NOW May be the Perfect Time

Buying a second home may be the perfect way to get that vacation home or for a weekend getaway. Or it can be a great way to acquire your ideal home to live in during retirement.

It’s always a big decision, so make sure to weigh the pros and cons with us before you buy.

Second Home: What are your goals?

If you want a weekend getaway spot, buying a home within a day’s drive of your current home will probably be your best choice.

On the other hand, if you’re looking for a future home during retirement, it’s a good idea to check out homes or condos that are single story, have an easy accessibility, and have adequate health facilities nearby.

We Know How to Save You Money!

For example, buying a second home more than 50 or 100 miles from your primary residence, or in a different county, can often help you obtain a lower interest rate on the mortgage loan.

Regardless of location, lenders will want to be sure you can afford both your first and second home mortgage payments comfortably.

Typically, they will want to verify you have at least a two-to-six-month cash reserve of PITI, or Principal interest, Taxes and Insurance.

This reserve demonstrates your ability to afford payments on your primary home and second home mortgage in the event of a job loss or other unexpected emergency.

Buying a second home can seem overwhelming, but with proper planning, you can rest easy knowing you’ll enjoy all the benefits of a second-home ownership.

We’re here to help you finance that second home you’ve been dreaming of!

Give us a call today!