Financing Purchases at Odyssey Resorts
As with all other details concerned with your vacation home purchase, the Odyssey Team is committed to keeping your purchase simple. Throughout our history, Odyssey has always maintained great relationships with lenders who are committed to the vacation home industry. These relationships have allowed us to offer financing for our homes despite turmoil in the broader national marketplace. Let’s talk about the options available for your purchase.
In recent years, the availability of financing for a “whole” vacation home has become nearly as easy as financing your primary residence. Many mortgage lenders have established loan programs with very competitive interest rates and loan maturities of 25 to 30 years. Both 30 year fixed and various ARM options are available.
We do recommend using an Odyssey recommended financing alternative. Our lenders are familiar with our resorts and we are able to help guide your loan requests through the lending organization. We have found that the majority of our owners appreciate this help. (Note: Odyssey receives no fees or compensation from our lenders.) Depending upon a purchaser’s financial situation, loan amounts of up to 90% are readily available.
Although shared or fractional ownership is still fairly new to the vacation home industry, financing is quickly becoming much more available than even 2 or 3 years ago. The majority of shared ownership financing occurs at a local level. Odyssey currently has two local lenders who have financing available for purchases at Odyssey Resorts.
Like the financing for “whole” vacation homes, you can finance up to 90% of your shared ownership home. Loan amortizations are typically 25 to 30 years, with current terms for 3 or 5 year ARM loans at rates typically about ½ to ¾ percent above the standard “cabin” loans.
Because most “city banks” are not very familiar with shared or fractional ownership, we recommend you let us introduce you to our preferred lenders. Again, we will guide your loan requests through their organization. (Note: Odyssey receives no fees or compensation from our lenders.)
Tapping of a home equity line continues to be a very popular way for owners to finance their purchase or even finance their down payment. Although the market has tightened in recent months due to overall market conditions, there are still many lenders willing and interested in extending attractive loan terms against your home equity.
To learn more about how Odyssey Real Estate Group can be of service to you in providing information or helping to secure financing, call 1-800-595-3385 or click here and a real estate representative will contact you.
If you prefer to contact our preferred lenders directly, here is their contact information.
Real Estate Loan Officer
First National Bank of Walker
PO Box 520
Walker, MN 56484
The Lake Bank
613 First Ave
Two Harbors, MN 55616