Obtaining a vacation home mortgage (insurance, credit, fees, refinance) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

joe moving · 10-01-2010, 11:30 AM

Is it likely we will have difficulty obtaining a vacation home mortgage where the total of both payments, insurance, taxes and applicable maint fees (vacation home is a condo) are about 54% of our take home (about 40% of our gross)? The 2nd mortgage is a 15 year. Putting 20% down, no other debt and perfect credit. And let's say we have 100% of the mortgaged amount of the 2nd home in savings and obviously can prove it (it wouldn't be under our mattress).

VictorBurek · 10-01-2010, 12:28 PM

You are qualified using your gross income. If your debt ratio is only 40% of gross and you have FICO's over 700, you should be able to qualify.

From the information you provided, i think you have a real good chance.

joe moving · 10-08-2010, 10:33 AM

Thanks...
A follow-up question.

Is there any reason or advantage to NOT use the same lender as is on our primary home?

VictorBurek · 10-12-2010, 07:20 AM

In my opinion, you would do better contacting a broker. Most consumers think by going directly to their bank or lender they cut out the middle man and thus get a better deal. Banks know people think that and price accordingly.

I have refinanced severaly people that work for banks and they used me cause i could get them a better deal.

Definitely call your lender and ask what they could do but also call a broker and compare the options. Work with whom you feel can provide you the best advice, best service and best overall deal.