Generally, a mortgage lender will have tougher standards for vacation home or second home loans than

Are you buying a property as your second home? Perhaps you are looking for a small cottage or apartment where you can escape to for your vacations, or maybe you want to have another home closer to your relatives?
Maybe you want to rent out your second property and make a steady income aaa travel packages from your investment. Whatever the reason, a second piece of real estate can be a fantastic investment. However, sometimes getting a mortgage on your second home can present a challenge.
Generally, a mortgage lender will have tougher standards for vacation home or second home loans than primary aaa travel packages home loans. This is because usually when you are buying aaa travel packages a second aaa travel packages home your finances will be stretched thinner and you will have less money to spare due to already paying a mortgage on your primary home.
Your mortgage lender will want to be able to see that you have a large amount of savings in reserve so that you will have enough to pay for the mortgage even if you were to lose your job or other income source.
Many lenders aaa travel packages will be hesitant to approve your second home mortgage if they see that you have a lot of debt on your credit card. They will want to see that you have a low debt to income ratio so that you will be able to pay back the loan.
If you have always made your payments on time and you are well on your way through paying off your first house, you may have equity to borrow against for some or all of your second home purchase. Be careful here though. There is a little known IRS regulation that requires the second home be financed aaa travel packages under it s own home loan within 90 days of closing to get the best tax advantages.