Wednesday, June 12, 2013

Second Home Mortgage Loans

Have you always dreamed of buying a lake home or a cottage along a river? Or perhaps you want a condo along Chicago’s lake front to enjoy all the city has to offer. Fannie Mae and Freddie Mac have made second home mortgage lending almost as easy as obtaining a mortgage loan on a primary residence.

According to Jeff Dulla, senior mortgage banker at United Home Loans, “conventional financing only requires a 10% down payment to obtain a mortgage loan for a second home property.” And Jeff adds, “interest rates are the same for a second home as they are for a primary residence, as long as the loan amount does not exceed $417,000.”

Of course the basics of mortgage lending still apply. You will need above average credit (700 or higher in many cases); sufficient liquid assets for the down payment, closing costs and at least two months of mortgage payments in reserve; and of course, stable income that can support your new mortgage payment in addition to your primary residence and other debts.

If you can meet these requirements, this may be a great time to purchase a second home. Prices are still affordable compared to the peaks set between 2005 and 2007. And although mortgage interest rates have increased, rates are still less than 1.0% off of all time historic lows.

United Home Loans is licensed to provide second home mortgage loans in Illinois, Indiana, Michigan, Minnesota and Wisconsin. Check out our rates below and call us with any mortgage related questions at (708) 531-8388.


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of June 12, 2013 3.950%/3.960 APR
IL 15 Year Fixed mortgage as of June 12, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more IL mortgage rates


Indiana Mortgage Rates
IN 30 Year Fixed mortgage as of June 12, 2013 3.950%/3.960 APR
IN 15 Year Fixed mortgage as of June 12, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more IL mortgage rates


Michigan Mortgage Rates
MI 30 Year Fixed mortgage as of June 12, 2013 3.950%/3.960 APR
MI 15 Year Fixed mortgage as of June 12, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates
MN 30 Year Fixed mortgage as of June 12, 2013 3.950%/3.960 APR
MN 15 Year Fixed mortgage as of June 12, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more MN mortgage rates

Wisconsin Mortgage Rates
WI 30 Year Fixed mortgage as of June 12, 2013 3.950%/3.960 APR
WI 15 Year Fixed mortgage as of June 12, 2013 3.000%/3.069 APR

Please click this link for APR assumptions and more WI mortgage rates


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