Is Buying a Second House Easier than the First?
Homeowners know that the process to obtain a mortgage is long and arduous. Homebuyers must provide several pages of financial documentation, proof that they can repay the home loan, and other supporting information. The good news is that purchasing a second house is much easier.
Ideally, a homeowner’s financial circumstances will remain the same or improve after their first property purchase. In addition, lenders would like a homeowner to build equity in their first home. Some industry insiders believe that it takes five years to build meaningful equity in a residential property.
When you purchase a second property, you can work with your current lender. They have your first application on record. Thus, they can use it as a reference. Sometimes it’s worth exploring what other lenders can offer. For example, Mortgage House competes with banks on several levels. We offer competitive home loan terms to well-qualified homebuyers. We also offer formidable mortgage terms to homebuyers who do not qualify with banks.
A second property offers several advantages including the opportunity to build more wealth.
Our loan specialists evaluate your application. Based on your current financial position, they can offer a package that fits your goals. Once you become a Mortgage House client, you receive access to our other financial products such as our car loan.
Purchase a Second House Conclusion
Homeowners who remain interested in purchasing a second house can contact Mortgage House. Our loan specialists remain available to answer your questions, evaluate your application, and offer competitive home loan terms. Contact our team today.