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Buying Second Home in Another State

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fortcollinsbound Guest	Posted: Thu Oct 21, 2010 4:41 pm    Post subject: Buying Second Home in Another State Like 0 Dislike 0 I live in Pennsylvania and want to purchase a second home to live in Colorado before I sell my home in PA. My home is paid for. Do I go to a lender in PA or in CO? What type of loan is best for this hopefully short term loan? Thank you. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Thu Oct 21, 2010 8:49 pm    Post subject: Like 0 Dislike 0 Hi fortcollinsbound, As the property is located in Colorado, you should contact a lender based in Colorado in order to get the mortgage for buying a second home. You can go for a 15 year fixed rate mortgage in order to buy the property. _________________ Procrastination is the enemy of your financial success
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Oct 22, 2010 1:24 pm    Post subject: Like 0 Dislike 0 Actually, since most lenders are nationwide these days, you could likely find a lender in your area who can facilitate this transaction for you. Depending upon your finances, you might want to seek a 30-year term for the new loan - if keeping your payments low is a priority. If you can afford the 15-year term, that's far better, though, as rates will be lower on that type of loan. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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