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The Facts About Second Home Financing On Long Beach Island
Financing Long Beach Island Real Estate
There are many ways to obtain financing for a home on Long Beach Island and LBI real estatesecond home financing is a topic it should be thoroughly understood before beginning a home search. Lenders and banks view loaning money on a second home somewhat differently than a primary real estate market. Generally speaking, second home loans are considered to be slightly more risky for a lending institution. Therefore, it is not uncommon to see stricter qualification standards for buyers applying for a second home mortgage. It is important to understand that loan requirements will vary greatly depending on the individual and the lending institution, however there are some common traits a buyer can expect to see. For example, the minimum down payment for almost every second home mortgage is 20%. There are additional ways to finance a second home in the LBI real estate market, the most common of which is simply paying cash.
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