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I just paid off my first house. What steps do I need to take to buy my second home?

by nathalievanman from Miami, Florida. Jul 16th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Just get in touch with a mortgage broker local to where you wish to purchase and get pre approved.. that simple.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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David Sanders (David_Sanders)
#811 ranked lender in California - 59 contributions

Congratulations on the payoff of your first home! You need to find out what loan amount you can qualify for and look for a home in that price range. Additionally I'd like to add that nobody else mentioned. I know conventional wisdom says the American dream is to be debt free. Try to keep an open mind and talk to a strong financial advisor. If you are not retired and are invest-minded then I would consider using the equity in your property to purchase the next one. Keep the leverage and risk always on the banks. You don't want to keep equity tied up in property. In most cases. However that is a very advanced conversation you should be having with a mortgage planner and not a loan officer. Additionally with a financial advisor in the mix. Do your homework and crunch the numbers. There are better options usually then having 100% equity tied up.

Jul 17th 2013
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Barclay Butler (Barclay)
#83 ranked lender in Illinois - 76 contributions

You just need to fill out an application. You need 10% down, with a 620 credit score. Please call or email if you have any questions. bbutler@barclaybutlerfinancial.com. 800-301-5626. Barclay Butler. You can also fill out an application on my secure website. www. barclaybutlerfinancial.com

Jul 16th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Depending on the price of your second home, your best loan terms may be to obtain an equity loan on your primary residence, and pay cash for the second home.A true "second home", also known as a "vacation home" must normally be at least 50 miles away, and can generate no rental income, and will be at a slightly higher rate, and require 20% down, on average.

Jul 16th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Just get in touch with a mortgage broker local to where you wish to purchase and get pre approved.. that simple.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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Richard Airey (richardairey)
#3 ranked lender in Maine - 662 contributions

Generally speaking, purchasing a second home will require a down payment of 10%. Your first step will be to contact your local Mortgage Banker and get pre-approved. Although we are located in Maine, we do have a loan officer who is licensed and does business in Florida. I'd be happy to put you in touch with her. She has over 20 years of experience. Feel free to call me at 207-321-5307.

Jul 16th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

The others have given some good information. I would add, that you need to find a local, licensed mortgage professional in the area where you want tobuy your second home. You will need to have the 10% down, and your rate may not be quite the prime that you keep hearing on the radio.Congratulations on paying off that first home -- you have reached a very high level already toward financial security!

Jul 16th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

Contact a local mortgage broker. Give them a full application... decide what programs are available to you, what you can afford, and what the payments will be. Then happy house hunting!

Jul 16th 2013
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Mark Collins (ahfund)
#129 ranked lender in Florida - 13 contributions

When some people say a second home they mean a house they will be using for vacation. Other times they plan to move into the new home. And those left over are considering their acquisition as an investment property. Since I'm not sure where you fit it's hard to provide specifics about down payment and qualifying. However, I do agree that the best thing to do is to contact several loan officers and mortgage brokers to find one that listens to you and understands what you are trying to achieve. Please visit http://ourfundamerica.com and click on Free Reports for some great information to help you.

Jul 17th 2013
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