How To Buy A Second Home And Foreclose On The First: Buying Your Second Home Tips

Should you buy a second home and foreclose on the first? This can be a risky venture unless you handle the purchase of the new property first and know there is no chance the lender can foreclose on the new property because you walked away from the first one.

Qualifying to Buy a Second Home

When I bought my second home I wasn't sure what to expect. Most of my friends told me buying your second home was easier than buying the first, but I needed reassurance. I found out about a great website: Real-Estate-Yogi.com. Some of the things I found out when I visited the website included:

• Where to obtain the best interest rates
• Deciding what type of mortgage was best for my needs (fixed rate, adjustable rate, VA, FHA, etc.)
• Qualifying for the purchase of a second home (the information included investments, vacation homes and replacement homes)
• Making the decision about buying a second home as a replacement home or vacation home

While the website had a great deal of information, I still had some questions. I found a contact information form on the website. Once I filled it out it was only a matter of minutes before I received a telephone call from one of the Real-Estate-Yogi experts.

Replacement or Vacation Home?

If you’re thinking of buying a second home for vacation purposes, it’s important to make sure you have the income to support two mortgages. It’s one thing to say you’re going to buy a vacation home, but it’s quite another to qualify to do it. Long before I bought my second home I was talking to a friend about buying a vacation home, and she said even with their two incomes they didn't qualify for a second home mortgage. She was so disappointed.

Advice You Can Use for a Second Home Purchase

Are you interested in buying a second home? Advice is available on the Real Estate Yogi website that will help you tremendously. No matter how many times you may have made home purchases, it’s always helpful to obtain advice from the experts.

Those who are interested in buying a second home will find some great advice by visiting www.real-estate-yogi.com. If you still have questions, take a few minutes to pick up your phone and call 1-800-987-1397 to arrange a free consultation.