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
$2,650,000
0
sqft
0
Baths
0
Beds
INVESTOR OPPORTUNITY! Location, Location, Location, ALL CITY OF SAN DIEGO CONSTRUCTION PERMITS IN HAND to completely remodel 3 units in a fantastic location.
San Diego, CA 92109
$1,299,000
1608
sqft
3
Baths
3
Beds
Built in 2017, this highly sought-after Pacific Beach townhome embodies an elevated coastal lifestyle.
San Diego, CA 92109
$1,799,000
1537
sqft
2
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
$799,000
1094
sqft
2
Baths
2
Beds
1 Story Pacific Beach condo located just a e-bike ride away from the waves of Southern CA.
San Diego, CA 92109
$1,050,000
0
sqft
0
Baths
0
Beds
Rare, prominently located property just 3 blocks to the beach! Set among shops/restaurants, building currently houses 2 offices with 2 small bathrooms that can be upgraded, combined, or occupied/rente...
San Diego, CA 92109
$2,850,000
2690
sqft
3
Baths
4
Beds
Stunning contemporary beach home in Crown Point less than one block to Sail Bay with exceptional volume, sunlight, and views! Remarkable curb appeal draws you to an impressive entry with space for art...
San Diego, CA 92109
$2,695,000
2596
sqft
3
Baths
3
Beds
Treat yourself to SPECTACULAR PANORAMIC VIEWS of the bay, ocean, and Coronado Bridge & downtown in the finest neighborhood in North PB near Kate Sessions Park ! Great floor plan, HW flooring , formal ...
San Diego, CA 92109
$5,850,000
0
sqft
0
Baths
0
Beds
Direct waterfront duplex in the heart of Mission Beach featuring two 3-bedroom, 3-bathroom homes each with mesmerizing whitewater, coastline, and sunset views.
John Collins

John Collins

DRE# 01948188
Inquire Now
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