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Add Assets With Second Homes & Investment Properties

Purchasing a second home or investment property can provide a windfall of benefits, such as the financial freedom to pursue other interests. While the terms and requirements are different, you can still acquire a competitive mortgage by working with the right broker.

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Financing For Vacation Homes

Owning a second home doesn’t have to be a pipedream. Contour Mortgage can assist you in your effort to purchase a cabin, lake house, or second home for weekend getaways with a second home mortgage. These property types typically have mortgage terms similar to an investment property, but can still be affordable with the right mortgage.

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Requirements For A Second Home Mortgage

Much like primary mortgages, secondary mortgages have particular requirements.

  • You could be required to put as much as 10 to 30% down
  • A robust debt-to-income ratio
  • Proof of additional cash reserves
  • Credit score around 640-700

Though requirements for second home mortgages might differ, the approval process remains similar to that of primary mortgages.

Benefits Of Acquiring An Investment Property

Tax Benefits. The IRS allows you to deduct many expenses connected with rental property.

Passive Income. A rental property with tenants means a steady stream of monthly income. This extra income can help you pay down your mortgage. 

Seasonal Rentals. A property you rent seasonally allows you to use it yourself for 14 days per year—or 10% of the number of days you rent it to others—and still reap the tax benefits. 

1031 Exchange. This allows you to sell a rental property and invest in another of “like kind” without being hampered with capital gains taxes.

Investment Properties

We’re ready to partner with you for the long run. If you want to make a consistent income with investment properties, it’s important to have a reliable mortgage partner to help you get the best rates on a consistent basis. Contour Mortgage can help with all your investment needs.

Competitive Down-Payments and Interest Rates

Down-payments for investment properties are a bit higher than for primary residences—typically at least 20%, and up to 30%, but this depends on the rest of your credit profile. Interest rates are also a bit higher—usually more than 5%. Contour Mortgage will work with you to find the best terms in each area so you can get the maximum returns.

Get started with your investment or second home mortgage process.

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