Vacation homes, we all love them. When it’s time to get away from the hustle and bustle what’s better than having than home away from home already waiting for you? When you’re not using them they can even provide some extra income by renting them out to those who don’t have their own ready and waiting. Unfortunately from time to time one can easily run into some legal issues. Particularly sticky issues when you are trying to actually pay for the vacation home by renting it out. Read this article and learn the basics of financial traps that await you!
- The first step in financing your dream getaway home is to understand the different mortgages available
- The best thing about a second home mortgage is that the rates are the same as a primary residence mortgage
- When you get a loan, there is a document called the Note, which spells out loan amount, rate, payments, and fixed versus adjustable periods of your loan
“The best thing about a second home mortgage is that the rates are the same as a primary residence mortgage. The worst thing is that you can’t rent the home.”