Buy a home > I’m buying a vacation or investment property.

There are few people who don’t aspire to have a vacation property. Or perhaps your dream is to own an investment property that will generate a profit. Buying a second home as a vacation getaway or investment property is an exciting venture, but the mortgage process is a little different from a primary home mortgage.

Unique Considerations when buying second homes or investment properties:

Second home and investment property mortgages are generally harder to obtain than mortgage loans for primary homes. Since you already have a home mortgage, lenders need to ensure that you are still in good enough financial health to afford additional mortgage obligations. If times were to get tough, lenders believe that you are more likely to miss a payment on a home you don’t live in than on your primary residence. Compensating factors such as good credit and assets in the bank help in securing lower rates.

These loans typically require more money down and have more restrictions. But no need to worry. Topdot mortgage specialists are experts in navigating the home mortgage market and making the loan process go as smoothly as possible. We have hundreds of creative financing options and we are very familiar with the nuances of second home or investment property purchases.