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Ready to Buy Your Second Home


Second Home Buying Tips for Home Owners 🙂
It’s even more exciting to buy a second home !

 Now that you have good savings in the bank, and came to a decision it would be great to invest in a second home, there will be many items to check off your list.

Analyze and take your time. Be patient. Weigh the pros and cons of each place.  Ask yourself these important questions :
  1. How often will you visit and how much time will you spend there?
  2. Is it worth the investment?
  3. What will the appreciation be, realistically?
  4. How much will you have to pay every year for maintenance , collection and taxes?
Make sure you shop insurance you need, particularly if you want to buy a home near the beach.
Compare mortgage products. Loan standards and rates for primary and secondary homes are virtually identical, unless the lender considers the house an investment property. That could push the interest rate up 1.5 to 2 percentage points.
In making a down payment on your second home, you can use the equity in your primary home. You can either extract the equity by taking out a “cash-out” refinance, or by getting a home equity loan or an equity line of credit.
Generally speaking, interest on a mortgage for a second home is deductible from federal income taxes. But if you borrow from the equity of your first home to make a down payment on the second home, you can write off the interest on only the first $100,000 of equity debt.Always check with your accountant and loan officer and compare notes.A good realtor will prepare an estimated net sheet to give you an idea to what it will cost you to complete the process.If you enjoyed what you read and like to consider buying your second home, call Rima Jaridly ( 714) 599-3936

If you are ready to start looking click on the link and search like a pro ? ?