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How Different is the Mortgage Process for My Second Home?

How Different is the Mortgage Process for My Second Home?

What to expect as you get a mortgage for a second home…

How Different is the Mortgage Process for My Second Home?

You've found the perfect second home and the mortgage process isn't quite the same. Why is that, and how is it different?

In most ways, the process is similar. You still have to have a financial analysis, credit score, appraisals, etc. Your assets are a bit different, because your first home is a part of the picture. That gives you two things: time to look and equity in your current residence. If you aren't renting out that second home regularly, then it isn't considered an investment property and the process is very similar to your first house.

Still, actually getting the mortgage for that second home may feel completely different because you know a bit more about the process and the hidden costs of home ownership. You don't have to make decisions under pressure because you know that your family has a place to live next month. You have that base of home equity to work with and some experience making mortgage payments.

It's a good idea to consult with your financial advisor to see if there are specific circumstances in your situation that you should be aware of. Dreams of a vacation home turn into nightmares without expert advice! Midland Mortgage Corp. can help you decide if this is your best time to buy a second home and give you an idea of what the process for this second mortgage will entail.

Posted Jun 20, 2013 by Midland Mortgage Corporation