- Fixed-Rate Mortgages: Fixed interest rates provide stability and predictability, ensuring consistent monthly payments throughout the loan term.
- Adjustable-Rate Mortgages (ARMs): ARMs offer lower initial rates but come with the potential for interest rate fluctuations, leading to higher payments in the future.
Eligibility Requirements: Paving the Path to Approval
Qualifying for a vacation home mortgage typically entails:
- A strong credit score
- A stable source of income
- A down payment ranging from 10-20%
- Proof of homeowners insurance
Essential Factors to Consider: Making an Informed Decision
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