Excerpt from: Ski Resort Market Trends and Statistics
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| January 23, 2009 | | Second home mortgage financing popular in Vail | Right now, mortgage loan rates are pretty low. And, while it is harder to get a first home mortgage loan (especially on swanky ski resort real estate) refinancing is seeing a revival. In a ski resort community like Vail, this is one of the reasons that the real estate market has not collapsed. Vail Daily reports on who can get a second home mortgage:
People with good credit and a favorable debt-to-income ratio (45
percent or lower) can even refinance for less than 5 percent, if their
home loan is in the “conforming” range — $417,000 or less. Rates for
loans between $417,000 and $625,500 are about a quarter-percent higher,
Gould said.
Even though the Vail real estate market has been slow, the fact of the matter is that it hasn't totally crashed like some other real estate markets. Foreclosures are low, probably due, in part, to the ability to refinance to a lower interest rate (and an affordable mortgage payment).
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