Loan for Buying a Second Home
Source Out Investment for Buying A Second Home
Even if you’re not done paying for your first home, you can start thinking on buying a second home. Our team can help you understand your financial situation and the options you can afford.
With the preapproval process, you know for sure the price you can afford. Knowing your options will also help you save precious time and focus on homes you can pay for. This process also helps you appear trustworthy when talking to agents and sellers.
Some of the loans require down payments as low as 10%! So, whether you’re buying a second home in Las Vegas or just a vacation house you’ve always dreamed of, let’s get the process started
Our Most Popular Loans You Can Choose From:
30-Year Loan - These loans are for those who like security and want to practice budgeting as they payoff their mortgage. They include fixed rates that never change and more relaxed monthly payments. Make sure you’re committed to the property you want to buy, because you’ll be bound to it for 30 years.
15-Year Loan - Do you still want to take your time paying off your loan, but you’re ready to do it faster? Consider our 15-year loans that offer the same stability, but actually cost less. The shorter the term, the less interest rates you’ll have to pay. If you decide to move or make other investments, you will be able to do it in just 15 years.
Can’t decide which option is better? Don’t stress out, contact our team and we’ll look into your capabilities together with you.
Frequently Asked Questions
Why do I need a real estate agent?
Finding the perfect house is not an easy task. Generally, to finally find a property worth buying, you need to do the following:
- Get preapproved. Find out how much you can afford before you start your search.
- Learn how to assess property value. This way you won’t have to pay more for a house that is worth less. Remember, you’ll be paying for years, make sure every monthly payment serves a purpose.
- Find out the current mortgage rates in the market and find loans you can afford. There is a big variety of loans you can take. Understand the eligible criteria and the documents you will need.
- Finally, go out house hunting. Ask the right questions, take your time, and think twice before making your decision.
This entire process is very time-consuming and requires a lot of new knowledge. A real estate agent will make every step much easier. You can go about with your daily work, while your agent is covering most of the points.
Real estate agents are also well-trained in negotiation. They can help you lower the price or negotiate better terms. So, find an agent you trust and let them do their job for you.
How much should I pay for closing a loan?
When you pay your final monthly payment, your loan needs to be process and closed. This means you will have to pay closing fees, which will vary depending on your state. This payment includes fees for appraisal, title, recording, credit reports, pest inspection, attorney, taxes, and surveying.
You will be informed about your closing fee at the time of taking the loan. Your lender is required to provide you with the Loan Estimate and the Closing Disclosure. Make sure to save these documents so you have the information at the time of closing as well.