Best Loans for Buying a Second Home

Loans For Buying A Second Home

If you own a home in Las Vegas, NV, you already know how exciting it can be to live surrounded by world-class entertainment and natural beauty. It may inspire you to invest in a second home or investment property. At Blackmon Home Loans, we want to help you navigate second home financing to purchase your dream vacation property or investment.

I Want To Buy Another House But Already Have A Mortgage

Depending on your financial situation and credit history, you may qualify for a second home loan, even if you still pay on the first one. If you’re purchasing an investment property, you can use the potential income to help you qualify for a second mortgage. Our knowledgeable loan officers can help you understand all your options for vacation property loans.

What Are The Advantages Of Owning A Second Home?

People who own a second home will tell you they enjoy the following benefits.

  • Perfect Vacation Getaway
  • Rental income
  • Building Wealth For Future Purchases
  • Diversifying Assets

Even if you don’t want to purchase a second home for anything other than a vacation spot, these homes typically gain value over time. If you wish to find the best vacation home mortgage rates, contact the knowledgeable professionals at Blackmon Home Loans.

Can I Afford A Second Mortgage?

Mortgage options for second homes include home equity loans, conventional mortgages, and cash-out refinancing. Here’s a closer look at these financial vehicles that can help you buy another property in the Las Vegas area.

  • Conventional Mortgage: This may be the best option if you have good credit and a substantial down payment. You’ll typically need between 10% and 20% for the down payment, but interest rates are usually lower than the other options.
  • Home Equity Loan: You can cash in on the equity of your primary residence and use it to secure money for an investment property. This is a second loan that’s separate from your original mortgage.
  • Cash-Out Refinance: Allows homeowners to refinance their primary mortgage and take out some of the equity as cash to put toward a second home. These loans usually have lower interest than home equity loans.

Is A Second Home A Good Investment?

When you apply for a rental property loan or a second mortgage, consider how much you can ask for rent, the location of both properties, and local market conditions. Second properties come with versatility, financial security, and plans for the future.

Check Out Competitive Mortgage Rates From Blackmon Home Loans

At Blackmon Home Loans, we can help you secure competitive vacation home mortgage rates in Las Vegas. Contact us today to determine which loan works for you.

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