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Article: Making your beach dream come true How to finance purchase of that vacation home
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- September 12, 1999
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Copyright informationCopyright 1999 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Maybe you've come back from vacation along the Gulf Coast, the
Caribbean or Southern California, taken a look at your stock gains
and decided to take the plunge of buying a vacation home there.
How will you finance the purchase?
If you're able to make a down payment of 20% to 40% of the
purchase price, it would make the monthly payments much easier to
handle. And if you buy on the water in an area with a good rental
history, the rent may cover much of your mortgage cost.
For example, you find a townhouse or apartment fully furnished and
with great views for $280,000. Make a hefty 40% down payment and
that leaves you with a mortgage of $168,000, which at 8% would mean
monthly payments of ...
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