Everyone's idea of the perfect vacation home is different. Whatever yours may be, it helps to research the growth opportunities in the area before buying a second home. Property values in desirable locations can appreciate over time, so that beach house you're looking at could be a valuable long-term asset.
Your vacation home can be a great source of rental income, especially in high-volume vacation spots. Use that income to help pay the mortgage on your little piece of paradise.
After you've owned your vacation home for a while, you may be able to take advantage of potential tax benefits — mortgage and home equity interest payments may be deductible. Talk to a tax advisor for details.
Not ready for a permanent vacation? If you're getting the itch, and you have enough equity in your current home, you may be able to use that equity to help buy a vacation home now. See if you're ready to take on a second home mortgage by learning more about our home equity lines of credit.