For those of you considering the purchase of a second home – whether it is intended as a vacation retreat or as your future primary residence – there are several factors that you will want to take into consideration.
One of which is to ensure your personal needs are being met – this is especially important if you will be purchasing a vacation retreat as you will want to ensure you enjoy it.
The second is the knowledge that your purchase will be a sound financial investment – you don’t want to purchase a “money pit” unless you have the financial resources to renovate it.
The last factor, which just so happens to be the most important, is to make sure you can truly afford a second home – right now, five years from now, and for as long as you plan to own the home.
Regardless of what you will be using the home for, you should not only consider the purchase price when determining if you can afford the home, but should also plan for its maintenance costs.
Once you have determined whether or not the purchase of a second home is right for your financial situation, you will need to qualify for a mortgage loan – unless you plan on using cash. Although, the qualifying process for a second home may be a bit more stringent than when you purchased your primary residence, the benefits are many:
*We recommend you discuss this benefit with your tax advisor.
If you have made the decision to purchase a second home, let us at Forthright Funding be the first to congratulate you!
The next step in your journey – and one you should preferably make prior to shopping for your home – is to obtain your pre-approval from Forthright Funding as this will enable you to know exactly what you are able to spend.
Moreover, a pre-approval will provide you with improved bargaining power between you, your realtor and the seller. As an added benefit, you will be able to close the sale more quickly.
Before you start your application, you should ensure you have your personal, financial and existing property information on hand.
If you have any questions, or need any assistance, please feel free to contact us at (855)351-9522. You can also complete our online mortgage application and we will give you a call.
Discover The Difference
At Forthright, we will always treat you like a neighbor and not like a number. So, if you're ready to put down some roots or transplant the ones you have, please feel free to give us a call at
7047 E Greenway Pkwy
Scottsdale, AZ 85254
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