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
$2,299,000
1190
sqft
2
Baths
3
Beds
BAY FRONT PENTHOUSE WITH STUNNING VIEWS!! Welcome to your dream coastal retreat! This beautiful, modern, remodeled, light-filled 3-bdrm, 2bth, penthouse offers 1,190 sq ft of serene luxury with breat...
San Diego, CA 92109
$1,499,000
1587
sqft
3
Baths
3
Beds
Welcome home to this rarely available Crown Point Townhome Community.
San Diego, CA 92109
$2,699,000
0
sqft
0
Baths
0
Beds
724: owner's unit.
Pacific Beach (San Diego), CA 92109
$839,999
956
sqft
2
Baths
2
Beds
Welcome to your ultimate coastal getaway in this fabulous 2-bedroom, 2-bath penthouse, perfectly nestled in the highly sought-after location of South Mission Beach! Here, luxury meets a laid-back coas...
San Diego, CA 92109
$1,799,500
1861
sqft
3
Baths
3
Beds
Set along a quiet street just blocks from the bay and the ocean, this modern Crown Point townhome captures the best of coastal living with space to spread out and thoughtful upgrades throughout.
San Diego, CA 92109
$1,795,000
0
sqft
0
Baths
0
Beds
This is an excellent opportunity to purchase a 3 unit residential and commercial property located at 866-70 Grand Avenue in Pacific Beach.
San Diego, CA 92109
$6,350,000
0
sqft
0
Baths
0
Beds
The Surf House at 1478 Hornblend Avenue, a fully rebuilt and modernized 10-unit apartment community in the heart of Pacific Beach, San Diego.
San Diego, CA 92109
$2,750,000
2128
sqft
3
Baths
4
Beds
Welcome to your dream coastal retreat! Nestled on a generous 9,900 sq ft lot, this exquisitely remodeled 4 bed, 3 bath mid-century modern home offers 2,128 sq ft of elegant living space, timeless desi...
John Collins

John Collins

DRE# 01948188
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