My loan broker says he can’t complete our mortgage loan as a 2nd home loan is this normal?
We are putting 20% down on a secondary home in Austin Texas. The loan is in my fiance’s name she has 0 DTI a credit score in the 730’s and an income of 60k plus for the past three years and has been with the same employer for 7 years. Now at the last minute when we’re supposed to be closing the broker is pushing towards an investment mortgage instead of a 2nd home mortgage. We’re not sure what to do because we love the house but don’t want the higher rates of the investor mortgage. Any help would be appreciated. thanks
Apparently, an investment mortgage is for people who are buying the property as an investment as opposed to a dwelling they intend to occupy as their primary or secondary (vacation) residence. An investment mortgage is more expensive than a 2nd home mortgage.
To be clear we have an inexpensive rental in NYC where we live but are buying the second home in Austin to vacation near my fiancées family and we plan to move there eventually.