Can I Buy Another House If I Already Have One?
Buying the Second & Subsequent Properties Becomes Easier.
If you are an existing homeowner, you may want to know if you can buy another house even though you already have one. There are no laws that stipulate the number of homes you are allowed to buy, therefore, yes, you can buy another house if you already have one. However, you may find it difficult to obtain approval from your home loan provider for a second home loan if you already have an existing mortgage due to the high-risk nature. Holding a solid financial position is essential to gaining approval for a second home through your existing home loan provider.
When you apply for a second home loan, your provider will thoroughly review your previous loan application and financial documents in order to determine if your financial status has improved or remained the same. Then, they will calculate the amount of equity you have accrued through owning your first home and determine if you are financially capable of managing the repayments of both mortgages.
Equity is described as the difference between the amount you owe on your existing mortgage and the value of your current property. Depending on the amount of equity you have accrued, your provider may allow you to use the equity as a security for your second mortgage.
At Mortgage House, we have a wide variety of home loan offerings for second-home buyers. If you are interested in learning more about our various second-home buyer offerings, you should visit our website or reach out to our team of professionals for further information and specialized assistance.