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Use One of These Two Loan Options to Land Your Dream Vacation Home

Use One of These Two Loan Options to Land Your Dream Vacation Home

Anyone who lives on the upper end of the East Coast knows how horrible winter time can be. It gets darker earlier and the sun seems to wait until about noon to show its face every day. The first place that comes to mind to escape the dreary winter days is a location in the south because it is the closest and cheapest resort for many. Instead of making it a once in a while escape when hotel rates are down, use a mortgage to have your dream home available whenever you want it. Here are two loan options for you to consider.

Depending upon what the situation is, there are a variety of mortgage loans to choose from. Whether you are a first time buyer, a veteran or someone that already owns several investment properties, there should be an option that can keep payments low and provide the escape that is needed during those winter months.

Here are two loan options to choose from:

Loan Option #1: FHA Loans

FHA loans are probably one of the most popular loans that first time buyers can get from a mortgage broker. These loans are available from 10 to 30 years and come in both variable and fixed rates. The one thing that will have to be checked before any shopping is done is the limit as it will vary from area to area.

Loan Option #2: Conventional Loans

For those that don’t qualify for an FHA loan, a conventional loan is still a great option. Limits are generally higher and they are available in both fixed and variable rates. While the economy is in such turmoil and interest rates are down, this would actually be a great time to lock in a low number and possibly pay the home off early.

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Nothing gets the mind off of winter depression like a nice sunny day. Why continue to suffer through the cold winters and sit by the computer waiting for rate sales at hotels when a mortgage can have you in the sunshine whenever you want.