Are you considering buying a Tampa Bay Area property as a second home or investment? Perhaps you are looking for a small cottage or apartment where you can escape for vacation, or maybe you want to have another home closer to family. 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 qualifying for a mortgage on your second home can be a challenge. That is why we wanted to share some tips for qualifying for a mortgage on your second home in the Tampa Bay area to enable you to get a mortgage on your new second home.
Qualifying for a Mortgage on a Second Home
Generally, a mortgage lender will have tougher standards in qualifying for 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 because you are already paying a mortgage on your primary home. This will mean that your second home mortgage can be harder to get and might have a higher interest rate.
Here are just a few tips to keep in mind that will assist you in qualifying to get the best mortgage on your second property here in the Tampa Bay or surrounding area.
Build up your savings
Pay off some of or all of your Credit Card Debt
Use your First Mortgage as a Reference when purchasing your second home.
After speaking with your lender; the next step is contact Nick & Cindy Davis at 813-300-7116 or simply fill out the information below and we will get started finding your home in the Tampa Bay or surrounding area for you.
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