Buy A Second Home With A Loan From Countrywide

To the everyday homeowner, buying a second home may have seemed like an extravagant luxury reserved just for the ‘super wealthy’. But today, many homeowners are realizing that owning a second home is a realistic goal. Buying a second home – whether it’s for vacation, an investment or for future retirement purposes – is now something many people consider a part of the American dream of homeownership.

How to finance buying of a second home:

	Cash-Out Refinance		Home Equity Loan		Home Equity Line of Credit (HELOC)
	How it works:		How it works:		How it works:
	Obtain a new loan to both pay off your existing mortgage and provide the funds needed to buy the second home. You must have sufficient home equity in your primary residence Interest rate can be fixed or variable depending on the new loan		Also known as a – second mortgage Allows you to borrow a fixed amount from your home’s available equity - Your first mortgage remains unchanged Fixed interest rate		Allows you to borrow against your home’s available equity in the form of a line of credit, similar to a credit card - Leaves your first mortgage unchanged Variable interest rate
	To learn more about cash-out refinance, call 1-800-909-8217 for a FREE consultation		To learn more about cash-out refinance, call 1-800-909-8217 for a FREE consultation		To learn more about cash-out refinance, call 1-800-909-8217 for a FREE consultation

Thinking of buying a second home? Here are some questions to consider:

1. How do you plan to use the second home?

(Weekend getaway for personal use, vacation home with rental potential or investment property?)

Buyers looking to purchase a second home typically fall into several different categories. For some, a second home is primarily for personal use. For others, it’s a vacation home that’s also used as a rental property to help offset ownership costs. Finally, there are long term investors who purchase property for the sole purpose as rental assets as part of their investment portfolio.

How you plan to use your second home can make a difference in how much mortgage you qualify for, the interest rate you’ll receive, and the potential for tax deductions. For example, if you’re looking to buy a multi-unit apartment building as an investment property, the potential rental income can be used to help you qualify for a mortgage. And if your second home is solely for your personal use, the potential tax deductions will be different than if you were using the property as a rental for part of the time.

2. How long do you plan to keep the property?

There are several types of loans that can help you purchase a second home. Keep in mind that the type of loan you need may depend on how long you plan to retain your property or your loan. To learn about the different types of purchase loans, call 1-800-909-8217 for a FREE consultation.