The Benefits of Buying a Lake House

Buying a lake house should feel like sunrise on calm water—not a guessing game. In this guide, you’ll learn how to finance a lake home (second home vs investment), what insurance and flood rules to expect, which shoreline and dock permits can delay closing, and how local short-term rental laws affect your loan and cash flow. Use the checklist to avoid surprise costs and get pre-approved the right way—so your first day at the lake isn’t spent on paperwork. Dale Elenteny, a senior mortgage loan originator at Gustan Cho Associates says the following about the benefits of buying a lake house.

If you’re looking for a place to fish to escape the hustle and bustle of city life, you’ll want to check out one of these top US towns in this guide for lake fishing.

From secluded mountain lakes to sprawling reservoirs, there’s sure to be a spot nearby where you can cast your line and enjoy some peace. But before you head out, it’s important to research and ensure you’re aware of the regulations in place for the body of water you’ll be fishing in. In the following paragraphs, we will cover the benefits of buying a lake house.

Is Buying a Lake House a Good Investment?

Buying a Lake House is always a great investment. Lake homes appreciate faster than traditional real estate. Not only is buying a Lake House a Great Investment, but living in a Lake House is like always being on vacation. A great benefit of living in a waterfront lake house is the proximity of water sports, says Dale Elenteny,  a senior loan officer and owner of a lake house in Michigan:

Another great benefit of buying a lake house is the proximity to watersports. Water lovers have access to jet skiing, boating, and water skiing anytime  without the nuisance of being stuck in traffic or hauling their water sports equipment.

If you love to fish, there’s no better place to be than one of the top US towns for lake fishing. From the clear waters of Idaho to the deep lakes of Minnesota, there’s a perfect spot for every angler. Let’s start with just a few of the best US towns for lake fishing because we have many towns to discuss! We will break them down into four smaller groups so you can enjoy the details.

Buying a Lake House in Coeur d’Alene, Idaho

This idyllic town is on the shores of Lake Coeur d’Alene, a stunning body of water teeming with trout. There’s also excellent bass fishing in nearby Hayden Lake.

Buying a Lake House in Duluth, Minnesota

Duluth is home to some of the biggest lakes in the country, including Superior and Huron. These vast bodies of water are full of walleye, pike, and other game fish. Duluth is home to over 100 freshwater lakes, making it a fisherman’s paradise. The city also offers easy access to the world-renowned Lake Superior, where you can fish for salmon, trout, and other species.

Buying a Lake House in  Missoula, Montana

With its proximity to several world-class trout streams, it’s no surprise that Missoula is a mecca for fly fishermen. The Bitterroot River is a trendy spot for catching big brown trout. With over 30 different lakes within an hour’s drive of downtown Missoula, this town is perfect for those who love to fish. The area is known for trophy trout fishing, so bring your best gear!

Whether you’re looking for trophy fish or a relaxing day on the water, one of these US towns will surely have what you want. So grab your rod, reel and head to one of these top fishing destinations.

There are plenty of great fishing spots in the United States. From the crystal clear streams of Colorado to the lush lakes of Michigan, anglers can find world-class fishing that’s close to home. Whether you’re looking for a fun weekend getaway or a long stay in a lakefront cabin, let’s look at some more towns, as there’s something for everyone in these top US towns for lake fishing.

Benefits of Lake Fishing

There’s nothing quite like casting your line in a still lake and waiting for the tell-tale tug that means you’ve got a bite. Lake fishing is one of the most peaceful and rewarding forms of fishing, and luckily, there are plenty of great lakes to choose from all around the United States. Here is our next set of the best towns for lake fishing in America:

Buying a Lake House in Asheville, North Carolina

Asheville, North Carolina, is surrounded by stunning mountain lakes that offer great fishing for bass, trout, and other species. In addition to the many public lakes in the area, several private clubs offer memberships.

Buying a Lake House in Lake Tahoe, California

Lake Tahoe is located on the border of California and Nevada. With its crystal-clear waters, breathtaking mountain views, and great weather year-round, it’s no surprise that this beautiful lake is a favorite among anglers. Whether you’re looking to catch trout, bass, or salmon, you can find a variety of species here. Plus, there are plenty of places to rent boats or take guided tours if you still need to get your boat.

Buying a Lake House in Lake Havasu, Arizona

Lake Havasu in Arizona is a stunning lake perfect for fishing enthusiasts who love spending time in the desert sun. Located near the vibrant city of Las Vegas, Lake Havasu offers many warm and cold water species like catfish and largemouth bass. You can also find plenty of marinas to rent boats or purchase bait and tackle.

Buying a Lake House in Lake Superior, Michigan

Lake Superior in Michigan is a freshwater wonderland that is a true paradise for avid fishermen with its vast fish species, including lake trout, walleye, northern pike, and whitefish. Countless boat launches around the lake allow you to easily access great spots for casting your line.

Buying a Lake House in Top US Towns for Lake Fishing

The United States is home to some of the best freshwater fishing in the world. If you’re looking for a great place to cast your line, check out one of these top US towns for lake fishing. Here is our third group of best Fishing Lake Towns.

Buying a Lake House in Eau Claire, Wisconsin

Eau Claire is another great town for lake fishing. The Chippewa River flows through the town, providing ample opportunity to catch various fish species.

Buying a Lake House in Boise, Idaho

Boise is located in the heart of Idaho’s potato country, but it’s also home to some great lakes for fishing. Lucky Peak Reservoir and Arrowrock Reservoir are popular spots for catching bass and trout.

Buying a Lake House in Traverse City, Michigan

Traverse City is located on the shores of Lake Michigan, making it a prime spot for freshwater fishing. The area also has several smaller lakes, perfect for a more peaceful fishing experience. Traverse City, located on the shores of Lake Michigan, gives anglers access to some of the best freshwater fishing in the country. The several smaller lakes and streams in the area are worth exploring.

Buying a Lake House in Colorado Springs, Colorado

If you’re looking for a beautiful place to drop a line, look no further than Colorado Springs, CO. Nestled at the base of Pike’s Peak, this town is home to some of the best lake fishing in the country.

With over 250 lakes within an hour’s drive, you will surely find the perfect spot to cast your line. In addition to great fishing, Colorado Springs also offers many other activities to enjoy.

From hiking and biking trails to world-class museums, there’s something for everyone in this vibrant city. So whether you’re looking for a peaceful day on the lake or a weekend full of adventure, Colorado Springs is the perfect place.

Buying a Lake House in Grand Marais, Minnesota

Grand Marais, Minnesota, is the perfect destination for enjoying fantastic lake fishing. Situated on the shores of Lake Superior, Grand Marais is home to some of the best walleye fishing in the country.

There are also plenty of opportunities to catch other fish, such as pike, bass, and trout. In addition to being a great place to fish, Grand Marais is also a beautiful town with plenty of activities and attractions for visitors to enjoy.

Check out the historic downtown area with its unique shops and restaurants. Several state parks and hiking trails are nearby for those who want to explore the great outdoors.

Buying a Lake House in Houghton Lake, Michigan

Houghton Lake, Michigan, is a beautiful town in Michigan that is known for its expansive lake. The area around the lake is perfect for fishing, as plenty of fish can be found in the water. Many different types of fish can be caught in the lake, making it a great place to fish for both beginner and experienced anglers.

Buying a Lake House in Lake Placid, NY

If you’re looking for a breathtaking location to cast your line, look no further than Lake Placid, New York. Situated in the Adirondack Mountains, this picturesque town is home to over 30 lakes and ponds, making it a true paradise for fishermen.

Whether you’re hoping to catch trout, bass, or pike, you will succeed in one of Lake Placid’s many fishing spots. Mirror Lake is a great option for those who want to try ice fishing, while the Ausable River is perfect for fly fishing enthusiasts.

No matter what type of fisherman you are, you’re sure to enjoy spending a day (or two) on the lake in Lake Placid. So pack your tackle box and head to upstate New York for an unforgettable fishing adventure.

What to Bring on Your Fishing Trip

When packing for your fishing trip, be sure to bring all the essentials:

• A good quality rod and reel
• A tackle box with lures, hooks, and line
• A net
• Polarized sunglasses
• Sunscreen
• Hat
• Bug spray
• Fishing license
• First Aid kit (including insect bite relief)
• Snacks and drinks

Buying a Lake House in Other Great Lake Fishing Towns Worth Mentioning

Fishing is a popular pastime for many Americans, and there are plenty of great places to drop a line. If you’re looking for the perfect spot to cast your line, check out some of these other top US towns for lake fishing in our fourth group.

Buying a Lake House in Milford, Connecticut

Milford boasts an impressive variety of freshwater fish, including bass, trout, and walleye. This scenic town is perfect for anglers who want to enjoy peaceful days on the lake.

Buying a Lake House in Twin Lakes, Wisconsin

In southeastern Wisconsin, Twin Lakes provides a picturesque backdrop for fishing enthusiasts. Here you’ll find northern pike, walleye, sunfish, and more.

Buying a Lake House in Bull Shoals Lake, Arkansas

Bull Shoals Lake offers plenty of fishing opportunities for anglers of all skill levels. From largemouth bass to crappie and catfish, there’s something here for everyone who loves to fish.

Buying a Lake House in Priest Lake, Idaho

Priest Lake is ideal for summertime lake fishing trips with its crystal clear water and abundant fish population. Here you’ll find rainbow trout, cutthroat trout, lake trout, kokanee salmon, and more waiting to be caught!

Buying a Lake House in Boulder Junction, Wisconsin 

Boulder Junction is often called the “Muskie Capital of the World.” The town is in northern Wisconsin near many large lakes, making it a great place to fish for muskies or other fish species.

Buying a Lake House in Kenai, Alaska

Kenai is a small town in Alaska that’s home to some of the best salmon fishing in the world if you want an adventure, head to Kenai for a once-in-a-lifetime fishing trip.

Buying a Lake House in a Fishing Lake Area

If you love fishing, there’s no better place to live than near a fishing lake. Not only will you have easy access to great fishing spots, but you’ll also enjoy the beautiful scenery and peaceful atmosphere of living by a lake. There are many fantastic fishing lake areas in the United States, so it can be tough to choose just one.

We hope from the lists given that you can narrow down your options, as we’ve compiled some of the best towns for lake fishing in the country.

Moving to a fishing lake area can be an exciting and rewarding experience. Not only will you get to enjoy great fishing, but you’ll also get to become part of a unique and vibrant community. If you’re looking for an idyllic setting to relax and enjoy great fishing, be sure to check out one of these top US towns for lake fishing: If you’re lucky, you may even end up with your private spot on the lake!

Working with Realtors and Lenders to Locate Fishing Nearby

If you’re looking to live near some of the best lake fishing in the country, you’ll need to consider a few things. Working with a Realtor specializing in properties near lakes can be a great first step, as they’ll be familiar with which areas offer good fishing and can help you find a home that meets your needs. It’s also important to work with a Lender that understands the unique financing needs of lakefront property, as traditional mortgage products may not be available.

There are many different types of lakes across the United States, so it’s important to consider what kind of fishing you’re interested in before deciding. For example, if you’re looking for largemouth bass or trout, you’ll want to focus your search on lakes in the northern part of the country.

However, southern lakes will be a better bet if you’re more interested in catfish or crappie. Once you’ve decided on a general location, working with a local Realtor and Lender will help you narrow your options and find the perfect spot to cast your line.  Remember consulting with a local Realtor or Lender can help point you in the right direction. They’ll be able to tell you about any special permits or licenses that may be required and give you tips on where to find the best fishing spots. With their help, you can locate a spot where you can reel in a big one in no time. So what are you waiting for? Start planning your trip today!

Lake House Mortgages: Second Home vs. Investment vs. DSCR & Non-QM

Your loan type depends on how you intend to use the property.

Second Home (Vacation Home):

• You occupy it personally (no property manager control; limited rental use if allowed by the program).
• Typically, lower down payment is lower than commercial/portfolio options; reserves are often required.
• Lower pricing hits than investment, but still an add-on vs. primary residence.

Investment Property:

• You plan consistent rentals, or it won’t qualify as a second home.
• Higher down payment and pricing add-ons; more stringent DTI/reserves.
• Rental income may be used per program rules.

DSCR / Non-QM Options (When Income is Complex):

• Underwriting based on Debt Service Coverage Ratio (market rent vs. payment) or bank-statement programs for self-employed.
• Useful if tax returns understate income or if you plan a STR.
• Rates/terms vary; ideal for unique properties or heavy rental strategy.

Not sure which route fits? We’ll compare second-home vs investment vs DSCR side-by-side so you can see payment, reserves, and cash-to-close on one sheet.

Whether you are an experienced angler or a first-timer, these top US towns for lake fishing provide the perfect opportunity to cast your line in paradise.

From pristine mountain lakes to glistening coastal waters, there is no shortage of scenic spots and thrilling catches awaiting your next fishing trip! Start planning your fishing outing today, and make sure you get the most out of it with our comprehensive list of the best US towns for lake fishing.

Final Thoughts Buying a Lake House

Remember, fishing can be a great way to relax and enjoy nature, especially on the beautiful, scenic lakes of the United States. From Minnesota to Missouri and from Michigan to Montana, plenty of wonderful towns offer excellent lake fishing opportunities. With the right gear and a little patience, you can have an enjoyable time while catching some big ones. So make sure you cast your line in paradise – these top US towns will give you an unforgettable experience!

If you should decide to buy, before you begin looking for a home and during the process, we have vast experience working with buyers to get them ready to purchase their dream home.

We can take you through your home loan’s buying and financing process. We also can connect you to title companies/attorneys and real estate agents in your area that can help as needed. Borrowers who need a five-star national mortgage company licensed in 50 states with no overlays and who are experts on buying a lake house, please contact us at 800-900-8569, text us for a faster response, or email us at alex@gustancho.com.

Frequently Asked Questions About Buying a Lake House:

How Much Down Do I Need to Buy a Lake House?

• Buying a Lake House is buying a second home and not an investment property.
• In general, Fannie Mae and Freddie Mac require a 10% down payment on conventional loans for second and vacation homes.
• Non-QM loans require 20% down payment on second homes.
• However, borrowers with high credit scores can get financing on second homes with a 10% down payment.

Is a Lake House a Second Home or an Investment Property?

•  It depends on your intended use.
• Occasional personal use with limited rentals may fit second-home rules; frequent STR usually counts as an investment.
• Your intent drives the loan category and pricing.

Do I Need Flood Insurance if the Home is on a Lake?

•  Lenders require flood insurance based on flood zone, not just proximity to water.
• If needed, get a zone check and an elevation certificate; a voluntary policy can still be smart even when unnecessary.

Can I Airbnb a Lake House on a Second-Home Mortgage?

•  Most second-home loans limit rental activity. If you plan regular STR, you’ll likely need an investment or DSCR loan.
• We’ll confirm rules before you apply.

What Special Inspections Should I Get for a Lake House?

•  Beyond a general home inspection, plan for septic/well, water-quality testing, shoreline/seawall, and dock/lift.
• Ask for permit history and transferability in writing.

What are Riparian Rights, and Why do They Matter?

•  Riparian rights govern shoreline use (docks, access, water use).
• They vary by state and sometimes by lake.
• Your title work and permits should confirm what you can and cannot do.

How Do Lake Association or HOA Rules Affect Ownership?

• They can set quiet hours, boat size/hp, wake rules, and rental limits, and may charge fees or special assessments.
• Review the bylaws early to avoid surprises.

How Do Winter Conditions Impact Lake Homes and Loans?

1. Seasonal roads, freeze lines, and ice heave can affect appraisals, insurance, and maintenance.
2. Confirm winter road plowing and winterization procedures.

Can Rental Income Help Me Qualify for a Lake House?

• Yes, it is on investment loans and some programs with documented lease or market rent. DSCR options can qualify based on property cash flow rather than personal income.

What Ongoing Costs Should I Expect Besides the Mortgage?

• Insurance (possibly flood), taxes, HOA/association dues, dock/lift upkeep, winterization/storage, utilities, maintenance, and any STR licensing/taxes if renting.

How Long Does it Take to Close on a Lake House?

• Waterfront appraisals and permit docs can add time.
• Start insurance quotes, permit verification, and HOA review early to keep the file moving.

Can Gustan Cho Associates Help if My Income is Complex?

• Yes.
• We offer conventional and non-QM options (bank-statement and DSCR), plus no-overlay expertise, to match your goals with the right program.

This article about “The Benefits of Buying a Lake House For Fishing” was updated on October 21st, 2025.