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
$2,695,000
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Turnkey South Mission Beach Duplex.
San Diego, CA 92109
$2,395,000
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Here is your chance to own a fabulous duplex in Mission Beach! Nestled on a cozy court.
San Diego, CA 92109
$3,625,000
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The property is located on a low traffic street within a mile of the coast and less than three quarters of mile from Mission Bay.
San Diego, CA 92109
$1,995,000
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One home from the oceanfront and west of Strand Way in North Mission Beach, this property consists of two detached units (a duplex), both with terrific ocean views! Very large 2,037 sqft lot (average ...
San Diego, CA 92109
$2,795,000
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Incredible duplex centrally located in South Mission Beach walking distance to sand, shops, conveniences & restaurants! The lower unit (807) consists of 2 bedrooms, 2 full bathrooms, 950 sq.
San Diego, CA 92109
$2,349,500
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Central location in PB, walking distance to the beach, schools, restaurants & shops.
San Diego, CA 92109
$7,750,000
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Welcome to Board House Villas.
San Diego, CA 92109
$199,999
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Perfect small office condo in Pacific Beach.
John Collins

John Collins

DRE# 01948188
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