Second Home Buyer: What Home Loan Product Do I Pick from My Trusted Mortgage Provider
Two types of second-home buyers exist. The first aims to acquire a second property and keep it as a vacation home or investment. The second plans to purchase another home and sell their current property at the same time.
For homeowners seeking to sell the current property and acquire a new one, a bridging loan helps bridge their finances. Homeowners can borrow the value of their new property and request that amount in a bridging loan. The debt covers the upfront costs and down payment to help make the process easier. For the exact details of a bridging loan, contact our loan specialists at Mortgage House.
Homeowners who intend to keep both properties can obtain another mortgage to purchase the second property. Keep in mind that it will incur higher home loan interest rates. Since the property won’t serve as your primary residence, it carries a higher degree of risk for the lender. Nonetheless, Mortgage House offers a few home loans to consider including:
- The Essentials Low Rate Home Loan
- Advantage Standard 80 Home Loan
- Advantage 3 Years Fixed
The best product for each second home buyer depends on their current financial circumstances. To explore your options, speak with our loan specialists. Our loan terms compete with those offered by the banks. Plus, we extend mortgages to those who miss qualifying for the conventional version.
Second Home Buyer Mortgage Options
Second-home buyer mortgage options differ from first-time homebuyer loan products. Nonetheless, the loan specialists at Mortgage House have the tools to find the best product and competitive terms. Contact our team today.