Questions to ask before refinancing a vacation home
What's the downside of having a vacation home?
Having a vacation-home mortgage.
If you're considering refinancing a vacation home, it's smart to make a list of what you want to get from the transaction before you even start shopping. Keep those goals front and center when you shop.
"The whole value of refinancing is to lower your monthly costs," says Barry Zigas, housing director for the Consumer Federation of America.
And when it comes to how long it should take you to recoup the cost of a refi, "There's no obvious right answer," Zigas says. "It depends on your personal situation."
Here's what you need to know to get ready to refinance your vacation home.