A place to decompress today. A place to retire into tomorrow.
Firefighters earn their downtime differently than most. The shifts are long, the work is demanding and the breaks matter. For many Fire Family members, a vacation home is not just a retreat. It is a long-term plan. Firefighters First Credit Union offers 15-year fixed-rate vacation home financing. We offer terms of up to 30 years if you plan on occupying the home full-time in the future.
A few things that make vacation home financing a little different.
Financing a vacation home works a little differently than a standard purchase. Here is what sets it apart and what you can expect from the process.
A simple statement at closing.
At closing, you sign a statement confirming intent to occupy the home as your primary residence in the future, allowing it to be financed under residential rather than investment terms.
Built on a 15-year fixed-rate.
The loan is structured as a 15-year fixed-rate mortgage. You will have a higher monthly payment than a 30-year term, but you will pay significantly less interest and own the property outright sooner.
Your rate is based on you.
Vacation home mortgage rates are based on your credit profile and current market conditions. The best way to find out your rate is to connect with one of our Real Estate Loan Consultants directly.
Is a vacation home mortgage right for you?
Buy today. Retire there later.
If you know where you want to live in retirement but are not ready to make the move yet, buying now lets you lock in a property at today’s prices and build equity while you continue working.
A place to decompress between shifts.
Firefighters often work demanding schedules. Having a dedicated place to escape on days off, a cabin, a lake house, a beach home, is a meaningful investment in wellbeing for you and your family.
A vacation home that can grow with you.
A vacation home financed this way comes with the flexibility to transition into a primary residence later, giving you options as your life circumstances evolve.
Get a head start on your application.
Your mortgage consultant will guide you through the full requirements, but here is what most vacation home applicants need to have ready before they apply.
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Pay stubs, tax returns -
Bank and asset statements
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Property purchase details
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Signed Real Estate Loan Checklist
Everything you need to know about vacation home loans.
What is a vacation home mortgage?
A vacation home mortgage is a residential mortgage used to finance a second property that is not your primary residence. At Firefighters First Credit Union, we offer terms of up to 30 years if you plan on occupying the home full-time in the future.
Why is a vacation home mortgage different from a standard mortgage?
Because the home is not your primary residence at the time of purchase, it is treated differently by lenders than a primary residence purchase.
Can I rent out the property while I’m not using it?
This is an important question to discuss with your Real Estate Loan Consultant before proceeding. Rental activity can affect the classification of the property and the terms of the loan. Your consultant can walk you through what is and isn’t permitted under the program.
How is the rate determined?
Your rate is based on your credit profile, and current market conditions. Contact us to get a personalized rate.
Can I transition this into my primary residence later?
Yes.
How do I get started?
Fill out the contact form on this page or reach out to one of our Real Estate Loan Consultants. They’ll review your situation, walk you through what you qualify for and help you take the next step with confidence.
You are required to sign an occupancy statement notifying your intent to occupy the home at some point in the future as your Future Principal Residence.
Representative Example: A $350,000 mortgage loan financed at 5.875% rate with 6.247% APR for a 15-year fixed term would result in 180 payments of $2,929.91. Taxes and insurance premiums are not included in the payment and the actual payment obligation may be greater.
APR = Annual Percentage Rate.
NMLS ID #649058.
Subject to credit approval.