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!
​​​​​​​

  • Previous
  • San Diego, CA 92109
    $569,000
    678
    sqft
    1
    Baths
    1
    Beds
    Situated in one of the best locations at The Plaza, this sun-drenched 1BR/1BA corner unit offers a spacious 678 sq ft layout with views of Mission Bay and Seaworld fireworks.
    San Diego, CA 92109
    $1,130,000
    1346
    sqft
    3
    Baths
    2
    Beds
    Dont miss one of the last available units in The BLENDa boutique collection of 14 upscale townhomes completed in 2023, perfectly situated in the vibrant core of Pacific Beach.
    San Diego, CA 92109
    $8,600,000
    0
    sqft
    0
    Baths
    0
    Beds
    Exceptional 20-unit apartment building in a prime Pacific Beach location at 2125 Reed Ave, featuring all 1-bedroom, 1-bathroom units.
    San Diego, CA 92109
    $1,599,000
    1177
    sqft
    2
    Baths
    2
    Beds
    Modern Mission Beach home built in 2020 and always owner-occupied.
    San Diego, CA 92109
    $549,000
    625
    sqft
    1
    Baths
    1
    Beds
    Incredible opportunity to reside in the highly sought-after Pacific Beach community.
    San Diego, CA 92109
    $1,625,000
    607
    sqft
    1
    Baths
    2
    Beds
    Seller will entertain offers between $1,575,000-$1,625,000.
    San Diego, CA 92109
    $2,795,000
    2514
    sqft
    2
    Baths
    4
    Beds
    Luxurious North Pacific Beach hilltop retreat with panoramic ocean views! Nestled on a quiet cul-de-sac, this completely remodeled single-level sanctuary offers panoramic ocean views and seamless indo...
    San Diego, CA 92109
    $1,084,900
    1365
    sqft
    3
    Baths
    3
    Beds
    VIEW!!! Stunning Mission Bay views + nightly SeaWorld fireworks.
    John Collins

    John Collins

    DRE# 01948188
    Inquire Now

    I agree to be contacted by Collins Coastal and Coldwell Banker Realty via text. To opt out, you can reply "STOP" at any time or click the unsubscribe link in the emails. Message and data rates may apply. Message frequency varies. Privacy policy and Terms of Service

    admin Real estate https://www.royacdn.com/unsafe/smart/Site-293dd465-f306-4334-ba57-871e6c0ec29d/Homepage_AboutJCPhoto.png realtor https://g.page/r/CayICkO-JykjEBM/review # # https://www.royacdn.com/unsafe/smart/Site-293dd465-f306-4334-ba57-871e6c0ec29d/Homepage_AboutJCPhoto.png