Free and Clear Second Home

Tampa Hard Money Network | Florida No Credit Home Mortgage

For many homeowners, having a second home in the sunny and warmer south during winter months can seem very attractive, or perhaps you live inland and want a place at the beach. Owning a second home might be more cost-effective than renting each year if you return to the same area.

AHL Hard Money Network can be one source of funds for a second home if your primary home is paid off or nearly so; you have equity that you may be able to use on a second home. Depending on your credit rating and other factors, conventional banks may not approve you for a second home mortgage, so contact us first to discuss your needs.

Because we feel knowledge is power, here are some things to consider when deciding to purchase a second home:

• Make sure you can budget for two homes. Consider insurance, utilities, taxes, homeowners association fees, repairs, and so forth.
• Be aware that a higher down payment is normally required for a second home, because many sellers consider it a higher risk.
• Higher interest rates, whether from AHL Hard Money Network or a conventional lender, are normal for second homes.
• Most states require you to occupy the home for a period of time each year to qualify as your second home. Research those requirements and make sure you can meet them.
• Second homes also can have restrictions from state or local regulations, or from the lenders themselves, on how much time can be used for rental of the home. Understand all those regulations and rules before committing to the purchase.
• Second homes need to be accessible. If you purchase a home very far away, you may find yourself not using it as planned yet you still have the financial responsibility for it. Make sure the home is in an area easily reached by you and containing the activities that attracted you to that area.
• Determine how to get maintenance done on the second home. This might involve a management company to handle it for you, but remember that will be an additional expense.
• Many people want a second home on the beach or in a waterside resort area, but keep in mind that there will be higher insurance costs in those areas, and you may be required to maintain flood insurance as well.

If you are ready to use your primary home equity to purchase a second home, or need to close quickly on a property you love before someone else snaps it up, contact AHL Hard Money Network. We can provide you money in days rather than weeks, allowing you to own the second home of your dreams.