Mortgage for vacation property in Colorado

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Topic Author
TexD
Posts: 3
Joined: Wed Dec 20, 2017 10:05 pm

Mortgage for vacation property in Colorado

Post by TexD » Tue Oct 15, 2019 10:08 am

Hi, long time lurker on these forums. Thanks for the sage advise over the years...

My DW and I are in the process of buying a second home for summers in Colorado. It would be a jumbo mortgage where we are putting 30% down and financing the rest which equates to ~$1M. We don’t intend to rent the property out when we are not using it.

Are their banks that specialize in these second home mortgages? It would seem to be a niche market. What rates can we expect?

Thanks for any advise.

TallBoy29er
Posts: 770
Joined: Thu Jul 18, 2013 9:06 pm

Re: Mortgage for vacation property in Colorado

Post by TallBoy29er » Tue Oct 15, 2019 6:09 pm

You may want to qualify your question on if you would like wisdom on buying a second home, for vacation purposes, for over $1M. Because like it or not, you typically get opinions.

I love Colorado. I hope you are getting off the beaten path, and not on the I-70 corridor. Madness, I tell you.

Check out www.bankrate.com as a place to start evaluating mortgage rates. If I were you, I'd shop it to a few different places.

Best of luck.

User avatar
fortfun
Posts: 2457
Joined: Tue Apr 19, 2016 7:31 pm

Re: Mortgage for vacation property in Colorado

Post by fortfun » Tue Oct 15, 2019 6:22 pm

4.250 %
Interest Rate
($1,250.00)
Points (or Credits)
$4,919.40
Monthly Payment
4.284%
APR

Provident Funding-Jumbo 30 (1.3M value, 300down)

Golf maniac
Posts: 321
Joined: Wed Dec 27, 2017 2:02 pm
Location: Florida

Re: Mortgage for vacation property in Colorado

Post by Golf maniac » Tue Oct 15, 2019 8:24 pm

Any of the large banks can help you (JPM, Wells, BofA, Citi, etc). If you have a relationship with a certain bank start with them. Then call around and search the internet and see what others offer. As always with any mortgage watch the closing costs as they can be significantly different between banks.

gougou
Posts: 217
Joined: Thu Sep 28, 2017 7:42 pm
Location: San Francisco Bay Area

Re: Mortgage for vacation property in Colorado

Post by gougou » Tue Oct 15, 2019 8:31 pm

CitiBank has a great tool that I am using. You can input your parameters and it gives you personalized rates:
https://online.citi.com/US/JRS/portal/t ... s&type=buy

bsteiner
Posts: 4409
Joined: Sat Oct 20, 2012 9:39 pm
Location: NYC/NJ/FL

Re: Mortgage for vacation property in Colorado

Post by bsteiner » Tue Oct 15, 2019 8:33 pm

Check Pentagon Federal and Third Federal.

RMO87
Posts: 148
Joined: Fri Jan 18, 2008 9:11 am
Location: Kansas City, MO

Re: Mortgage for vacation property in Colorado

Post by RMO87 » Tue Oct 15, 2019 8:36 pm

If you want a local lender, look into Community Banks of Colorado.

Topic Author
TexD
Posts: 3
Joined: Wed Dec 20, 2017 10:05 pm

Re: Mortgage for vacation property in Colorado

Post by TexD » Tue Oct 15, 2019 9:01 pm

Thanks for the replies and suggestions. You’ve given me homework to do.

(And yes, it is not on the I70 corridor.)

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AerialWombat
Posts: 881
Joined: Tue May 29, 2018 1:07 pm

Re: Mortgage for vacation property in Colorado

Post by AerialWombat » Tue Oct 15, 2019 11:14 pm

Check out First Bank in Colorado. Recently did a loan with them, great experience, wide range of portfolio loan products.

I’m at 4.25% on my second home in CO, but not a jumbo.
“Life doesn’t come with a warranty.” -Michael LeBoeuf

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