Vacation Home Mortgage Loans 2

Despite the drawbacks, however, vacation home sales have increased dramatically in recent years. Florida, Colorado, Arizona, California, and Hawaii are among the favorite choices of vacation home buyers. If you're considering a vacation home in one of these states, or in any area where second-home buying is common, you may get a substantially better deal on a vacation-home mortgage. Lenders in these areas are familiar with the particulars of vacation homes, and must compete with other banks and brokers for their share of the market.

Once you find a vacation property you like, consider what you'll do with the property when you're not using it. Many owners choose to rent out their vacation homes, and this has both benefits and drawbacks. The rental income will certainly be welcome, but you'll also have to consider how you'll clean and maintain your property. If you plan to rent it out, you may have to disclose this to your lender, and you'll certainly want to inform your insurance company, and purchase coverage accordingly.

If you're using the house for just part of the year, make sure to address all maintenance concerns, taking steps, for example, to prevent freezing pipes in the winter months when you're away from your summer home. A vacation home can be wonderful, but there is also a lot of planning that goes into buying and maintaining one.