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.

Don't forget to bookmark Mortgage For Buying A Second Home to your favorites and visit often for more tips. You can also invite friends to comment on this page or ask another question of their own like you did.

Best Wishes,


P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.



Return from Mortgage For Buying A Second Home to Get-Your-Best-Mortgage-Rate

P.S. Check out Best Mortgage Rate Blog yourself! It's an entertaining source of mortgage information. Subscribe now to the RSS feed.

Top of Mortgage For Buying A Second Home

Home to

Click here to add a comment.

You can also ask Kate about your mortgage at Ask Kate About Buying a House.

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More