| |
Second-home Shopping And Financing Tips
By LendingTree Editorial Staff
Second-home purchases have increased over the past few years, as low interest rates have made vacation and investment properties more affordable. If you are thinking of purchasing a second home, here are some tips to help you with the practical aspects:
Neighborhood
Is the location desirable and close to amenities you need? Consider how long you plan to keep the property, and how well it will suit your needs as they change with time. If possible, spend some time in the community before you purchase.
Financing
Financing a second-home purchase may be tougher than buying a first home. Lenders may require a larger down payment and charge as much as a half-point more in interest than for a primary home. One way to keep costs down is to use a home equity loan on your primary home to help finance your second property.
Home equity loans typically carry a lower interest rate than conventional mortgages, and some lenders may loan you up to 125 percent of the appraised value of your home, less existing mortgages.
Home Inspection
Don't purchase a second home without having a qualified home inspector look over it. In some vacation areas, termites, carpenter ants, rodents, mildew, leaky roofs, inadequate septic systems and burst pipes from winter freezes are major concerns.
Security and Maintenance
Since you are likely to be away for long stretches of time, you should take extra security measures. Enlist a caretaker to keep an eye on the place and take care of routine maintenance jobs. An alarm system is a good idea as well.
For more information on buying a second home, visit http://www.lendingtree.com/cec/yourhome/buying/second-home-shopping-tips.asp Article
Join a Book of the Month Club - Sponsored Link
Ad - www.eversave.com/BookClubs Aug 18 2008 6:25PM GMT
Bottom of the Barrel Book Reviews — The Lost Blogs
Slashdot Aug 18 2008 6:25PM GMT
Children's Book Reviews
PublishersWeekly.com Aug 18 2008 7:49AM GMT
Book review: 'Your Money and Your Brain,' a study of our neurological makeup: And how the mind affects investing
Biz Journals Aug 18 2008 4:06AM GMT
Six Suspects, By Vikas Swarup
The Independent Aug 17 2008 11:39PM GMT
Book review: Out of Mao's Shadow by Philip P Pan
The Scotsman Aug 17 2008 11:28PM GMT
Books: Book Review: 'How Fiction Works'
International Herald Tribune Aug 17 2008 12:28PM GMT
BOOK REVIEW: Tonic essays for received unwisdom by Khaled Ahmed
Daily Times Aug 17 2008 10:52AM GMT
Book review: WAITER RANT: BEHIND THE SCENES OF EATING OUT
Scotland on Sunday Online Aug 17 2008 10:25AM GMT
Book review: Ararat
Scotland on Sunday Online Aug 17 2008 10:25AM GMT
Book review: Man in the Dark
Scotland on Sunday Online Aug 17 2008 10:25AM GMT
Book review: The Fame Formula by Mark Borkowski Sidgwick and Jackson, £16.99
Scotland on Sunday Online Aug 17 2008 10:25AM GMT
Book review: Ararat
The Scotsman Aug 17 2008 9:49AM GMT
Book review: Man in the Dark
The Scotsman Aug 17 2008 9:49AM GMT
Book review: The Fame Formula
The Scotsman Aug 17 2008 9:49AM GMT
Back to the Future
Washington Post Aug 17 2008 8:14AM GMT
In It To Win
Washington Post Aug 17 2008 8:14AM GMT
Tomorrow is a Brighter Day
Washington Post Aug 17 2008 8:14AM GMT
Risky Business
Washington Post Aug 17 2008 8:14AM GMT
Book Review: Nollywood star as a novelist
Daily Sun Aug 17 2008 6:26AM GMT
Book reviews: Russians regard China as threat or potential partner
Business Report Aug 17 2008 5:31AM GMT
Books reviews: Where are the good vibrations?
Guardian Unlimited Aug 17 2008 12:06AM GMT
Real Change - by Newt Gingrich, Vince Haley, Rick Tyler
TheCelebrityCafe.com Aug 16 2008 6:27PM GMT
Family Outing - by Troy Johnson
TheCelebrityCafe.com Aug 16 2008 6:27PM GMT
Where Memories Lie - by Deborah Crombie
TheCelebrityCafe.com Aug 16 2008 6:27PM GMT
The Story of Forgetting - by Stefan Merrill Block
TheCelebrityCafe.com Aug 16 2008 6:27PM GMT
By Chance - by Martin Corrick
TheCelebrityCafe.com Aug 16 2008 6:27PM GMT
Poker Book Review: Arnold Snyder's 'The Poker Tournament Formula 2'
Poker News Aug 16 2008 4:55PM GMT
Book Review: 'Super Stocks'
Seeking Alpha Aug 16 2008 1:41PM GMT
Book Review: 'The Dark Side of the Supernatural'
LifeWay Aug 16 2008 1:18PM GMT
Two books, two styles, one target: Obama
Boston Globe Aug 16 2008 11:47AM GMT
Source: http://articlecrazy.com The editorial staff at LendingTree is committed to helping consumers become smarter borrowers. Visit www.lendingtree.com/cec for more information and tips on buying, selling, and financing a home. Copyright 1998-2006, LendingTree, LLC.
| |
