Ask Terry Questions Best financial option for 2nd home purchase.

Best financial option for 2nd home purchase.

By Terry Savage on April 19, 2023 | Housing / Real Estate

Curious about best options to purchase a second home out of state; home equity combined with cash, full 2nd mortgage or other option. House will not be a rental. Thanks.

Terry Says

That depends on your entire financial picture. Will you be able to support a second mortgage, assuming you are still working and earning income? That would be the cleanest way to do it. And it assumes you have cash ready for a down payment.

But the alternatives you mention in your question make me wonder whether you can truly afford this second home –not only the loan, but the property taxes and insurance. You should go over your entire financial plan with an advisor you can trust.

Read this: Wealthramp



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