approval so once you find a home you can act quickly and place an offer to purchase. To get started simply complete the form below or call 1-800-555-2098 to speak with a loan officer today.

    After applying for a Michigan Second Home Loan, a loan officer will contact you to ensure that you are eligible for a Vacation Home Financing. They will help to review income, assets and credit. If everything looks good they will issue you a Mortgage Pre-Approval to buy a home with a Vacation Home Mortgage.

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    What are the Requirements for a Vacation Home Mortgage in Michigan?

    Vacation Home Mortgage loans are a conventional mortgage product. A borrower must meet standard loan requirements such as verifiable income, documented assets, acceptable credit history and acceptable property conditions. While a 20% down payment would allow PMI (Mortgage Insurance) to be waived, Riverbank Finance offers low down payments for vacation home loans in Michigan.

    Vacation Home Mortgage Requirements:

    • 10% Minimum Down Payment
    • Verifiable Income
    • No Recent Foreclosures
    • No Recent Bankruptcies
    • Documented Banking or Retirement Assets
    • 45% Debt to Income Ratio
    • Acceptable Property Condition
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