All Forum Posts by: Cully Ekstrom

@Tim Swierczek. Will do thanks

@Jordan Moorhead it would not be a rental, strictly for my wife and I.

My wife keeps a calendar with our times “up north” and we average 45 weekends a year for the past 5 years.

And I understand people not getting the cabin thing for us up north, but we also drive cars on frozen lakes!

Can I just take out a standard mortgage on a vacation/second home? As long as I do 20% down to avoid the mortgage insurance?

@Jordan Moorhead I can easily do 25% down if I were to sell some stock, but I’m wondering if using the equity in my main home is an option/advantage?

Primary home in Minneapolis and I would like to buy in northern Wisconsin if it makes any difference?

Thanks for the reply

Hi, new to the site and reading the huge amount of articles.

I’m in the research stage of possibly buying my first vacation property on a lake in northern Wisconsin. I’m interested in options on financing a second property as I don’t have that kind of cash liquid.

My main home is owned outright with the mortgage paid in full recently so I should have solid equity in it and I also have a couple of stocks that I could part with that are not in my retirement equation. Currently have a deferred compensation plan that I max out yearly and a government pension that I contribute to.

Current debt is one vehicle, so debt to income ratio should be great.

So——best financing option?

Sell stock, use equity in main home, apply for second mortgage?

I’m new to the “ I can actually afford to do something fun” game, but I want to be responsible with my actions to.

Happy to be apart of the forum