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
    Office:(212) 688.9500 x312
    Direct:(646) 519.7682
    Mobile:(212) 686.2145
    E-Fax:(212) 937-3737
  • David Schindel, Silver Fin Capital LLC.
    185 Great Neck Road, Suite 304
    Great Neck, NY 11021
    Direct: (516)203.4565
    Fax: (516)323.7776
    Registered Mortgage Broker – NYS Banking Dept.
    Licensed Mortgage Broker - CT, FL, NJ
    NMLS ID: 149186