Financing in Fort Garland>Question Details

Rob, Home Buyer in 05667

What is the best way to find a mortgage on an out of state second home?

Asked by Rob, 05667 Tue Feb 26, 2008

I live in Vermont and would like to purchase a second home in Colorado. I have excellent credit, no debt, and a good job. Some of the rates I have seen on second or vacation homes are high (7.8%). Is there a way for me to get a "regular" 15 year rate under 5.75%?

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3
Rates can vary state to state and the national average published in the media is just that the national average. Just like gas prices are different coast to coast so are loan rates.
Remember, mortgage brokers must be licensed in the state of CO so ensure you are either using a bank and or a reputable mortgage broker. Get two quotes and compare those to the one you already have.
There is a way to get a lower rate, but first price it locally and then see if it makes sense to pay points.
Good luck,
Susan Walker
0 votes Thank Flag Link Wed Feb 27, 2008
Hi Rob,

Probably your best bet for lender to use would be someone in the area you wish to buy your second home. Find a Realtor who you would like to work for you and get the names of two or three reputable lenders in the area from them since they know their market best.

The reason to use a lender from the area in which you are purchasing is that they know the area and the special circumstances surrounding the properties so they will be able to offer the best rates. With excellent credit, you should be able to obtain a loan and competitive rates.

Hope that helps.
0 votes Thank Flag Link Tue Feb 26, 2008
Hello Rob,

What ever you choose, make sure that you use a reputable lender, especially in today's market.
Web Reference: http://www.PhilFowler.com
0 votes Thank Flag Link Tue Feb 26, 2008
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