Second Home Mortgage in California
- Special second time home buyer program
- Be the owner of your second home
- Your investment secured by real estate
- Make your dream come true
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Why Is Second Home Mortgage For You?
The second house is definitely a privilege in case it is suitable for your long lasting life goals. It can be used for short-term investment, family gatherings, work or rest. By owning a second house, you can protect yourself and your family in case of the inflationary pressure.
Easy financial system. If to talk about investment, the second time home buyer can use a loan hand. Give 20% (give as minimum as 5% down) of the price, and you can take a credit to cover everything else.
Tax benefits, which are available only in case of second home loan financing.
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Are You a Second Time Home Buyer?
Let’s say, we set a goal. Let’s consider now what it is and how it works. In such a way buying a home becomes an asset, which will gain value over time.
How does it work? Starting from your down payment, every monthly fee makes your loan size smaller. Thus, your equity becomes bigger. It also increases in case of a powerful estate market or any improvements you provide with your house.
Ways to Get a Second Home Loan
There are few ways to earn the 2nd house, and each one has its own requirements:
Low Loan Rates
Second home/vacation property loans have only slightly higher rates than primary residence mortgages.
In case of buying the main house, you’ll most likely get 3% down. Talking about a vacation house your minimum will be ten percent in good conditions.
A home equity loan is a good option for somebody, who already has necessary equity watching their property.
Your property can be considered as a proper second home if:
- Its owner is living there at least some while during a year.
- It’s being a one-part house (not consisting of two and more units).
- It can be used for a whole year.
- It’s completely a buyer’s property.
- It’s not being rented (either full-time or partly).
- It’s not occupied by a form of managers to operate it.
In case you’ve planned to use extra income for renting the vacation house, you should know that not every lender will accept this. You may be asked to provide every document of the whole history about your constancy in renting that house.
Second Home Loan Process
4 Easy Steps to Your Dream
Talk to Us to Know Your Options
Find Your Dream Home
Enjoy a Home Shopping Experience
Get a Loan Approval on the Terms You Want
Enjoy Your Homeownership
Apply for a Second Home Loan
If you’re interested in a getting second home mortgage in Los Angeles or California, feel free to apply online. All personal information is protected.
In case you’ve considered all the facts and still daydreaming about getting a second house, need more information or have any questions, feel free to request a free mortgage broker consultation. We’ll do our best to help you with your dream!