It's True! You Can Get A Mortgage On Your Beach House

Many people are under the misconception that mortgage financing is not available on Fire Island but that is not the case. Mortgage financing, both for second homes and investment properties on Fire Island, is available through a wide variety of lenders. Though not all banks will lend on the island, most will. No need to stockpile the entire purchase price in cash if you don’t want to.

It is important to know that there is a difference between rental homes and vacation properties and that they are financed differently. You would want to buy your beach home as a vacation home if you are able to purchase your home without needing the property to generate any income. Qualifying for a mortgage is more attainable and straightforward when rental income is off the table and you'll get a better mortgage interest in this case as well.

With Fire Island's robust rental market, buyers take advantage of the opportunity to earn additional income and will finance their home as an investment property. In this case, you'll need to provide an appraisal and comparable rental schedule to your lender, showing the property's potential income.

We've compiled a list of lenders we've worked with who will provide a mortgage to your second home/investment property.

1. Darren Stuart, Vice President GuardHill Financial Corp.
   NMLS# 463667
   140 East 45th Street, 31st Floor
   New York, NY 10017
   NMLS#1609
   Office:(212) 688.9500 x312
   Direct:(646) 519.7682
   Mobile:(212) 686.2145
   E-Fax:(212) 937-3737
   dstuart@guardhill.com
   www.guardhill.com

• David Schindel, Silver Fin Capital LLC.
  185 Great Neck Road, Suite 304
  Great Neck, NY 11021
  Direct: (516)203.4565
  Fax: (516)323.7776
  Mobile:(917)656.5172
  Registered Mortgage Broker – NYS Banking Dept.
  Licensed Mortgage Broker - CT, FL, NJ
  NMLS ID: 149186
  http://www.silverfincapital.com/david-schindel.html