5 Ways to Buy a Second Home If You Still Have a Mortgage on Your First

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If you’re interested in purchasing another home but are unsure how to make this a reality, here are five steps to get you started.

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If you are going to take the plunge into investing in another home, you will first want to pick a region or specific city.

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Step Two: Consider all costs

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Step Three: Can you use your current house to pay towards your second home?

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Step Four: Do you qualify? If so, secure a pre-approval letter.

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Swipe up now for more financial tips!

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5 Ways to Buy a Second Home If You Still Have a Mortgage on Your First

If you’re interested in purchasing another home but are unsure how to make this a reality, here are five steps to get you started.

If you are going to take the plunge into investing in another home, you will first want to pick a region or specific city.

Step One: Pick a place and a property type

Step Two: Consider all costs

- Property tax: do you know how much taxes are in the area you are buying? - Insurance: are there any homeowner’s association dues?

Step Three: Can you use your current house to pay towards your second home?

One of the perks of a cash-out refi is that you can borrow money at a lower interest rate than if you took out a new second mortgage loan.

Step Four: Do you qualify? If so, secure a pre-approval letter.

This is the stage where you apply for pre-approval of a loan, and banks tell you how much money you can borrow.

Swipe up now for more financial tips!

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