If you've ever dreamed of purchasing investment property, owning a vacation home or buying a home in Santa Cruz for a family member, this could be the year to check that off your bucket list. With record low interest rates and decreased prices, it is a buyer’s market, particularly in the second-home market.
Before you sign on the dotted line of another mortgage, be it for a beach condo in Florida or a home in Santa Cruz that you plan to rent, be sure to:
• Check your credit. The same rules apply for a getting a mortgage on a second home as on a first. Good credit means better loan terms.
• Save for a down payment. The more money you can put down, the lower your mortgage. If you put 20% down, you can save money by avoiding Private Mortgage