A
second or vacation home is slightly expensive when it comes to mortgages. The
terms of getting a vacation home
mortgage are also somewhat different and across the various lenders
available in a locality. Here are some of the details you need to know about
qualifying for a second home mortgage.
Before
visitinga lender, you will need to assess your assets, income, and credit
score. If need be, you can engage a specialized lender for credit repair
services if they hinder you from getting a loan.
Assets Needed
Buying
a vacation property requires that you have at least two months reserves. These
are the funds that you can use to repay your mortgage loan if you have an
income interruption.
Credit Score
A
credit score for a second home is usually higher than for a primary one. This
is, however, varied from one lender to the other as each is bound to have
different terms.
Income Required for a
Second Home
The
debt-to-income calculation is dependent on your credit score and the size of
your down payment. For example, if you have a DTI of 45%, it will translate
into monthly payments that will add up to 45% of your gross income.
Visit
website: - https://hotlinemortgages.com
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