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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Learn More About Your Dream Team
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 - Expect more than quoting the lowest rate or taking an application.
Check out List of Mortgage Companies, a local lender directory.
How to Get a Mortgage Part 3 Meet your home inspector and avoid buying a money pit.
How to Get a Mortgage Part 4 Meet your real estate appraiser - Does an appraisal assures you of a good deal?
How to Get a Mortgage Part 5 Meet your title insurance companies for coverage resulting in peace of mind.
How to Get a Mortgage Part 6 Meet your homeowners insurance agent because there is more to it than the cheapest quote.
How to Get a Mortgage Part 7 Meet your escrow and closing disclosure form, the guardian of your real estate transactions.
Title, Abstract Services and Escrow Agents, a mortgage service provider directory.
How to Buy a House Questions and Answers II.
How to Buy a House Questions and Answers I.
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P.S. Check out Best Mortgage Rate Blog
yourself! It's an entertaining source of mortgage information. Subscribe now to the RSS feed.
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