Save time, money and frustrations by dealing with the best Realtor and the best mortgage lender. Just as you shopped for a bank or a financial advisor, it behooves you to shop for a mortgage lender. Zachery Adam and his Team at Prime Mortgage Lending, Inc. offers free advice with no strings attached. See the tips below or call Zachery at 828-242-4780.

Tips for Second Home Buyers

Every homebuyer can use the advice of an expert. Below are some tips to consider when you’re buying a second home:

When determining your budget, keep in mind that you’ll have other expenses besides the mortgage payment, including the maintenance, utilities, taxes and insurance.

In addition, if you want to do any work to the property, whether to remodel or landscape, that will incur some upfront costs. Plan your budget accordingly when buying a second home.

If you’re concerned that you have enough money to afford a second home, here are some guidelines to consider. You should have:

• Money for a down payment
• Savings toward your retirement
• An emergency fund to cover non-vacation expenses
• Savings for family (such as college or weddings)

In general, servicing all of your debt, including the second home purchase, should consume less than 43-45 percent of your gross income every month. Refer to your debt-to-income ratio if you’re unsure how close you are.

If you’re buying a second home as an investment, research the real estate trends in the area. Look at historical data to discover how the property, neighborhood and municipality values have fluctuated. An investment requires knowing more than just the sale price.

Finally, don’t feel like you have to rush into a decision. Just as you are shopping around for the right property, shop around for other mortgage lenders as well. You’ll find plenty of both. Hold out for the best match.

Find out how Zachery and his Team at Prime Mortgage Lending, Inc. can help you

Since opening in 2005 our mission has always been to deliver mortgage loans at the most competitive rates in the country. Prime Mortgage Lending , Inc. is an independent mortgage lender. Call Zachery at 828-242-4780 or get in touch with his Team to find out how an independent lender can help you when your buying a second home. There is no obligation, and Zachery and his Team loves helping second home buyers.