Welcome to the world of second homes—a place where relaxation, adventure, and cherished memories await, but before you embark on this exciting journey, let's ponder a few essential questions:
1. Will you rent out your second home? If you plan to rent out your new property regularly, it's important to understand how lenders perceive such arrangements. Renting out your second home may lead lenders to classify it as an investment property rather than a traditional second home. This distinction can impact lending requirements and loan options, underscoring the importance of discussing your goals with your Old Republic Mortgage (ORM) loan advisor.
2. How far is it from your primary residence? Vacation and second homes often come with unique lending stipulations regarding their proximity to your primary home. There are different loan options and requirements tailored to second homes. Your ORM loan advisor can help you navigate these considerations and find the right financing solution for your chosen property, regardless of its location.
At ORM, we're passionate about helping you turn your dream of owning a second home into a reality. Whether you envision a serene lakefront bungalow, a cozy cabin near your favorite ski slopes, a desert retreat, or a tropical condo in Hawaii, we're here to support your home-buying dreams every step of the way.
Your second home deserves special attention when it comes to financing, and ORM is here to provide you with a diverse selection of loan programs to suit your needs. Let one of our experienced loan advisors help you determine affordability and guide you through the lending requirements for your new home.
Ready to make your dream second home a reality? Reach out to us today, and let's embark on this exciting journey together!
© 2024 Old Republic Mortgage. Branch NMLS 41891 - All Rights Reserved. A division of American Pacific Mortgage Corporation NMLS 1850. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity. Privacy Policy. NMLS Consumer Access. Accessibility Statement. Please visit our Disclosures page for more details for all loan types.
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