Mortgage For Buying A Second Home
by Home Buyer
Ask Kate about a mortgage for buying a second home: Kate, can I get a second residential mortgage to buy a second house while having a first home on a residential mortgage? I want to keep my first home and buy another. But I need mortgages on both.
Kate Answers: A Mortgage For Buying A Second Home
Dear Home Buyer, Yes, a homeowner may own more than one home with a mortgage. Multiple owned houses each with a mortgage are possible. It all depends on your qualifications for borrowing money.
Is the second home a vacation home or are you just buying another home before you sell your current house? Either way, you will be required to qualify for both mortgage payments.
Now if one of the two homes is going to be used as rental property, ask your mortgage lender if rental income can help offset the monthly house payments in the debt ratio calculations.
I have provided links to more tips for buying a house below for your convenience. After reading through them, please let me know if you have additional questions.
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