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Investment Alert: Can You Afford a Second Home?
 

Most of us have dreamt of having a vacation home. It could be on the beach in New England, somewhere tropical, or even somewhere foreign. Many consumers don’t realize that with the proper research, their dream vacation home might actually be in reach. Instead of visualizing how relaxing vacations and weekend getaways could be, why not try to make your second home a reality?
 
The first step to purchasing a second home is organizing your finances to make sure you can afford it without compromising the security of your other assets.
 
These tips can help you assess whether or not you are ready to invest in a second home.
 
1. Figure out what you can reasonably afford by looking closely at your income, savings, and spending habits. Future expenses need to be factored into your budget, such as the likelihood of replacing a car or adding to your family.
 
2. Check each of your three credit reports well before you start looking at houses or shopping for lenders. If your credit score needs improvement contact a credit counseling agency or ask your mortgage company for advice.
 
3. Create a budget. A budget not only ... more

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