What to know before you finance a second home on Mount Desert Island

Looking at a second home on Mount Desert Island? Start with my Mount Desert Island second home loans page for the full overview, then come back here for the details buyers ask me about most.

I started in 2004 and I'm still here. I arrange primary and second home loans in Maine and Florida, and I stay on your file from the first call to closing.

Second home or investment property?

If you use the home yourself, even a few weeks a year, and you keep another primary residence, it is usually a second home. If you plan to fill the calendar with renters and use that rent to qualify, you are in investment property territory, and that is a different loan.

Bar Harbor specifics

Bar Harbor has more condos than the rest of the island. A condo purchase brings a condo questionnaire, a look at the association's insurance, and a review of any short term rental rules. Those rules can affect how a lender views occupancy, so I want to see them early.

Southwest Harbor and the quiet side

Southwest Harbor, with Bass Harbor nearby, has a more year round feel. Waterfront homes need an appraisal with good comparable sales. Older homes can have older septic systems, and some roads have seasonal access. Each of these deserves a look before you remove contingencies.

Camps and seasonal homes

Minimal heat, a shared dock, or unfinished living space can shrink the list of lenders willing to look at the file. My guide to financing a Maine camp or lake house walks through what to check.

Insurance and flood

Get an insurance quote, including flood when it applies, before you remove contingencies whenever you can. A surprise premium late in the process can change the whole picture.

How I help

I compare multiple lenders for your file and handle it myself from start to finish. Call or text (207) 615-7770, or read my Mount Desert Island second home loans page for the full overview. Not everyone will qualify.