Financing a Second Home in San Diego

Are you considering buying a San Diego property as a second home or investment? Perhaps you are looking for the profit of a vacation rental, a vacation home to keep for yourself, or maybe you want to have another home closer to family. Whatever the reason, a second piece of real estate in San Diego is a great investment. However, funding that puchase will be different than your primary residence, and getting a mortgage on that second property can be a challenge.

Generally, mortgage lender requirement standards for second home loan will be tougher than primary home loans. This is because purchasing a second home will create more demand on your finances and you will have less money to spare because you are already paying a mortgage on your primary home. This is why your second home mortgage can not only be harder to get, but is also likely to have a higher interest rate.

Here are some tips to keep in mind that will help you to get the best mortgage on your second property:

Build up savings. Your mortgage lender will want to be able to see that you have a large amount of savings so that you will have enough to pay for the mortgage even if you were to lose your job.

Pay down credit card debt. Many lenders will be hesitant to approve your second home mortgage if they see that you have a lot of debt on your credit card. They will want to see that you have a low debt to income ratio so that you will be able to pay back the loan.

Use the first mortgage as a good reference. If you have always made your payments on time and you are most of the way through paying off your first house, you could ask someone from your current mortgage company to vouch for you. The lender for your second mortgage will be reassured that you are a reliable person to loan money to.

These are just a few tips to keep in mind in order to make getting a mortgage for your second property as easy as possible. To find out more about investing in San Diego property, or to be connected with a trusted lender, contact me.

Scroll down to see some listings in San Diego's hot rental and vacation real estate markets of Mission Beach and Pacific Beach!
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San Diego, CA 92109
$1,950,000
0
sqft
0
Baths
0
Beds
To schedule an Open House or to request more information about this property, call Collins Coastal at (858) 252-0200.
San Diego, CA 92109
$4,980,000
2389
sqft
4
Baths
3
Beds
An extraordinary opportunity to own two enchanting beach cottages on a prized corner lot boasting over 70 feet of ocean frontage directly across from Law Street Beach and Palisades South Park.
San Diego, CA 92109
$2,395,000
1817
sqft
3
Baths
4
Beds
Dwell West Homes Proudly presents this beautifully reimagined home.
San Diego, CA 92109
$1,699,000
1040
sqft
2
Baths
3
Beds
3 blocks from the beach! Experience vacation living every day in this beautifully updated beach house.
San Diego, CA 92109
$3,295,000
2596
sqft
3
Baths
3
Beds
Coastal Sanctuary with Panoramic Views 1624 Malden Street | North Pacific Beach | Offered at $3,295,000 3 Bed | 3 Bath | 2,596 sq.
San Diego, CA 92109
$3,495,000
0
sqft
0
Baths
0
Beds
Welcome to this immaculate duplex located blocks down from the sandy shores, offering the perfect blend of coastal living and turnkey investment potential.
San Diego, CA 92109
$1,888,888
1620
sqft
2
Baths
3
Beds
Beautifully remodeled home at the hilltop end of a cul-de-sac on the left-hand, bay view side of the street which includes sit down bay views and Seaworld fireworks.
Outside Area (Inside Ca), CA 92109
$2,695,000
1343
sqft
3
Baths
3
Beds
Spanish-Style 3Br, 3Ba Mission Beach Home with Ocean and Bay Views! 60 feet from the boardwalk and sand.
John Collins

John Collins

DRE# 01948188
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