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
$749,900
894
sqft
1
Baths
1
Beds
Step into this fully remodeled 1bd, 1ba Pacific Beach condo, just blocks from the shore.
San Diego, CA 92109
$1,700,000
1991
sqft
3
Baths
3
Beds
You'll love this Mid-Century Modern Pacifica home, available at an amazing price.
San Diego, CA 92109
$1,649,000
1279
sqft
4
Baths
2
Beds
Located in the heart of Pacific Beach, this beautifully updated 2-bedroom, 3-bathroom single-family home offers 1,279 sq ft of stylish living space plus a versatile detached casitaperfect for guests, ...
San Diego, CA 92109
$479,000
653
sqft
1
Baths
1
Beds
Charming 1-Bedroom Condo in The Plaza Prime Pacific Beach Location! Welcome to The Plaza, a highly sought-after resort-style community in the heart of Pacific Beach! This inviting 1-bedroom, 1-bath c...
San Diego, CA 92109
$3,295,000
0
sqft
0
Baths
0
Beds
Exceptional Turnkey Property! Four 2 BR 2 BA units 4 blocks to the ocean & 4 blocks to the bay, each with private garage (and EV charger) PLUS additional assigned parking space, balcony, patio(s) or b...
San Diego, CA 92109
$499,999
653
sqft
1
Baths
1
Beds
Check out this beautiful fully updated condo in Pacific Beach! This condo is located in The Plaza, one of Pacific Beachs most sought-after resort-style communities.
Pacific Beach (San Diego), CA 92109
$969,000
969
sqft
2
Baths
2
Beds
Welcome to your modern coastal retreat in the heart of Pacific Beachjust three blocks from the ocean! Perched on the sixth floor of the iconic Pacific Tower, this beautifully remodeled 2-bedroom, 2-ba...
San Diego, CA 92109
$1,299,000
1201
sqft
2
Baths
2
Beds
Experience the ultimate blend of luxury and lifestyle in this extraordinary Sail Bay penthouse, just two blocks from the water.
John Collins

John Collins

DRE# 01948188
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