I’m looking to purchase a second home in California and am considering putting down 25-30% to potentially secure a better rate. What rates have you encountered recently?
Are we really buying second homes in California with that much down? I’m over here just thankful to have my primary home!
Kiran said:
Are we really buying second homes in California with that much down? I’m over here just thankful to have my primary home!
Yes, specifically in Sacramento where the prices are more reasonable.
Kiran said:
Are we really buying second homes in California with that much down? I’m over here just thankful to have my primary home!
I feel the same!
It’s beneficial to find a bank or credit union that treats it similarly to a primary residence rather than as an investment property. For example, Star One Credit Union offers adjustable rate mortgages at competitive rates and allows rate resets under certain conditions without the need to refinance.
@Bran
Thanks for the tip, I’ll look into it.
I strongly suggest checking out local credit unions. We’ve always gotten excellent rates with ours.
@Bran
Another good option is the Cal Credit Union, which offers low adjustable rates if you meet certain residency or educational qualifications in California.