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
    $2,800,000
    2736
    sqft
    3
    Baths
    5
    Beds
    Perched atop one of San Diego's most coveted neighborhoods, this exceptional 5-bedroom, 3-bathroom Pacific Beach residence offers stunning bay views and a prime location.
    Pacific Beach (San Diego), CA 92109
    $999,000
    1144
    sqft
    2
    Baths
    2
    Beds
    Welcome to your coastal escape! This 2 bed / 2 bath beauty is tucked in a prime west-facing Bayfront building on Sail Bay, serving up soothing water views, killer sunsets, and nonstop boat-watchingall...
    San Diego, CA 92109
    $2,750,000
    1920
    sqft
    3
    Baths
    3
    Beds
    Luxurious Single-Story Home in Coveted Pacific Beach Move-In Ready! Welcome to your dream home in the heart of Pacific Beach, one of San Diegos most desirable coastal communities.
    San Diego, CA 92109
    $2,195,000
    1714
    sqft
    3
    Baths
    2
    Beds
    ** Bayfront Living with Impressive Views ** Welcome to your dream coastal retreat in the iconic Sanderling building on the sands of Sail Bay.
    San Diego, CA 92109
    $2,450,000
    0
    sqft
    0
    Baths
    0
    Beds
    5.
    Pacific Beach (San Diego), CA 92109
    $975,000
    699
    sqft
    1
    Baths
    2
    Beds
    SAIL BAY!!! @ SAIL BAY!!! It's ALL about: LOCATION + VIEWS + WATER SPORTS + ALL THE ACTION! You will not find a better location on the water for this price point.
    San Diego, CA 92109
    $1,095,000
    912
    sqft
    2
    Baths
    2
    Beds
    Location, Location, Location! This stunning condominium offers the ultimate in coastal living, ideally situated on the iconic Pacific Beach boardwalk.
    San Diego, CA 92109
    $695,000
    1033
    sqft
    2
    Baths
    2
    Beds
    Introducing one of the sharpest offerings to be presented at The Plaza in quite some time.
    John Collins

    John Collins

    DRE# 01948188
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