The first step to pre-qualification is to contact a lender in your local area or drop by any of our financial institutions during your next visit to the Outer Banks. Knowing in advance how much you can afford will help alleviate a lot of stress during your search and it adds a sense of security for the seller when an offer is presented. Let your REALTOR® guide you to the most knowledgeable lenders in our market.
- Owner Financing
Owner financing is rare but available. Some owners are willing to actively participate in the financing of the home for the buyers. Owner financing usually involves balloon payments.
- Investor loan vs. Second home loan
The main determining factor between an investor loan and a second home loan is whether the property will be rented out. If the property is rented out for any period of time, it is considered an investment property. Traditionally, interest paid on a vacation home (investment property) is tax deductible. Contact your financial adviser for more information.
Posted on September 3, 2015 at 9:22 pm by Michael Davenport