Quote:
Originally Posted by codeman671
Keep in mind that typical mortgage companies won’t touch an island property. These are typically funded as portfolio loans by local banks. Normal rates and programs found online with companies like Chase, Rocket Mortgage,
Etc don’t apply.
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Spoke to a rep from People's United Bank. Agreed, it's all portfolio because these loans can't be resold. Could be 20% down. Easiest, and best rate might be a home equity loan instead of a high interest rate mortgage. Boat slips will probably have a fire sale next year, so, be ready.