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Mortgage

Financing an LBI duplex is somewhat different than financing your personal home, or even a more typical investment property.

There are two basic avenues of financing for these properties:

  • Investment Property Financing
  • Vacation Home financing

When financing as Investment Property, lenders will typically require a 25% Down Payment and will consider the income produced by the property to assist in qualifying you for the loan.

When financing as a Vacaton Home, lenders will typically require a 20% Down Payment and will not consider the income produced by the property to assist in qualifying you for the loan. Interest rates on vacation homes are typically lower than on investment properties. In either case, we strongly recommend that you use a lender who is familiar with LBI.

When financing as an Investment Property, lenders unfamiliar with weekly vacation rentals won’t know how to deal with the lack of long term leases.

When financing as a Vacation Home, the majority of lenders do not have mortgage programs for the financing of DUPLEXES as Vacation Homes.

We would be happy to refer you to some very good mortgage contacts I have, or to help you in any other way we can to secure the best possible rate for your duplex purchase.

Use the mortgage calculator below to assist you in making some decisions around financing your duplex purchase

Mortgage Payment Calculator

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.