01/06/2022
If you’re considering buying a second home or Vacation home. Consider doing it RIGHT NOW. ☀️
A big announcement came out Wed. in the Real Estate & Home Loans world:
There is a scheduled plan for second home purchases to have a loan pricing bump of as high as 4.125 points. Ouch! 📈
What this means is, on a $100k loan, to get the same rate as an owner-occupied property, you would have to pay up to 4.125 Points or $4,125.00 depending on the percentage of down payment. This makes these purchases equivalent to investment property rates… and definitely more costly moving forward. 💰
This would apply on any loans delivered to Fannie Mae after April 1st, which means lenders will likely start pricing this into their rates for second homes sooner than later. 💥
If you’ve been thinking about purchasing a second home, at the 🛶 lake, the 🏝 beach, up in the mountains for 🎿 skiing, or any other area…CALL OUR TEAM. 📱
As top producing agents, we have access to other top agents all over the country (and the world actually.) We have connected many of you already…but if we haven’t, and you’re thinking about it, don’t wait and we’ll refer you to a top broker in the area you’re wanting. 🤗
And if you’re still not convinced, watch some of my videos on my profile of why buying a vacation property was one of our best decisions ever. ✨
Thank you to Jane Estes of Fairway of the Carolinas for all this helpful info. She is an excellent mortgage broker and can get you prequalified quickly.
Delivering all the news you can use people. 💙
Kim Trouten & Associates
Allen Tate Realtors
704-877-8719