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!

$1,599,900
San Diego, CA 92109
Area: 2331
5
4
$1,599,900
San Diego, CA 92109
Area: 2331
5
4
$1,049,000
San Diego, CA 92109
Area:
$1,495,000
San Diego, CA 92109
Area: 0
2
1
$1,099,000
San Diego, CA 92109
Area: 1891
3
3
$1,379,900
San Diego, CA 92109
Area: 1864
4
4
$939,000
North Pacific Beach, CA 92109
Area: 1529
3
3
$424,900
San Diego, CA 92109
Area: 600
1
1

10203 Kerrigan St

Categories:For Sale, Real Estate Investment, Virtual Tour, Market Update, VideoAuthor:Date:2020-02-14

1755 Red Barn Rd Encinitas 92024

Categories:Encinitas, Income Property, For Sale, Real Estate InvestmentAuthor:Date:2019-11-05
Village Park Encinitas townhome, updated and ready for move in. Come enjoy North County San Diego coastal living!

8375 Suntree Pl San Diego 92119

Categories:Real Estate Investment, For Sale, Income Property, Open HouseAuthor:Date:2019-09-03
8375 Suntree Place, San Carlos: Amazing value in a twinhome that lives like a detached home. Park-quiet street and well chosen upgrades mean this San Diego home for sale will not last long!

477 Chardonnay Ct San Marcos 92069

Categories:Open House, For Sale, Income PropertyAuthor:Date:2019-07-03
Located in the Vineyard Hills section of north San Marcos, this cul-de-sac home is beautiful and completely move-in ready! 18 foot ceilings, tile, and crown molding wow you as you enter this property that is sure to go fast!

2680 Worden St 68 Point Loma

Author:Date:2018-11-27
Welcome to Point Loma Tennis Club. Sporting club-like amenities and open areas, located minutes from the sand, parks and rec areas, nature hiking, shopping, and freeway access, it's hard to imagine a better location at such a competitive price point!

2640 Worden St 205 92110

Categories:Income Property, For Sale, Real Estate Investment, Point Loma, Ocean Beach, Virtual TourAuthor:Date:2018-10-05
Located in the ideally located Point Loma Tennis Club, this property is exeptional in many ways.  Go from your doorstep to having your feet on OB pier in less than 10 minutes for under $400,000!  Upgraded and lovingly cared for owner occupants, this opportunity will not be available long.

5206 Soledad Rd 92109

Author:Date:2018-01-10
Tremendous opportunity to own in one of the most sought-after and seldom available neighborhoods in Pacific Beach! Across from Kate Sessions Park trails, just a stone's throw from the park's entrance, and at the access to the elite Los Altos loop. Offered by Beach Realty San Diego, Brokered by Big Block.

15554 Paymogo St San Diego 92129

Categories:Virtual Tour, For SaleAuthor:John CollinsDate:2017-11-03
Truly turnkey Rancho Penasquitos property in the Rolling Hills neighborhood. Fully remodeled interior. close to Poway School District Elementary School, Park, and Trails. Quiet Street with no through traffic! Offered by Beach Realty San Diego brokered by Big Block Realty

4977 Lamia Way Oceanside 92056

Categories:Video, Virtual Tour, Real Estate Investment, Buying a Home, For Sale, Market UpdateAuthor:John CollinsDate:2017-08-15

1205 Pacific Hwy #2704 Video Tour

Author:Date:2016-01-27
Video Tour or 27th Floor Condo in The Grande North, Downtown San Diego. Columbia District.

San Diego Real Estate - 2015 Recap and 2016 Forecast

Categories:Income Property, Loans and Mortgage, Selling a Home, Real Estate Investment, Video, Buying a HomeAuthor:Date:2015-12-17
Another year behind us! San Diego real estate market recap for 2015 as well as a look toward 2016. Fed increases rate for first time in nearly a decade! We talk about what that means for your San Diego real estate plans.

San Diego Real Estate Market Update, November 2015

Categories:Real Estate Investment, Real Estate Tips, Selling a Home, Market Update, Buying a HomeAuthor:Date:2015-11-19
Residential real estate snapshot for San Diego values, inventory, interest rates, and trends. VIDEO

What is Mello-Roos?

Categories:Video, Real Estate Investment, Property Taxes, Buying a HomeAuthor:Date:2015-10-08
Find out what Mello-Roos districts (CFD's) are and how they can add to your California property tax obligation.

Open House - Sunset Cliffs - Oct 4 0215

Categories:Video, Point Loma, Sunset Cliffs, Ocean Beach, Open HouseAuthor:Date:2015-10-01
Please come see this wonderful piece real estate overlooking Sunset Cliffs. Open Sunday, October 4th, 1pm to 4pm. This is a 3 bedroom 2 and a half bath, nearly two thousand square foot single level home with detached garage, quiet back yard and sit down ocean views from the living room!

School's Effect on San Diego Real Estate Value

Categories:Ocean Beach, Mission Beach, Real Estate Tips, Hillcrest, Bay Ho, Bay Park, North Park, Selling a Home, Golden Hill, La Jolla, Little Italy, Video, Downtown, Pacific Beach, Appraisal, Bankers Hill, South Park, Buying a Home, Clairemont, Mission Hills, Point LomaAuthor:John CollinsDate:2015-09-09
Families want to live close to good schools, but living too close can have unintended consequences on the value of your San Diego Real Estate. A new study from the USD Burnham-Moores Center for real estate quantifies the effect on value. VIDEO.

Quieter Homes Program for San Diego Home Owners

Categories:Golden Hill, Selling a Home, Buying a Home, Video, Ocean Beach, Real Estate Tips, South Park, Point LomaAuthor:John CollinsDate:2015-08-26
What is the Quieter Homes Program and what does it mean for San Diego real estate owners? This brief video describes the program overall, general requirements, and answers some frequently asked questions about the program.

Pacific Beach, San Diego Real Estate: Buying, Selling, and Investing

Categories:Real Estate Investment, Pacific Beach, Video, Selling a Home, Loans and Mortgage, Buying a Home, Income PropertyAuthor:John CollinsDate:2015-07-31
Each San Diego neighborhood is different. What do you need to know when buying, selling, or investing in real estate in Pacific Beach? This video will highlight some things that will be helpful when transacting real estate in Pacific Beach.

Tips for Decorating your San Diego Home

Categories:Real Estate Tips, Selling a Home, North Park, Mission Hills, Home Decorating, Point Loma, Pacific BeachAuthor:John CollinsDate:2015-07-28
Whether you are decorating for yourself, or staging a home for maximum impact and profit, these helpful pointers for both timeless and on trend options for decorating can help you choose the artistic direction for your San Diego Home.

Questions to Ask Your San Diego Home Inspector

Categories:Inspections, Real Estate Tips, Appraisal, Buying a HomeAuthor:John CollinsDate:2015-07-17
The home inspection is a critical part of the home buying process. Here are some questions to ask to make sure you are working with the right inspector!

The Mills Act regarding San Diego Real Estate

Categories:Property Taxes, Real Estate Tips, Pacific Beach, South Park, Golden Hill, North Park, Mission Hills, Video, Point LomaAuthor:John CollinsDate:2015-07-16
What is the Mills Act and what does it mean for San Diego real estate owners? This brief video will describe the history, tax benefits, and some of the requirements for participacing in the Mills Act in San Diego.

Financing a Second Home in San Diego

Categories:Real Estate Tips, Buying a Home, Mission Beach, Loans and Mortgage, Pacific BeachAuthor:John CollinsDate:2015-07-14
Tips for meeting the stricter requirements often demanded by lenders when applying for a mortgage on a second San Diego property.

Preparing Your San Diego Home for Sale

Categories:Real Estate Tips, Video, Selling a HomeAuthor:John CollinsDate:2015-07-09
Resource video for preparing your home for sale with checklist and tips on what to do and where to invest your improvement dollars. Includes downloadable checklist.

Building in Litigation

Categories:Real Estate Tips, Video, Loans and MortgageAuthor:John CollinsDate:2015-05-26
What you need to know when buying a property when there is litigation in the building involving other owners or the HOA.

Appraisal Lower Than Offer

Categories:Video, Appraisal, Inspections, Real Estate TipsAuthor:John CollinsDate:2015-05-18
What you need to know as a buyer or seller when the appraisal comes back lower than the agreed upon price for a property.