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
    $8,495,000
    2830
    sqft
    5
    Baths
    4
    Beds
    Perfectly positioned on the coveted front row of Mission Beach, this fully reimagined architectural residence captures panoramic ocean views from every level, offering a lifestyle defined by beachfron...
    San Diego, CA 92109
    $699,000
    925
    sqft
    1
    Baths
    2
    Beds
    This recently remodeled 2-bedroom, 1-bathroom condo at 4647 Pico St, Unit 205, offers exceptional living space in the peaceful Pacific Woodlands community.
    San Diego, CA 92109
    $2,695,000
    1018
    sqft
    3
    Baths
    2
    Beds
    Oceanfront Living at Its Finest South Mission Beach Welcome to your dream coastal escape! Perfectly situated on Ocean Front Walk in the heart of South Mission Beach, this exceptional 2BR/2.
    San Diego, CA 92109
    $3,495,000
    1087
    sqft
    2
    Baths
    2
    Beds
    Wake up to the sound of crashing waves and panoramic views of the Pacific in this stunning corner-unit 2-bedroom, 2-bathroom oceanfront condo, ideally located on the second floor of Ocean Front Walk i...
    San Diego, CA 92109
    $925,000
    1100
    sqft
    2
    Baths
    2
    Beds
    BOM - no fault of property.
    San Diego, CA 92109
    $5,850,000
    0
    sqft
    0
    Baths
    0
    Beds
    Build your waterfront dream home, or two, with 46 feet of frontage! Opportunity abounds on this single lot zoned R2 located at Palisades South Pk and Law Street Beach.
    San Diego, CA 92109
    $5,850,000
    1961
    sqft
    2
    Baths
    3
    Beds
    Build your waterfront dream home, or two, with 46 feet of frontage! Opportunity abounds on this single lot zoned R2 located at Palisades South Pk and Law Street Beach.
    San Diego, CA 92109
    $645,000
    1032
    sqft
    2
    Baths
    2
    Beds
    LIGHT, BRIGHT, and AIRY! This beautifully updated 2 bed, 2 bath condo in the heart of Pacific Beach offers a perfect blend of comfort and coastal charm, complete with an east-facing balcony and a PEEK...
    John Collins

    John Collins

    DRE# 01948188
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