Financing Your Second Home on Cape Cod

Financing Your Second Home on Cape Cod

As summer approaches, many families in Newton and Wellesley start dreaming of a getaway in Chatham or Provincetown. But financing a second home is different from a primary residence.

Key Differences

Higher Interest Rates: Lenders typically charge 0.25% to 0.5% more for second homes. Down Payment: You will likely need at least 10% to 20% down. Rental Potential*: If you plan to rent it out, you may need a different type of 'investment' loan.

The Market Heat

The Cape market is just as hot as the suburbs. Remote work has turned many 'weekend homes' into year-round residences.