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
$1,979,000
1305
sqft
2
Baths
2
Beds
This home is perfectly located steps to Mission Bay and Mission Beach.
San Diego, CA 92109
$799,000
903
sqft
2
Baths
2
Beds
This spacious two-bedroom, two-bathroom condo is nestled in a cozy gated community in the heart of Crown Point.
San Diego, CA 92109
$629,000
700
sqft
1
Baths
1
Beds
Live just blocks from the surf, sand & coastal entertainment in this bright and airy 1 Bedroom 1 Bath condo for a great Coastal Price! Located in the highly sought-after gated Pacific Shores building...
San Diego, CA 92109
$1,300,000
868
sqft
1
Baths
3
Beds
Nestled behind a white picket fence, this charming cottage in the heart of Crown Point blends timeless appeal with coastal convenience.
San Diego, CA 92109
$2,499,000
2923
sqft
3
Baths
6
Beds
Dont miss this spacious Pacific Beach home with prime cul-de-sac location in the coveted neighborhood of Harbour Heights.
San Diego, CA 92109
$2,100,000
1173
sqft
2
Baths
3
Beds
Just Listed in South Mission Beach ! All Coastal 1031 Buyers, Rental Income Buyers, Summer Buyers needing a Detached Single Beach House with great Parking + Patio!!! This charming beach soaked Single-...
San Diego, CA 92109
$2,195,000
1766
sqft
3
Baths
3
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
$2,900,000
0
sqft
0
Baths
0
Beds
Lowest price per unit in all of Mission Beach!! Located steps from the beach, 2931 Mission Blvd is an exceptional 8-unit property in the heart of Mission Beach.
John Collins

John Collins

DRE# 01948188
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