Mortgage For Buying A Second Home
by Home Buyer
(USA)
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.
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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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Best Wishes,
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How To Buy A House Part 1 Meet your real estate agent and save yourself heartache and headache.
How To Buy A House Part 2 Meet your mortgage lender - Discover why closing loans requires more than quoting the lowest rate or taking an application.
How To Get A Mortgage Part 3 Meet your home inspector and avoid buying a money pit. It's THAT simple!
How To Get A Mortgage Part 4 Meet your real estate appraiser - Don't fall into the trap of thinking the appraisal assures you of a good deal.
How To Get A Mortgage Part 5 Meet your title insurance companies for little known coverage resulting in peace of mind.
How To Get A Mortgage Part 6 Meet your homeowners insurance agent because there is more to getting insurance than the cheapest quote.
How To Get A Mortgage Part 7 Meet your escrow and HUD 1 statement - Find out why escrow is the guardian of your real estate transactions.
Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house.
Ask Kate About Home Buying - Ask a question to get an answer from Kate.
How To Buy A House Q and A - A complete collection of questions about home buying, each with a individual answer from Kate
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