Owning a second home, such as a lake home or cabin, can be a wonderful place to vacation with family and friends. A second home is occupied by the borrower for some portion of the year, and not subject to any timesharing ownership arrangement. Typically, a second home is used as a vacation home or is a property in a location that you visit frequently for business.
When purchasing a second home, there are a few things that should be considered. Your debt to income ratio will be looked at to make sure you, as a borrower, will be able to pay for 2 (or more) mortgages. Your existing debt, along with the debt you are asking to take on by purchasing a Second Home, will be reviewed. As with any major purchase, your credit score, credit history and your assets will also be taken in to account during the loan approval process.
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