Naples Second Home Financing
Naples Second Home Financing
When you are considering purchasing a second home in Naples, you will need to find a company that specializes in Naples second home loans. Second home mortgages can be more complicated than a primary mortgage since as the owner, you will typically spend around 50 percent of the time in the home. This often means higher down payments and may even include higher insurance premiums.
All New Program:
Core Mortgage Financial has great news for you! We now have a new program where we can offer you a Naples second home financing with only 10 percent down and NO mortgage insurance. This means you save money on your monthly mortgage payment and you can keep some of your savings intact. Too often, a second home mortgage means you need to put a minimum of 20 percent down. Fortunately, Core Mortgage Financial knows that this is not always possible or desirable. We can now help those who want to preserve some of their savings and still purchase your second home.
What This Means:
When you are searching for a vacation home or you are interested in purchasing a second home, most lenders require you to make a down payment of at least 20 percent and they often require additional mortgage insurance if you cannot put the required 20% down. Let’s face it, when you are purchasing a home for $300,000 there is a big difference between $75,000 and $30,000 and if you only need $30,000 down to purchase a second home, the additional funds can be saved for other investments, or for an emergency fund or to pay off credit card bills. This also means that more people than ever before can become owners of a vacation home.
If you are considering purchasing a second home for vacationing purposes, contact Core Mortgage Financial today and let us help you secure Naples second home financing with as little as 10 percent down. We’ll help you through the entire mortgage process and help you get the second home of your dreams.
Contact us today using our online form to inquire about a Naples second home mortgage.
You can also call our Naples, office on (239) 431-5889 or (855) 554-CORE.
Disclaimer: Rates, Programs, guidelines change daily and are subject to change without notice. Please call our office, we will customize a loan proposal that will fit your current mortgage needs. NMLS #849597
Helpful Terms Defined:
Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.
Note: The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.