Second Home Mortgages
Buying a Second Home
Dreaming of a vacation home down on a beach? Or maybe a dream home in the mountains? Or maybe you just want to buy a new home for your child? Whatever the case may be for buying a second home, we at Guaranteed Rate have the right home loan to meet your needs!
Wondering how a second home could affect your finances? With our mortgage calculator, you can figure out just how much home you can afford before even starting the house searching process. Getting your finances in order is crucial when getting a mortgage and planning and buying a second home.
Buying a Second Home Tips
Take your time when buying a second home. You already own one home and you should make sure you don’t rush through your research for your next home. Once you find a house at an affordable price, give yourself at least a 24-hour period to research it before committing any money towards it.
Keep in mind if you’re investing in a second home that’s in another state, your title fees may vary, depending on the state.
Another issue with buying a second home is taxes. Your mortgage interest from a second home may or may not be tax-deductible. Consult with a tax professional or check out our Tax Calculator to see what you should be expecting if you purchase a second home. For some additional tax tips for second home owners from TurboTax, click here.
How A Real Estate Agent Can Help With Your Second Home
When buying a second home, you usually don’t know the area of your new home as well as you did when looking for your first home. That’s why it’s necessary to find an experienced real estate agent to help you find your second home.
A real estate agent has the insider knowledge you need to buy a second home from a location you’re unfamiliar with. Not only do they have market knowledge of that particular neighborhood, but they have access to homes that might not be listed on the market, that are still looking for buyers.
If you don’t have a real estate agent yet to help you with your second home, check out our exclusive database of agents to find an agent across the country.
How Can Guaranteed Rate Help You With Your Second Home?
We’re licensed in all 50 states and Washington, D.C., so buying a second home in another state won’t be a problem. We have home purchase experts available wherever you’re planning on buying your second home. Or just call us at (773) 435-7920 and we’ll connect you with a licensed home loan expert in your new home’s state.