VACATION HOME

A "Vacation Home" is a home suitable for year-round occupancy located in an area with resort-like amenities that is normally more than 100 miles from your primary residence and location of your employment. A vacation home is for your exclusive use and is not "rented-out" at any time during the year.

Mackinac Savings Bank offers a number of financing options for vacation homes:

Programs

  • Conventional
  • Non-Conforming
  • Portfolio

Products

  • Fixed rate 10, 15,20 & 30 years
  • Adjustable Rates
  • Interest Only
  • Bridge Loan
  • Buy-Down
  • Financed PMI

Down Payments

  • 5% or more down payment with private mortgage insurance.
  • 10% equity for refinances.

Income Qualifications

  • Full documentation
  • "Light" documentation
  • "No documentation"

Product Types

  • Purchase money
  • Refinance for rate & term
  • Refinance for cash-out

 

All terms are subject to change at any time without notice.