Need help financing a second home or investment property? The Home Equity Mart will introduce you to trusted mortgage lenders that offer premier 2nd home mortgages inn all 50 states.
Finance a Second Home Today with Attractive Mortgage Rates
Home Equity Mart can help you with the financing aspect for buying a vacation home or investment property. We will help you shop mortgage brokers that offer attractive second home financing and competitive rates on non-owner occupied home loans.
Is it difficult to get a loan for a second home?
To secure a conventional loan for a second home, you’ll generally need to meet elevated credit score requirements, typically ranging from 725 to 750, contingent on the lender’s criteria. Additionally, a robust monthly debt-to-income ratio is essential, especially if you aim to restrict your down payment to 20%. The Home Equity Mart can help you finance a second home or investment properties even if you do not have high credit scores.
What type of loan programs are available for a second home?
You have several options to finance your second home:
- Securing a second home mortgage
- Obtaining a home equity loan using your current property
- Acquiring a home equity line of credit (HELOC) on your existing property
- Opting for a cash-out refinance of your current mortgage.
There may even be money for remodeling the kitchen, or landscaping the yard with a new swimming pool!
What do mortgage lenders consider a Second Home?
When categorizing a property as a second home for financing purposes, certain criteria must be met. Firstly, it cannot be designated as an investment property intended for generating rental income. Additionally, the property must not be situated in close proximity to your primary residence.
While it’s reasonable to seek a second home in a location more convenient to work or family commitments, purchasing a property too close to your primary residence would not meet the criteria for a second home. During the loan application evaluation, the rationale behind acquiring the second home will undergo scrutiny.
We will help you get approved for a second home loan by getting cash out of your primary residence so you do not have to take money out of savings if you do not want to. Home Equity Mart has a proven track record matching consumers with brokers that offer for second-mortgage opportunities and HELOC programs,
A second home can fulfill various purposes. Here are some reasons why you might choose to purchase a second property:
Utilize it as a vacation home or home away from home: You may opt to acquire a second home in a vacation destination frequented by you or your family, or situated near a work office frequently visited for business purposes.
Rent it out or your primary home: You could choose to rent out the second property to vacationers or short-term tenants, or alternatively, move into it and rent out your primary residence. In either scenario, you can generate a relatively passive income stream through rental payments.
Utilize it as an investment asset: You might invest in a second home located in a burgeoning housing market with the aim of renovating and selling it for a profit.
Finance Your Dream Vacation Home Today!
Get approved for a low rate 2nd home purchase loan to help buy a vacation home or an investment property.
Home Equity Mart believes that you can t afford miss out with a sound real estate investment. When the opportunity arises, you need to be able to make an offer to the seller. We will help you finance a second home and qualify for a discounted interest rate that helps the mortgage payment fit into your budget.
Let us help you get a free 2nd Home Loan Quote today!