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TIPS TO GET THE BEST FINANCING ON YOUR SECOND HOME PURCHASE..
 
06/20/2013 By Lori  
 
Are you buying a property as your second home? Perhaps you are looking for a small cottage or apartment where you can escape to for your vacations, or maybe you want to have another home closer to your relatives?
 
Maybe you want to rent out your second property and make a steady income from your investment. Whatever the reason, a second piece of real estate can be a fantastic investment. However, sometimes getting a mortgage on your second home can present a challenge.
 
Generally, a mortgage lender will have tougher standards for vacation home — or second home — loans than primary home loans. This is because usually when you are buying a second home your finances will be stretched thinner and you will have less money to spare due to already paying a mortgage on your primary home.
 
This additional risk may mean that your second home mortgage can be more difficult to close and likely could carry a higher interest rate.
 
Here are three tips to keep in mind that will help you to get the best mortgage on your second property:
 
Build up a decent amount of ... more

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