North America’s vacation property resource
North America’s vacation property resource
Second home finances can mean a number of things. From second home mortgages and lending criteria to the cost of owning and maintaining a second home, there are many topics to cover. For instance, what are typical lending criteria for second home mortgages? What are the down payment requirements for a second home? What are typical interest rates for second home mortgages? How much can I afford in a second home? What is a good debt to income ratio when applying for a second home mortgage? What are the true costs of owning a second home? These are just some of the many questions that you may have on the topic of second home finances.
Discover articles covering various topics related to second home finances, including general guidelines, frequently asked questions, industry data, “best of” lists and more. In particular, topics include: Buying a Retirement Home Early: Your Chance to Own a Vacation Home, Down Payment for Vacation Home: Requirements for Buyers in the United States and Canada, Vacation Home Costs: True Cost of Owning a Second Home and others. We continually add more materials so ensure you check back often.
Be sure to also check out our second home mortgage calculator to discover your monthly second home mortgage payment based on the maximum amount you can afford. You may also find our other calculators helpful as you consider second home finances, including our cost of owning a vacation home calculator.
We hope you enjoy reading and welcome your feedback.
Introduction to Buying a Second Home As a real estate investor and owner of a vacation rental property, I’ve dealt with numerous ownership questions first-hand. I’ve also read various resources over the years in order to supplement my own experiences. Yet, there are many different resources out there on various topics, from the true costs…
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If you currently own a second home in the United States or Canada and are considering changing your ‘second home’ to an ‘investment property,’ you have several factors to consider. Generating rental income from your property can be a great way to earn more income, but there are mortgage, tax and insurance implications, among others,…
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Many Americans and Canadians have significant equity built up in their home, which may feel untouchable. However, a second mortgage makes it possible to tap into the equity. A second mortgage is an additional loan taken out on a property that’s already mortgaged. If you have equity built up, a second mortgage is a great…
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Last updated on August 28, 2021 Before buying a second home, you will likely ask yourself can I afford a second home and, if so, how much second home can I afford? While everyone’s financial circumstances differ, there are certain guidelines to follow in the United States and Canada when preparing to buy a second…
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If you’ve always dreamt of owning a vacation home in the United States or Canada, now is a great time to consider it. With interest rates down and values continually rising, it’s a great way to invest your money and have the luxury of owning a second home. You have more options than most people…
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If you’re looking to buy a vacation home, the most important factor many people will consider is the vacation home mortgage rate. Just like a mortgage on your primary residence, no one wants to pay more interest than necessary. But mortgage rates are typically higher for vacation homes for one good reason – risk. Lenders…
Read MoreOwning a home is a keystone of wealth… both financial affluence and emotional security.